Bitcoin and Google Trends 2020 Edition
The Google searches typically represent the retail interest for a particular asset, and they surge once there’s a significant event in regards to its development. In the cryptocurrency industry, more likely it will shift due to highly volatile price movements in either direction.
As such, it didn’t come as a surprise when the interest in Bitcoin surged at the start of 2020 when BTC was increasing in value. During the most intense days of the COVID-19 pandemic, when Bitcoin plummeted by 50% in a day, the searches on Google soared.
The situation calmed in the next few months, while BTC was rapidly made a “V” recovery. However, Google trends indicated another increase in late April and especially in early May. This was somewhat expected as in mid-May, Bitcoin went through its third-ever halving. The event has historically served as a price catalyst and attracts lots of attention.