Cryptocurrencies Reach New ATH On Google Trends
Google searching results for cryptocurrencies reached a new ATH amid the market crash yesterday. Apparently, investors decided not to waste time in vain, buying “on the bottom”, or to quickly liquidate their crypto reserves.
This was announced by the official Twitter account @GoogleTrends, the Google News Initiative team that collects statistics on what people care about most in search engines.
The graph below confirms that the interest of people managed to surpass even the peak of 2018-2018, which was very difficult even in theory. Since then, dozens of new ICOs appeared every day, and the market was glowing greener than ever, attracting an increasing number of retail investors.
In addition to general information, the team also shared specific requests from people. So, for example, the query “should I sell my cryptocurrency” in the US alone has grown by as much as 400% over the past day and the question “what happened to cryptocurrency today?” by more than 800%. Apparently, the panic in the market, typical of novice investors, nevertheless made itself felt.
Another popular request over the past week has been “eco-friendly cryptocurrency”. Interest in “how bitcoin uses energy” skyrocketed by 1050% in the same period. This result can hardly be called astounding considering how actively key figures in the crypto market condemn the "excessive" consumption of electricity on the part of bitcoin. Some even offer sensible alternatives. But, as practice suggests, even "environmentally friendly" Chia can be disastrous from the point of view of wild demand for computer hardware and its quickest "wear and tear". In the explosive growth of “eco-requests”, members of the crypto community most often blame Musk, claiming that his “abandonment” of bitcoin provoked such a trend.
Someone may see a negative in some of the above queries, but such trends are more likely to indicate the opposite. Cryptocurrency is attracting more and more retail investors. And given the engagement on the part of companies, it is unlikely that the “red” market that we are seeing today will become a long-term phenomenon.