The price of Bitcoin has a 91% correlation to its volume of Google searches, according to a search engine marketing agency known as SEMrush.
Image credits: steemit
Basically, this means that the number of Google searches related to “Bitcoin” fluctuate with the price of Bitcoin. In simple words, when the price goes high, more people are attracted to it and as it begins to drop, people become less interested.
How was this study conducted?
SEMrush discovered from a database of 120 million US keyword searches that were linked to bitcoin. Some of them are listed below:
The total number of Bitcoin and Bitcoin-related searches was said to be approximately around 51,400,000 last year.
Is the case study simply approving the obvious?
Perhaps. As mentioned earlier, the interest of people is dependent on the price. The higher the price, the more the number of searches online.
Regardless, it’s quite interesting to note this connection and to discover that the numbers actually support what we might be assuming.
image credits: steemit
Since April 2017, the number of bitcoin searches has climbed up by 450%. During this time, the value of bitcoin had gone up from around $1,076 to a new hit of $5,000 just a couple of weeks ago.
Will it Predict the Price of Bitcoin? - That is the Question
Unfortunately, no. That is not the case and it’s silly to think that a search engine would be easily able to predict the price of the world’s most popular cryptocurrency.
Story Credits: steemit