Google Trends show an increase in searches for „buy crypto“, which could signal higher acceptance among retailers.
According to Google search trends, crypto euphoria is on the rise again, as a new study shows
Searches for „buy crypto“ on Google rose to an all-time high in January, far beating the previous high of early 2018, according to cryptocurrency analytics firm The Tie.
The keyword got a perfect Google Trends score of 100. This indicates a maximum relative interest.
A similar surge was also seen in Crypto Engine, which hit a perfect 100. It then fell back to a still strong value 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“.
„The relative search interest for popular crypto terms is at an all-time high on Google Trends,“ Treyce Dahlem, research analyst at The Tie, told Cointelegraph.
He further stated:
„Whether that’s because of recent rallies, Reddit speculative traders looking to sway assets, or even a macroeconomic shift in the way investors look for inflation hedging, there’s no telling. But one thing is clear: there is a rapidly growing interest in crypto and new investors are looking for the best way to get into the ecosystem. “
The strong search trends appear 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 hit a new all-time high of over $ 1,600 .
Meanwhile, the entire cryptocurrency market hit 1 trillion for the first time in January. U.S. dollar. While the initial increase was largely due to Bitcoin, the Altcoins have now also strongly supported the increase over the past month. The dominance of Bitcoin has fallen from a high of 72 percent in early January to 62 percent.
Google search trends sometimes correlate with movements across the cryptocurrency market. More relative searches signal the retailer’s growing awareness of digital asset. This is often a precursor to greater speculative acceptance.
The Tie told Cointelegraph that crypto social media interest has also skyrocketed. On Twitter, the total volume of cryptocurrency tweets also rose to 3.3 million in January. In comparison, there were 1.3 million in September 2020. The total volume of tweets in January was 181 percent higher than last year.