Crypto frenzy increasing on Google search trends again as found by new industry findings.
According to Google Trends, a keyword search for “buy crypto” received a perfect score of 100 indicating maximum interest. Is BTC back on track for more ATHs?https://t.co/TvOfZweEBn — Cointelegraph (@Cointelegraph) February 2, 2021
According to cryptocurrency analytics company The Tie, Google searches on “Buy crypto” soared to all-time peaks in January, surpassing the previous spike of early 2018.
Relative search interest for the term "Buy Crypto" is at all-time high on Google Trends 👀 pic.twitter.com/4cFIkI0xbp — The TIE (@TheTIEIO) February 1, 2021
Google Trends score a total of 100 for its keyword indicating a maximum relative interest.
Likewise, a similar spike was seen in Ethereum which reached a perfect score of 100 before making a downturn to a still-strong 65.
The search for Bitcoin (BTC) also soared however remaining under the bull market high of 2017.
Treyce Dahlem, the research analyst at The Tie, said to Cointelegraph:
“Relative search interest for popular crypto terms is at an all-time high on Google Trends,”
He further added:
“Whether this is due to the recent price rallies that we’ve seen, speculative traders from Reddit looking to leave their mark on more assets, or even a macro shift in the way investors are searching for a hedge against inflation, one thing is clear: There is a rapidly growing interest in crypto and new investors are looking for the best way to get into the ecosystem.”
Both Ethereum and altcoins are aligning on the Google search trend with rising retail interest. The price of Ether(ETH) has doubled from the start of the year reaching a new all-time high of over $1,500.
In January the overall cryptocurrency market hit $1 trillion for the first time. Whereas the first rise was mainly due to Bitcoin, nevertheless, altcoins have played a major role in strengthening the trillion-dollar valuation with greater intensity over the past month. The Bitcoin supremacy rate has dropped to 62% from a high of 72% in early January.
In the overall cryptocurrency business, Google search patterns are often associated with movements. The relatively higher searches suggest an increasing digital asset retail recognition being a precursor to broader speculative adoption.
The Tie reported to Cointelegraph that the social media platforms which are flooded with crypto have soared on high. The total of tweet volumes on Twitter related to cryptocurrency reached 3.3 million in January, up from 1.3 million in September 2020. The total tweet volume as of January was 181% higher than the previous year.
Source: Cointelegraph