Google Search Trends for Bitcoin

Google's relative search volume for 'bitcoin' has reached its lowest weekly levels since October 2023, even as the cryptocurrency's price increased by 142% over the past year.

For the week ending Oct. 12, Google Trends recorded a worldwide search value of 17 for the term 'bitcoin,' with current trends showing a value of 14 this week. This is compared to a reading of 15 for the week ending Oct. 14, 2023 — marking the lowest point since the term peaked at 100 in May 2021.

Google Trends expresses search interest as a percentage of the peak value for the chosen region and timeframe. A score of 100 denotes the highest popularity level, while a score of 50 indicates half the peak's popularity, and a score of 0 signifies inadequate data.

A similar trend is observed in the United States, where a value of 16 was recorded last week—its lowest since it reached 13 on Oct. 14, 2023.

Interestingly, peak weekly interest this year occurred in March as bitcoin approached an all-time high of nearly $74,000, coinciding with spot Bitcoin exchange-traded funds showcasing nearly $10 billion in daily trading volume in the U.S. Bitcoin's price has risen from approximately $26,850 to $64,919 in the last year, according to The Block's Bitcoin Price Page.

However, low relative interest isn't necessarily a negative indicator for bitcoin’s price. Ryan Lee, chief analyst at Bitget Research, highlighted that when search interest fell below 20 in late January to early February after launching U.S. spot Bitcoin ETFs, the price surged from $41,000 to nearly $71,500.

> "During the ‘market stagnation period’ from May to September 2023, this was also an excellent opportunity to build positions while waiting for a major market rally," said Lee. "Thus, buying during periods of low search volumes remains a rational strategy."

Mixed Signals in Other Crypto-Related Searches

While global weekly search volumes for 'Ethereum' and 'crypto' are likewise at yearly lows, other industry terms present a mixed picture.

'Solana,' which surpassed both bitcoin and ether in performance over the past year, peaked in weekly search volume in May, greater than its prior high in September 2021. It has since fallen to a value of 31, still significantly up from a reading of 15 a year prior.

'NFTs' have remained stagnant at a level of 4 to 5 over the past 18 months, a stark decline from highs in January 2022. The term 'DeFi' has shown relative consistency, hovering around 30, having peaked in July 2021.

The newer term 'onchain' reached an all-time high interest level in June but has since dropped to a reading of 8 as of last week amid a market awaiting new catalysts.

Exciting niches like 'memecoins,' which also faced corrections after their peak search volume in March, have rebounded to a reading of 57 last week, with trends for 65, energized by Murad Mahmudov’s 'memecoin supercycle' discussions at the Token2049 last month, sparking significant community debate.

AI developments that have intersected with crypto projects recently are currently peaking in interest.

Lee noted, "Memecoins and AI have been viewed as more reliable opportunities in this market cycle. The 'new leader memes' frequently get hyped alongside market movements, marking this sector as popular for high-risk, high-reward ventures."