‘Buy Crypto’ Google Searches Hit Record High: The Tie
Crypto enthusiasm is rising again according to a new study derived from Google search data. The survey conducted for cryptocurrency analytics company The Tie indicates that the searches for “buy crypto money” on Google have increased significantly. According to the data obtained, the search information made in January 2021 is above the old value peak in 2018. “Buy crypto” scored 100 points on Google Trends; that means the interest was at the highest level. Google search trends are generally associated with the cryptocurrency market movement.
A similar increase in search data was also observed in Ethereum, the favorite cryptocurrency in recent days. Search data shows that Ethereum, which was 65% recently in Google search engine, has reached 100% with the rise in its price and the appearance of new ATHs. On the other hand, although the searches for Bitcoin have increased, it still seems unable to approach the rates shown in the 2017 bull market. This rising trend obviously will spark people’s interest in different altcoins in addition to Bitcoin and Ethereum. Thus, in the next few days, we can witness an increase in various digital tokens.
The Tie also shared the data showing the keywords used in the Google search engine, such as “best cryptocurrency app” and “best cryptocurrency exchange.” A sharp increase in the indicated data was also reported. The rising search trends seem to coincide with Ethereum and altcoins’ growing interest as mentioned above. As the cryptocurrency industry grows and prices rise gradually, this situation arouses an interest and vice versa. For example, Ethereum’s price has doubled since the beginning of the year and reached a new all-time high of over $ 1,500, and there is a mutual interaction between its price and visibility.
Moreover, the general cryptocurrency market hit $ 1 trillion for the first time in January. While the initial increase was largely driven by Bitcoin, altcoins supported the trillion-dollar valuation with greater intensity last month. During this period, Bitcoin’s dominance rate dropped from a high of 72% in early January to 62%. The study also reveals that social media interactions, where crypto coins are mentioned extensively, are also increasing rapidly. On the popular social media platform Twitter, the volume of cryptocurrency tweets increased from 1.3 million in September 2020 to 3.3 million in January 2021. This data shows that January’s total tweet volume was 181% higher than the previous year.