11/30/2022 0 Comments Google trends ethereum![]() Therefore, it doesn’t mean that the more we search ‘Bitcoin’ on Google, the higher the Bitcoin price will become. However, other studies have determined that while there may be a relationship, an increase in searches does not actually cause an increase in prices : At the same time, we found that negative investor attention, such as an increase in the use of the search phrase “Bitcoin hack,” will generate negative returns for cryptocurrencies.” We asked the following: If there is an abnormally high number of mentions of the cryptocurrencies we studied in either Google search or on Twitter, will their returns go up? It turns out that they will. “The second factor strongly influencing cryptocurrency is the measure of investor attention. To illustrate this example, a study by Yale University states that trends in bitcoin-related searches generally lead to similar returns on its price behavior. This, in turn, attracts new people to evaluate news and searches, increasing the interest of new users in acquiring cryptocurrencies. These figures are important because they show how interested the public is in the use of Bitcoin, which may suggest that at present there is a high possibility of attracting new investors.Īccording to a theory that seeks to establish the relationship between Google trends and the behavior of Bitcoin prices, the connection between the two is directly proportional, so an increase in prices generates a stimulus in the community to look for causes, updates, opinions, and various aspects related to this trend. As a reference, the United States, Canada, and the United Kingdom have scores of 33, 38 and 36. The countries showing the most interest in Bitcoin are Nigeria, Ghana, and South Africa, with scores of 100, 92 and 78. Also, “What is Bitcoin” was the second most important search in the “what is” section. During 2017, the term “Bitcoin Price” was one of the most searched terms in the “news” section in the United States.įor its part, “How to buy Bitcoin” was positioned as the fifth most important search in the section “how to…”. Google Trends bases its statistics on the number of searches related to a given word. ![]() According to Google Trends, the highest level of interest for this period was recorded a week ago, and since then, the trend has remained above normal levels. After an important recovery from a sharp fall in prices, public interest in Bitcoin rose dramatically to a 4-month high. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |