Google searches for “Bitcoin” have dropped to levels not seen since October 2020, when Bitcoin was priced at around $10,000.Īt the time of writing, BTC was trading at $26,834.57, down 1.12% in the last 24 hours. The decline in search interest is most noticeable when it comes to Bitcoin BTC/USD. This also corresponds to exchange volumes which were at 32-month lows this past May,” he tweeted. We show that information transfer between Google Trends and daily returns is found to be bidirectional and to last for up to six days. “Crypto search trends are at the lowest point they have been since December 2020. We also collected Google trends data for these three cryptocurrencies and ran additional experiments to explore. Please note, this is not a linear fit to linear data, it's an exponential fit to exponential data plotted on semi-log chart I'm not a statistician, so I don't know if that makes a big difference, just want to provide that piece of info for clarification.
Turner suggests that the fall in interest is related to a bear market in cryptocurrency. Adding a fifth data point at the 2019 peak (interest value 74) makes the coefficient of determination R2 0.9262. The lower interest in cryptocurrencies also coincides with lower trading volumes on exchanges according to Guy Turner, also known as “Coin Bureau Guy,” trading volumes have reached a 32-month low. Google Trends offers real-time data and can be a powerful resource for tracking and analyzing search trends across a wide range of industries and topics. Is this a sign of a declining Bitcoin interest In a data released by Google Trends, it revealed that searches for Bitcoin have consistently decreased in. It can aid in identifying emerging trends, validating market demand, conducting competitor analysis, and informing content strategies. The tool can be valuable to gain a deeper understanding of public interest and search behavior. By analyzing the search patterns and trends, Google Trends enables users to understand the popularity of specific queries, track the rise and fall of interest in particular topics, compare search volumes across different regions or time periods, and discover related queries and topics. It provides insights into the relative search volume of specific keywords or topics and presents the data in the form of interactive graphs and charts.
Volume: The volume of Bitcoin traded is 53,258, indicating a high level of activity and interest in this cryptocurrency. UTC) Price Change: The price has decreased by -931.7 (-3.50) from the previous price.
Google Trends is a web-based tool provided by Google that allows users to explore the popularity and interest in various search terms and topics over time. Price and Volume Metrics: Current Price: The current price of Bitcoin is 25,710.7 (as of 8:50 a.m. This also corresponds to exchange volumes which were at 32 month lows this past May.Īpathy? /UPOmhNGeDN- Coin Bureau June 4, 2023 "Crypto" search trends are at the lowest point they have been since December 2020.
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