in the chart above, there is a clear spike in searches about the altcoin market. For its part, How to buy Bitcoin was positioned as the fifth most important search in the section how. Several users have reacted positively to this increase in searches. Therefore, it doesnt mean that the more we search Bitcoin on Google, the higher the Bitcoin price will become. Bitcoin, currently ranked #1 by market cap, is.02 over the past 24 hours. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
However, even with the Google Trend metrics and rising prices of some altcoins, nobody can say for sure if weve entered alt season, or whether the bear market is over yet. It turns out that they will. Therefore, not only is Google tracking search results with the word altcoins, but its also tracking related terms such as XRP, Litecoin, Ravencoin, Binance Coin, etc., and compiling them in the data seen in the chart above.
However, is this enough evidence to indicate alt season is upon us? Interest in blockchain, ethereum, and xrp is getting closer to bitcoin over time. Image Source: its clear that the altcoin market sentiment is changing.
Possible explanations for the lower interest include sideways price action, a hangover from the 2017 mania, or a greater nuance around other search terms. Google search interest for bitcoin jumped following its surge to 5,000. Understandably, people wanted to know why BTC appreciated 20 percent in under a day. Several different theories could explain downtrending search interest, ranging from sideways or downward price movement, less novelty around bitcoin from the general public, and better nuance from users in differentiating other digital assets and blockchain. Bitcoin has already bottomed and numerous altcoins have spiked in price. And there could be something else that influences both the Bitcoin prices and Google Trend Scores. However, other studies have determined that while there may be a relationship, an increase in searches does not actually cause an increase in prices : Correlation is not Causation. However, search interest and Twitter hashtags continue to slump month-after-month. Due to the substantial decline in prices, many cryptocurrency investors who got in during the boom have lost heart and left the market for good. Chart by, cryptoCompare, bitcoin is.02 over the past 24 hours.