According to a recent data on Google Trends, global searches for “Bitcoin” reached a 12-month low, scoring just 33 out of 100 on Google’s interest scale by the end of the week of October 12, 2024.
Google Trends is an online tool that tracks Google search data to reveal popular search terms, topics, and trends. It offers a glimpse into public interest and behavior over time and across regions.
The popularity score ranges from 0 to 100, indicating the term’s relative popularity. 100 represents peak popularity, 50 signifies half-peak popularity, and 0 indicates insufficient data.
The Google search score for Bitcoin stands at 33 out of 100, reflecting limited search queries and interest in the cryptocurrency, contrasting with its recent price growth.
Bitcoin’s price has increased significantly over the last 12 months, rising from $26,850 to $64,919, according to data on CoinMarketCap, with the highest interest recorded in March. At press time, Bitcoin was selling at $65,600.
Low Bitcoin Search Volume – A Bearish Signal?
The decline in Bitcoin-related Google searches may signal several trends. It could mean fewer people are searching for Bitcoin, suggesting waning interest or enthusiasm. It could also mean Bitcoin has become mainstream, reducing the need for searches.
Low search volume could also reflect a stable or stagnant Bitcoin price, reducing the need for information. However, low search rates don’t automatically signify a bearish market, it could precede significant price jumps.
For instance, following the launch of U.S. spot Bitcoin ETFs in late January to early February, search interest plummeted below 20, yet Bitcoin’s price skyrocketed from $41,000 to nearly $71,500.
El Salvador Tops Global Rankings for Bitcoin Google Searches
In the list of regions with the top Bitcoin Google searches, El Salvador tops the list followed by Nigeria and Switzerland.
El Salvador has been bullish for a while now after the Central American country took a groundbreaking step in 2021 to adopt Bitcoin as its legal tender under President Nayib Bukele’s administration.
El Salvador has also launched several Bitcoin-focused initiatives, including Bitcoin bonds, geothermal mining operations that have yielded approximately 474 BTC, and a novel citizenship program linked to Bitcoin investments. In August, the National Bitcoin Office (ONBTC) of El Salvador revealed its plans to train and provide Bitcoin certification program to 80,000 public servants.
