After the rapid increase of the Bitcoin price he is currently at approx. the 1.5-fold level compared to August of 2017. At the same time, search volume fell, however, on the same level.
Google search engine is the measure of all things
In a comparison of the global Internet search engine Google dominates the market. With approximately 75 percent share of the global searches, Google refers to the competition from Bing, Baidu, Yahoo, and Yandex to the rear ranks. Particularly in the case of mobile Search, the group points out of Mountain View due to the often pre-set search. However, topic-specific platforms such as YouTube, Amazon and Facebook. The video platform YouTube, which also belongs to Google parent company, Alphabet can show, the world’s second highest number of Searches.
Compared to the global comparison, Google has a Position in Germany with a market share of 88 percent on Desktop, and 98 percent on mobile devices (as of March 2017) is even more dominant.
High connection of Bitcoin search volume and Google Search in 2017
Very exciting is to watch how the search volume of the keyword “Bitcoin” in comparison to Bitcoin rates. A high Similarity of the curves is seen, and both Peaks are in December. With the Drop in the Bitcoin price, the Google drop-queries. According to a study by the Online Marketing and SEO-Tool-provider, Semrush, it had been in the year 2017 of 94.9% correlation between the Bitcoin price and the search volume. The Bitcoin search volume had increased in 2017 to 1.258 percent and was wanted in the December 17 times more than the search word “Dollar” and even 101 times more than the Euro. As impressive as these Numbers appear, they refer to the hype of the year 2017, and the current price slump.
A greater waste of the Search than in the course
The search volume in June 2018 fell back again to a comparable level as in July 2017. At the same time the price of Bitcoin has also risen in the same period by 150 percent. Here, a much stronger decline in search interest is visible in comparison to the value of the digital currency.
What the Google-Search-to-the crypto-currency?
First of all, we can distinguish different types of Google searches.
- Informational Search: The search aims at providing Knowledge and information about a particular topic, retrieve, such as “Bitcoin Lightning Network” or “Who is Satoshi Nakamoto”.
- Transactional Search: the seeker has to buy a certain interest in buying such as “Bitcoin book” or “Ledger Nano buy”.
- Naviga tional Search: a specific goal has to be controlled such as, for example, “BTC-ECHO” or “Coinbase”.
The very generic search for “Bitcoin” can fall into different categories.
The most common will certainly have made an informational search. The seekers want to have General information about Bitcoin. In the high phase in December, many media sources are on the Hype with jumped up and reported about Bitcoin, Blockchain and crypto-currencies. These publications bring up the subject, of course, a wide mass, which would then also have more information. After the crash of the course in January, and the relative parallel and thus unspectacular history, it has become in most of the media is very quiet with Reports of the crypto area. A lower interest and search volume.
Or the search targets of the query of the Bitcoin exchange rate. If the rates are high and rapidly rise, makes a course query is much more fun. Hand on heart: Who has not checked even several times a day, the courses and the Portfolio in December? In the unspectacular Course of the last few months, a correspondingly frequent query is simply less fun, and with the December values in the header rather for Frustration. The result is fewer search queries.
Transactional search and Naviga tional search
A smaller proportion will be incurred on a transactional and Naviga tional Search. Beginners want to know with the generic request “Bitcoin” also, as you can finally buy your first Bitcoin. A little more experienced crypto-enthusiasts may wish to access directly bitcoin.de or even bitcoin.com .
High search volume as an indication of high interest
Accordingly, the steep drop in search volume is an indication of a weakened interest in both newcomers and “Old hands”. The stronger decline in search volume indicates, in comparison to the price, if applicable, an end, or at least a slowdown in the gold-rush mood, and for a Shift to a more sustainable Ecosystem. HODLer and long-term projects don’t need a price check every few minutes. Beginners who were blinded by quick profits, should meanwhile have the courage to be lost. What remains are the many people who believe in Blockchain-technologies and a long-term sustainable development to look forward to.