Internet search data indicates that public engagement in Bitcoin remains at standard levels, even after a sharp price rally to almost $16,000.
The first cryptocurrency has experienced a price spike of nearly 50% gain in the last four weeks, trading for as much as $15,970 earlier this Friday – a level unseen since the bull market run between December 2017 and January 2018.
Some analysts believe the rally is now being perpetrated by “greed” and fear of missing out (referred to as FOMO). However, data on searches on Google suggests otherwise.
The Google Trends tool, a commonly used barometer to indicate general interest in trending searches, is currently showing a value of 10 for the “Bitcoin price” worldwide search query. That is considerably lower than the result of 93 registered in early December 2017 when Bitcoin broke the wall above $15,000.
The current value is also much lower than the indicator of 19 observed in early May when Bitcoin went through its third “halving.” This web search data suggests that crypto investors are showing relevant calm over Bitcoin’s recent price rally and the crypto market is a far way from being in the bull frenzy state-observed before.
Google search values usually rise following a major bull run as some investors, who missed out on the early rise, scan the internet a bit before joining the trading.
The Google Trends tool provides access to a mostly unfiltered batch of search requests sent to Google and scales their intensity on a range of 0 to 100, as explained by the company.
