"Bitcoin" search analysis: Google trend slightly decreases price and search correlation over 80%
This article was compiled from Bitcoin.com
Bitcoin is an interesting topic for the crypto industry. In addition to industry novices searching for digital currency information online, analysts, researchers, and senior cryptocurrency experts also search online for statistical and comparative data.
Use Google Trends (GT) to find data about Bitcoin search. After typing the word "Bitcoin", the website shows that interest in cryptocurrencies has been declining, but from March 15-21, 2020, people ’s Interest has increased. The "Bitcoin" GT rating reached a high of 77 points that week and has since fallen to 62 points.
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The most popular search keywords for Bitcoin include "Bitcoin price", "Bitcoin mining", "What is Bitcoin", "Bitcoin value", "Buy bitcoin", "Bitcoin dollar", "Bitcoin Exchange "and" Bitcoin Wallet. " According to global statistics in the GT rating, the top five countries with the highest interest in Bitcoin are Nigeria, Austria, South Africa, Switzerland and Ghana.
The analytics site answerthepublic.com queries Google databases and other browsers to better visualize specific term or keyword searches. It draws a flowchart to further show Google Trends data, which shows 180 bitcoin-related questions, 140 prepositions, 60 comparative words, 519 letters, and 20 visual terms of related terms.
According to the company, 300 billion Google searches are performed every day, 20% of which are questions, comparisons and prepositions.
The question section is divided into 10 related phrases, such as "are", "can", "how", and "what". "Are" includes questions such as "Is Bitcoin email secure?", "Is Bitcoin transaction anonymous?" The 60 comparison words compare Bitcoin to other currencies, such as other cryptocurrencies, gold, the US dollar, and the stock market. The alphabet part is a list of bitcoin-related terms that people often search on Google in alphabetical order. The list of prepositions includes attributives such as "Bitcoin is a currency", "Bitcoin is dying" and "Bitcoin is a fake".
80% of Bitcoin price related to internet keyword search
Over the past few years, some reports have shown that the price of Bitcoin is closely related to GT ratings and other web search trends. Therefore, Bitcoin keywords and GT data are very useful for individuals and organizations, and people can use this information to make predictions. Regarding the term "Bitcoin", the two biggest clues to searching online are price and website traffic. The price of Bitcoin and cryptocurrencies has been affected by media, news reports and rumors.
Olga Andrienko, head of global marketing at Semrush, reported in June 2019 that the correlation between bitcoin price and Internet search for "bitcoin" was 80.8%. This type of correlation means that GT data and cryptocurrency prices move simultaneously.
Another report in September 2019 showed that Bitcoin prices and GT data could be manipulated. On September 5, 2019, the term "Bitcoin" soared sharply on the GT website, and researchers believe that the trend began in Romania. Bendik Norheim Schei, owner of Swedish cryptocurrency website, said users using a virtual private network (VPN) could artificially stimulate GT search alerts. This is a common method used by scammers. Many "related queries" in GT are related to scams such as "Bitcoin Superstar", "Bitcoin Age" and "Bitcoin Moon". Once such related queries become the daily "explosion" keywords, they are likely to be artificial.
Image credit: GoogleTrend, answerthepublic
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