Bitcoin Price vs. Google Searches — What Can We Learn?

Share Article
In Brief
  • 'It Wasn't Really Panic'

  • promo

    Want to learn how to trade? Get a beginners guide from _BeInCrypto Academy_ now!

The Trust Project is an international consortium of news organizations building standards of transparency.

What do you do when you don’t know something? Google it, of course — which is what a lot of people did at the height of the recent Bitcoin bubble.



The problem is: not so many people are Googling it now.

According to research from Dutch National Bank policy advisor Joost van der Burgt, there exists an almost-perfect correlation between the first and foremost cryptocurrency’s price movements and Google searches for Bitcoin — at least, until the bubble burst.



Below is the chart of Bitcoin’s interest over time, courtesy of Google Trends:

Now, compare that to Bitcoin’s price chart over the same time period:

As you can see, there is an obvious correlation between the two.

However, Google searches have not kept up with Bitcoin’s price — with the latter experiencing various rallies throughout the year.

Van der Burgt’s correlation, as published on CBNC, illustrates this exact point:

Hype Driven

The apparent lack of Google searches for Bitcoin stems from the significant decrease in the mainstream attention.

Blame the Futures

This correlation all but ceased, however, when the market took a turn for the worse. Specifically, Van der Burgt blames the introduction of bitcoin futures contracts.

Keep Calm

Bitcoin’s bear market in 2018 has been undeniably brutal.

Still, the Dutchman wouldn’t call the market leader’s dramatic price decline a “panic.”

What do you think of Joost van der Burgt’s correlation? Do you think Bitcoin will fully recover in the coming months? Let us know your thoughts in the comments below! 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

Follow Author

Trade with the Best Crypto Signals - guaranteed profits with over 70% accuracy

Join now

Want to learn how to trade? Get a beginners guide from BeInCrypto Academy!

Learn now