Despite the recent big movement in the price of Bitcoin, Google Trends reveals that the general interest in the cryptocurrency is still low. Currently the cryptocurrency has a value of US $ 54,845, according to CoinDesk, which represents a drop of 1.18% in the last 24 hours.
Google trends for the search term ‘Bitcoin’ show current low interest
Bitcoin (BTC) recently had a strong move up where the price crossed the $ 55,000 mark for the first time since May. However, despite such a surge, Google trends reveal a different picture about the general interest in cryptocurrencies.
As the graph shows, interest in Bitcoin appears to be quite low at the moment compared to the rally in early 2021.
People’s interest in Bitcoin according to Google trends shows that in May it reached a level of 100, but since then it has not been anywhere close to reaching the same level. Source: Google Trends
Google trend charts show these values of interest relative to the period in which the search term was most popular. This highest value is taken as 100 and all other values are calculated relative to it. For example, an interest of 50 would suggest that the period was half as popular as the peak.
Taking a closer look at the chart, it becomes clear that Bitcoin had peak interest for the May 16 period. February and January also saw popularity not far from that, as they both had interest values above 80.
But the current interest according to Google is around 33, lower than in early September.
Here are some more interesting facts, this time the popularity has been filtered by region instead of time. Unsurprisingly, El Salvador tops the list with 100 interest as the country recently adopted cryptocurrency as legal tender. Nigeria, Turkey, the Netherlands and Austria follow. The United States is ranked up to 23rd right now.
What do these trends mean?
One important thing these trends from Google show is that there is a relative lack of new interest in Bitcoin right now. The recent rally in which BTC crossed $ 55k for the first time in five months has not been a sufficient spark to rekindle the general popularity of the coin, already in 24 hours it lost 1% of its value.
It also means that this increase in the price of Bitcoin is mainly due to old money. As the lack of new interest would also imply a lack of fresh money entering the market.
Google’s trend chart is likely to change soon if BTC keeps moving in this way, and all the fresh money coming in could take it to new heights. On the other hand, if the interest does not light up in the future, the price of Bitcoin could go down again.