After reaching their maximum popularity level in December last year, the Google searches for the word “Bitcoin” have descended dramatically this month to the level from last October.
According to data provided by Google Trends, between March 4th and 10th this year, the searches for the word “Bitcoin” on Google in that period represent only 18% of the searches in the period between December 17th and 23rd, 2017, when they reached their historical maximum.
The behavior of the Google searches is similar to the behavior of the price of Bitcoin, which means the price is directly influencing the interest of the internet users. When the price of Bitcoin reached its historical maximum in December last year, the Google searches reached their historical maximum as well. Likewise, with the drop of the price of Bitcoin in the last three months, the search level also descended.
It is also worth mentioning that the number of transactions in the Bitcoin network has been descending in the last few months, which can also mean the Google searches are linked with the number of transactions as well.
Despite this correlation, the Batching phenomenon should be mentioned as well, since it tries to improve the efficiency of the Bitcoin network by lowering the transaction volume.
Other words related to the cryptocurrency world, such as “Blockchain”, “Ethereum” and “Ripple” showed similar behavior when it comes to Google searches. The searches for these words raised sharply last December and started to descend at the beginning of this year.
In general, the Google searches for the aforementioned words dropped by more than 80% in less than three months.
Last year, the word “Bitcoin” was the most searched word on Google. According to a study performed by SEMrush, the price of Bitcoin and the volume of Google searches for the word “Bitcoin” were 91% related, as mentioned earlier in the article.