Despite recent price increases – the number of google searches on “bitcoin” continues to decline

Despite recent price increases – the number of google searches on

Image source: Shutterstock / Google Trends / Trijo News

Christian Ploog

christian.ploog@trijo.co

After the crypto markets have risen in recent days, more and more people have begun to say that the bear market for cryptocurrencies might be over. But looking at the number of google searches, interest seems to go the other way.

In recent days, the crypto markets have gone up a lot. According to numbers from Coinmarketcap, the total market cap of all cryptocurrencies has increased from $121 billion on Sunday to $134 billion today.

The recent days’ upswing has also sparked new hope in the crypto community and it is now speculated whether the bear market might be over and that a bull market is about to begin.

Google searches go down

One thing that, however, speaks against an increased interest in bitcoin and cryptocurrencies from the public is the number of google searches on “bitcoin”.

According to Google Trends, the number of bitcoin searches worldwide has steadily declined over the last 90 days.

And when we look at the graph all the way back to the top in 2017, we see that it too steadily has decreased.

According to the crypto expert Totte Löfström, the reason for the price run during 2017, in particular, was that ordinary people discovered cryptocurrencies as an investment and then “bought up” the prices.

“Of course, the number of google searches also increased radically during the same period, because people wanted to read about what they want or already have invested in. Therefore, I’m always a bit skeptical when the prices go up without the google searches follow suit, because that indicates that there rather are well-informed and price-conscious investors who buys”, says Totte Löfström to Trijo News.

“I’m always a bit skeptical when the prices go up without the google searches follow suit”

Also, the number of searches on the term “cryptocurrency” seems to have declined over the last 90 days.

What is needed for the crypto markets to rise sharply again is that more is reported about cryptocurrencies in traditional media, says Totte Löfström.

“If we are going to see a new rally like the one we saw in 2017, it is required that lots of ordinary people once again become interested in cryptocurrencies, and for that to happen, it is required, in turn, that ordinary media again start writing about bitcoin and other cryptocurrencies. Unfortunately, we are not there yet”, he says.

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