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The weekly search volume for the term “bitcoin” on Google has reached its lowest levels in a year, despite its price increasing by 142% in the past year. Other crypto terms like Ethereum, NFTs, and DeFi are also at similarly low levels, while popular topics like “memecoin” are back on the rise.
According to Google Trends, search volume for “bitcoin” hit 17 points globally in the week ending Oct. 12, down from 14 this week. That’s just below the 15-point low set in October 2023 and far from the 100-point peak set in May 2021.
This trend is also consistent with data from the US. Last week, search volume in the US was recorded at 16 points, the lowest since the 13-point low in October 2023.
Bitcoin’s Price Increase and Google Search Volume Relationship
Bitcoin’s highest weekly search interest occurred in March this year, when its price was approaching $74,000 and spot Bitcoin ETFs were reaching a daily trading volume of close to $10 billion in the US. Bitcoin’s price has risen from $26,850 to $64,919 in the past 12 months.
However, low search interest is not always a negative signal for the price. For example, when search interest fell below 20 between late January and early February, Bitcoin’s price jumped from $41,000 to $71,500. Ryan Lee, Bitget’s Research Manager, stated that such periods of low interest provide a good opportunity to position for a price rally.
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According to Lee, buying during low search volumes during market downturns can be a more sensible and safe strategy.
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