Bitcoin interest jumps on Google, trends down on Twitter
April 19, 2019 at 9:41 am UTC · 2 min read
Google search interest for bitcoin jumped following its surge to $5,000. However, search interest and Twitter hashtags continue to slump month-after-month. Possible explanations for the lower interest include sideways price action, a hangover from the 2017 mania, or a greater nuance around other search terms.
Following bitcoin’s Apr. 1st rally to $5,000, search interest for the crypto on Google spiked. Understandably, people wanted to know why BTC appreciated 20 percent in under a day.
That said, search interest in the cryptocurrency has decreased now that the price has hovered around $5,000. Meanwhile, daily hashtags for #bitcoin on Twitter have trended down month after month over the last year.
Consistent with Google trends results, interest in bitcoin spiked following the rally and has since trended back towards equilibrium—which is in a downtrend. Both search and hashtag interest are highly correlated with the BTC price and even more so with upwards price movement of the asset.
Several different theories could explain downtrending search interest, ranging from sideways or downward price movement, less novelty around bitcoin from the general public, and better nuance from users in differentiating other digital assets and blockchain.
With all of the above in mind, these figures could change overnight should bitcoin experience another rally like what was seen in 2017.
Mitchell is a software enthusiast and entrepreneur. His first startup built algorithms for optimizing cryptocurrency mining. Prior to CryptoSlate, Mitchell was a project manager at a firm that built distributed software on Hyperledger. In his spare time he loves playing chess and hiking.
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.