The Tie on „buy crypto“: Google searches at record high
Google Trends show an increase in searches for „buy crypto“, this could signal higher adoption among retailers.
According to Google search trends, crypto euphoria is on the rise again, a new study shows.
Searches for „buy crypto“ on Google rose to an all-time high in January, far surpassing the previous peak from early 2018, according to cryptocurrency analytics firm The Tie.
Relative search interest for the term „Buy Crypto“ is at all-time high on Google Trends pic.twitter.com/4cFIkI0xbp
– The TIE (@TheTIEIO) February 1, 2021
The keyword received a perfect Google Trends score of 100, indicating maximum relative interest.
A similar spike was seen Crypto Profit for Ethereum, which received a perfect score of 100. It then fell back to a still strong score of 65.
The number of Bitcoin (BTC) searches also increased, but remained well below the 2017 record.
The Tie also shared a chart showing a sharp increase in the number of searches for „best crypto app“ and „best crypto exchange“.
„Relative search interest for popular crypto terms is at an all-time high on Google Trends,“ Treyce Dahlem, research analyst at The Tie.
He further explained:
„Whether this is due to recent rallies, speculative traders on Reddit looking to influence assets, or even a macroeconomic shift in the way investors are looking for a hedge against inflation, it’s impossible to say. But one thing is clear: there is a rapidly growing interest in crypto and new investors are looking for the best way to enter the ecosystem.“
The strong search trends seem to coincide with growing retail interest in Ethereum and altcoins
The Ether (ETH) price has doubled since the beginning of the year and has just reached a new all-time high above US$1,600.
Meanwhile, the entire cryptocurrency market reached 1 trillion US dollars for the first time in January. US dollars for the first time. While the initial rise was largely due to Bitcoin, altcoins have now also strongly supported the rise over the past month. In the process, Bitcoin’s dominance has fallen from a high of 72 per cent in early January to 62 per cent.
Google search trends sometimes correlate with movements in the overall cryptocurrency market. More relative searches signal growing retail awareness of digital assets. This is often a precursor to greater speculative adoption.
The Tie told Cointelegraph that social media interest around crypto had also skyrocketed. On Twitter, the total volume of tweets related to cryptocurrencies also rose to 3.3 million in January. This compares to 1.3 million in September 2020. The total volume of tweets in January was 181 per cent higher than the previous year.