According to cryptocurrency analysis firm The Tie, searches for “buy crypto” on Google hit an all-time high in January, well above their previous high in early 2018.
The relative search interest for the term “buy crypto” is higher than ever on Google Trends pic.twitter.com/4cFIkI0xbp
– The TIE (@TheTIEIO) February 1, 2021
The keyword received a perfect Google Trends rating of 100, which indicates the maximum relative interest.
A similar surge was also seen in Ethereum, which hit a perfect 100 score before dropping back to a still strong 65.
Bitcoin (BTC) searches also increased but remained well below the 2017 bull market high.
The Tie also shared the following chart with Cointelegraph, which highlights a sharp surge in searches for “best crypto app” and “best crypto exchange”.
“The relative search interest for popular crypto terms is higher than ever at Google Trends,” said Treyce Dahlem, research analyst at The Tie, to Cointelegraph.
“Whether this was due to the recent price rallies we’ve seen, Reddit speculative traders trying to coin more assets, or even a macroeconomic shift in the way investors look for inflation protection is one clear: Interest in crypto is growing rapidly and new investors are looking for the best way to get into the ecosystem. “
The explosive search trends appear to coincide with the growing retail interest in Ethereum and Altcoins. The price of Ether (ETH) has doubled since the start of the year and has just hit a new all-time high of over $ 1,500.
Meanwhile, the total cryptocurrency market hit $ 1 trillion for the first time in January. While the initial surge was largely due to Bitcoin, altcoins have been helping the trillion dollar valuation with greater intensity over the past month. The dominance rate of Bitcoin has fallen from a high of 72% in early January to 62%.
Google search trends sometimes correlate with movements across the cryptocurrency market. Higher relative searches signal a growing retail awareness of digital assets, which is often a precursor to wider speculative adoption.
The tie revealed to Cointelegraph that social media engagement related to crypto has also skyrocketed. On Twitter, the total volume of tweets devoted to cryptocurrency reached 3.3 million in January, compared to 1.3 million in September 2020. The total volume of tweets in January was 181% higher than a year earlier.
If trends are observed in Google search, the crypto euphoria seems to be picking up again, according to new industry research.