Bitcoin Search Volumes: A Historical Comparison
The ebb and flow of Bitcoin’s popularity can often be gauged by observing global search volumes. According to data gathered by Brad Michelson, a senior marketing manager at an influential trading platform, it appears that the buzz surrounding Bitcoin was significantly higher in November 2020 compared to the frenzied atmosphere of December 2017 during the last bull run.
Breaking Down the Numbers
In November 2020, Bitcoin-related searches surged to a staggering 8.9 million monthly searches, a hefty 356% increase from December 2017, which saw only 2.5 million searches. Talk about a digital gold rush!
Discrepancies Between Data Sources
However, it seems the numbers received mixed reviews. While SEMrush indicated this booming interest, Google Trends told a different tale. Michelson emphasized this when he said, “Google Trends does not reflect the reality of Bitcoin’s popularity when comparing to SEMrush.” So, what’s going on?
A Closer Look at Google Trends
It’s important to note that Google Trends only captures the search volumes for the keyword “Bitcoin.” This might sound a bit misleading, considering many users are searching for related terms. Michelson narrows this point down, highlighting that Google Trends could be underrepresenting the overall interest in the cryptocurrency market.
The Influence of New Bitcoin Addresses
Interestingly, the interest in Bitcoin also seems correlated with an influx of new wallets being created. On November 18, 2020, new Bitcoin addresses were registered at a rate that hadn’t been seen since early 2018—nearly 25,000 addresses per hour! This trend could suggest that while searches were skyrocketing, so was the commitment of individuals toward Bitcoin.
A Takeaway for Crypto Enthusiasts
For anyone tracking Bitcoin trends, whether for investment or sheer curiosity, it’s essential to consider multiple sources of data. As seen, one platform may show soaring numbers while another might suggest a more tempered interest. Ultimately, if you’re planning on diving into the cryptocurrency sphere, keep your facts straight and always double-check your sources!
