Research trends on Google shows that the weekly number of search queries around the world for the "Bitcoin" keyword has reached a level that has not been observed since the first week of April this year, reports the CoinDesk news agency.
Although the exact number of search queries for this week is not completely clear, data from Google Trends shows that searches for the last three days made up 17 percent of the weekly search volume for the entire time set from December 17-23, 2017.
At that time, the cost of cryptocurrency had a record high of about $ 20,000, while at the time of November 29 it was estimated at an average of $ 4,167 in accordance with the CoinDesk Bitcoin price index (BPI).
Google Trends data shows that most of the search queries for Bitcoin in the world over the past week were in Nigeria, South Africa and Austria (in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details of increasing). Interestingly, the United States barely hit the TOP-20, taking 19th place in terms of search.
The seven-month maximum in Google’s search for "Bitcoin" should not be surprising, since last week the cryptocurrency hit the headlines. This is because the price of a crypto-coin has fallen to a 13-month low – below $ 4,000. Google Trends data shows that Bitcoin search queries more than doubled on the day it entered the $ 3,000 range, November 24, 2018.
However, it has long been assumed that the price of Bitcoin and its Google search trends are highly correlated.
Recall that a study conducted in 2017 by researcher Willy Woo shows that Google search trends can even be used to detect “speculative bubbles”, as well as better and worse times to buy cryptocurrency.
In other words, periods of low Bitcoin search volume have historically shown that they are points of maximum financial opportunity, while periods of abnormally high search volume tend to act as a warning sign that Bitcoin is going through hard times.
Editor: Yulia Krasnaya