After achieving a new all-time high on Google Trends, the volume of search queries for the word “cryptocurrency” has completely eclipsed that of “bitcoin”. Although the former had been the #1 term for over a year, the Google Trends data shows that “crypto’s” search volume has now eclipsed that of bitcoin for the first time ever.
The cryptocurrency world has experienced an explosion of growth over the last year. The total market cap for all cryptocurrencies has risen from less than $20 billion in January 2017 to more than $740 billion today. For a currency to really take off, it’s important that it gets the attention of the general public. Cryptocurrencies are generally considered to be more speculative than traditional currencies. Therefore, it is important to take the time to search for the coins in Google Trends.
It was a big week for the price of Bitcoin. After dipping below $7,200 last week, the price of Bitcoin has now reached another all-time high of $7,300. Although this is still less than half of the current market cap of $28 billion, it is a solid gain of over 2% for the day.
In Google Trends, cryptocurrency achieves its greatest level of search traffic. Due to changes in bitcoin value, search interest peaked throughout the week of May 9th to May 15th.
Google Trends released a study indicating that cryptocurrency has seen an increase in search volume in recent months and has reached its all-time high (ATH) in both the United States and across the globe. The word “cryptocurrency” has piqued consumers’ interest, since crypto is being used in a variety of real-world applications. Furthermore, audiences that are more interested in bitcoin and its trading platforms may start the searches.
Users are Interested in the Cryptocurrency Market
The fascinating trading activities of major cryptocurrencies such as Bitcoin and Ethereum have revealed a significant fact about the topic of crypto. The cryptocurrency search traffic reveals a broader picture of consumers’ interest in the crypto sector. So, here are a few potential explanations for the surge in crypto interest:
- Bitcoin: During the week of May 9-15, the price of bitcoin surpassed $50,000, and the volume of cryptocurrency searches hit an all-time high. In Google Trends, more than 65 percent of people looked for a combination of cryptocurrency and bitcoin.
- Ethereum: In the same week, the price of ETH surpassed $4,300, causing a surge in interest among viewers. It’s also Ethereum’s bull run, as the cryptocurrency hits a new all-time high price. As a result, together with cryptocurrency terms, Ethereum has significant search traffic.
- Tesla CEO Elon Musk hosted an SNL night on May 8th to talk about the worth of dogecoin. Dogecoin’s search traffic was very high at the moment.
Furthermore, Ethereum miners made a profit of $128.04 million, surpassing the $61.6 million profit made by bitcoin miners. On the same day, May 15th, 2021, both of these events occurred. Aside from these two major cryptocurrencies, the trading features of other Altcoins have piqued the public’s curiosity in learning more about the crypto world.
As a result, we realize that consumers expect to work with new technologies and trends on a regular basis. When a new piece of news, a blog article, or a tweet appears on social media, for example, people are eager to learn more about it. As a result, the number of searches for any keywords or phrases in search engines rises.
Google Trends is a search engine that measures the popularity of queries on Google. It’s a useful tool for seeing where the most popular searches are coming from, but it’s even more telling when you look at the search volume. In this instance, three of the top 10 most searched terms are related to cryptocurrency. The popularity of these queries is due to the rise in the price of the asset in the last several months. There is a lot of interest in the financial community, which can be seen by the searches. Read more about crypto trending searches and let us know what you think.
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