The cryptocurrency market is on fire again, after spending several years locked in a cold and painful crypto winter. Bears came out of hibernation and swatted down valuations, and with it, interest plummeted.
But with a new dawn here, search interest in the asset class is suddenly springing up once again according to Google Trends metrics.
How Google Trends Can Inform Investor Decision Making
Google Trends provides a visual measurement of specific terms or queries over a specific time range. It allows data analysts, publishers, investors, and more to inform decision making based on how certain terms are trending.
Any upticks in measurements represent a growing interest in the term, due to a sudden abundance of search queries on the topic. An event, news, or otherwise typically triggers a trend to begin, prompting others to catch wind, become curious, and head to Google to learn more.
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In 2017, back when very few had ever heard of Bitcoin or crypto, the sudden wealth generated by the mysterious asset class piqued widespread retail curiosity. As valuations climbed, curiosity turned into full-blown FOMO.
Coinciding with all of this, was a surge in Google searches for the term “crypto’ according to Google Trends. The bubble eventually burst, and valuations came crashing down. And just like on the way up, Google Trends also declined when prices plummeted.
However, after the asset class growing over 80% in market cap in 2020 alone, Google users and investors, are simultaneously taking notice.
Total Crypto Market Cap Versus Google Trends Search Queries For "Crypto" | Source: TradingView & Google Trends
Crypto Climbs To Highest Level Since Bubble In Key Search Metric
An updated measurement of the search term “crypto” on Google Trends shows the first new higher high set since 2019. It is also the highest point in terms of search volume since the bubble burst