Gauging market sentiment regarding cryptocurrency can be quite an arduous task. While current altcoin prices remain very low and volatile, Google Trend statistics show a different development altogether.
Google Trends Hint at Bitcoin Hype
Based on the current prices of different cryptocurrencies, there is nothing to be overly excited about. All of the major coins are still dirt cheap, and any sort of positive momentum is constantly being met with plenty of resistance. This has become very obvious recently as even the two weeks of positive Bitcoin momentum that was observed recently was quashed within a span of a few days.
According to current Google Trends statistics, things are not looking all that bad. It seems as though the interest towards Bitcoin is still relatively high, alongside searches from Taylor Swift and the stock market. Although Swift is the oddball on the list, it is evident that the correlation between Bitcoin and the stock market is very interesting and one to keep an eye on– especially since when one market suffers, the other usually sees some big gains.
At the same time, Google Trends statistics are not an actual market sentiment indicator and the search engine giant’s figures are partially influenced by media interest towards Bitcoin.
What do These Statistics Mean?
If the future of Bitcoin was to be assessed solely on the basis of the aforementioned statistics, things aren’t looking all that great for the crypto juggernaut. Although there has been a small increase in the overall popularity of BTC in recent months, no significant market change has been observed as of yet.
Surprisingly, the term ‘futures contracts’ also seems to be one of the most popular search hits in relation to BTC right now. Ever since these products were introduced into the market, institutional investors have shown an increasing interest towards this space.
While keeping an eye on Google Trends rankings for cryptocurrency is always interesting, no one should attach any real value to these figures. Bitcoin is an industry which is still evolving quite independently, and the interest towards this decentralized currency will continue to grow organically over time.
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