Bitcoin’s Rise and Fall Reflected in Google Trends
Google Trends is a powerful tool that provides insights into the popularity of search terms over time. By analyzing Google Trends data, we can gain valuable information about the public’s interest in various topics, including Bitcoin.
Surging Interest in 2017
In late 2017, Bitcoin experienced a meteoric rise in popularity, reaching its all-time high of nearly $20,000 in December. This surge in value was accompanied by an unprecedented surge in Google Trends data, as people flocked to search for information about the cryptocurrency.
The Google Trends graph for “bitcoin” during this period shows a parabolic curve, indicating a rapid and sustained increase in search interest. This surge reflects the widespread excitement and speculation surrounding Bitcoin at the time.
Decline in Interest in 2018
However, the Bitcoin bubble burst in early 2018, and the cryptocurrency’s value plummeted. As Bitcoin’s price fell, so did the public’s interest in it. The Google Trends graph for “bitcoin” shows a sharp decline in search interest during this period.
The decrease in Google Trends data indicates that the public lost faith in Bitcoin’s ability to continue its upward trajectory. Fear and uncertainty gripped the market, leading many people to sell their Bitcoin holdings.
Correlation with Bitcoin Price
An interesting observation from the Google Trends data is its close correlation with the Bitcoin price. As Bitcoin’s price rises, search interest in the cryptocurrency also tends to increase. Conversely, when Bitcoin’s price falls, search interest declines.
This correlation suggests that the public’s interest in Bitcoin is largely driven by its financial value. When the cryptocurrency is perceived as a profitable investment, people are more likely to search for information about it. However, when Bitcoin’s value declines, interest in it wanes.
Conclusion
Google Trends provides a valuable tool for understanding the public’s interest in Bitcoin over time. The data shows that Bitcoin’s popularity surged during its 2017 bull run, but declined significantly during its 2018 bear market. The close correlation between Google Trends data and Bitcoin’s price suggests that the public’s interest in the cryptocurrency is largely driven by its financial value.
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