Despite a 142% rise in the price of Bitcoin over the past year, Google relative search volume for the term ‘Bitcoin’ has hit its lowest weekly level since October 2023.
Google Trends data for the seven days ending October 12 shows a value of 17 globally for the search term “Bitcoin” and is currently trending at 14 this week. This compares to a figure of 15 for the week ending October 14, 2023. This is the lowest level since it peaked at 100 in May 2021.
Google Trends data shows search interest as a percentage for peaks in selected regions and times. A score of 100 represents the highest level of popularity for the term, a score of 50 represents half the peak popularity, and a score of 0 represents insufficient data for the term.
Looking at data specifically from the United States, this trend is comparable, with last week hitting 16, the lowest figure since 13 on October 14, 2023.
Weekly relative search volume for Bitcoin. Image: Google Trends.
Not surprisingly, the highest weekly interest occurred in March of this year as Bitcoin approached its all-time high of nearly $74,000. Bitcoin 
BTC
+3.52%
Exchange-traded funds (ETFs) account for nearly $10 billion in daily trading volume in the United States, according to The Block’s. Bitcoin price has risen from approximately $26,850 to $64,919 over the past 12 months. Bitcoin price page.
However, the relatively low level of interest rates is not necessarily negative for Bitcoin price action. After the launch of the U.S. spot Bitcoin ETF, when search interest dipped below 20 in late January and early February, Bitcoin has since surged from $41,000 to nearly $71,500, Bitget Research senior analyst Ryan Lee told The Block. I mentioned it in a message sent to .
CEO Lee said, “It was also a golden opportunity to build positions while waiting for a major market rally during the ‘market downturn’ from May to September 2023.” “Therefore, buying during periods when Bitcoin search volume is low and interest is tight remains a relatively reasonable and more sound strategy.”
Other cryptocurrency-related terms paint a mixed picture.
While global relative weekly search volumes for “Ethereum” and “cryptocurrency” are also typically at their lowest levels of the year, the picture is more mixed for other industry-related terms.
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“Solana,” which has surpassed both Bitcoin and Ethereum over the past year, reached its highest weekly search volume in May. This figure is greater than the previous September 2021 high. It subsequently fell to 31 last week, but this is significantly higher than the 15 registered a year ago.
“NFTs” have remained stagnant over the past 18 months at the 4-5 interest level registered in that period, falling sharply from their January 2022 highs, while “DeFi” has remained relatively consistent in the 30 range over the past two years. It reached its highest score. July 2021.
The new search term “onchain” recently reached an all-time high in interest in June. However, this too has fallen sharply to 8 as of last week as the market looks for new catalysts.
Meanwhile, popular cryptocurrency niches such as “memecoins,” which has seen corrections after peak searches in March, recovered to 57 last week and is currently trending at 65, with interest following Murad Mahmudov’s “memecoin supercycle” This is on fire again. A talk at Token2049 last month sparked considerable community debate.
AI, which has seen some crossover with cryptocurrency projects in recent months, is currently at the forefront of attention.
This is the relative weekly search volume of MEMCOIN. Image: Google Trends.
“Memecoins and AI have consistently been seen as the more obvious opportunities in this market cycle,” Lee asserted. “The ‘new leader meme’ is often repeatedly exaggerated with the market, making it one of the hottest areas of high-risk, high-reward play.”
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