Google weekly relative search volume for 'bitcoin' hits lowest level in a year

Google relative search volume for the term “bitcoin” has hit the lowest weekly levels since October 2023, despite a 142% increase in the price of the foremost cryptocurrency over the past year.

For the seven days ending Oct. 12, Google Trends data shows a value of 17 for the search term “bitcoin” worldwide and is currently trending for 14 this week. That compares to a reading of 15 for the week ending Oct. 14, 2023 — the lowest level since the term hit its 100 peak in May 2021.

Google Trends data represents search interest as a percentage of the peak value for the selected region and time. A score of 100 represents the highest level of popularity for the term, 50 means it has half the popularity of its peak and a score of 0 indicates insufficient data for the term.

The trend is comparable when looking at data for the United States specifically, with a value of 16 registered last week — the lowest since a reading of 13 on Oct. 14, 2023.

Relative weekly search volume for bitcoin. Image: Google Trends .

Unsurprisingly, peak weekly interest this year occurred in March as bitcoin approached an all-time high of nearly $74,000, and spot Bitcoin BTC +3.65% exchange-traded funds recorded almost $10 billion in daily trading volume in the U.S. The price of bitcoin has risen from around $26,850 to $64,919 in the last 12 months, according to The Block’s Bitcoin Price Page .

However, low relative interest levels aren’t necessarily bearish for bitcoin price action. When search interest dropped below 20 in late January to early February, after the launch of the U.S. spot Bitcoin ETFs, bitcoin subsequently surged from $41,000 to nearly $71,500, Bitget Research chief analyst Ryan Lee noted in a message to The Block.

“During the ‘market stagnation period’ from May to September 2023, this was also an excellent opportunity to build positions while waiting for a major market rally,” Lee said. “Therefore, buying in during periods when bitcoin search volumes hit a low, when interest is scarce, remains a relatively rational and more certain strategy.”

Other crypto-related terms paint a mixed picture

While relative global weekly search volumes for “ Ethereum ” and “ crypto ” generally are also around the lowest levels in a year, the picture for other industry-related terms is more mixed.

“ Solana ,” which outperformed both bitcoin and ether in large parts of the past year, reached its peak weekly search volume in May — greater than its prior September 2021 peak. It has subsequently fallen to a value of 31 as of last week, but that’s significantly higher than the 15 reading it registered a year ago.

“ NFTs ” remain flatlined at the 4 to 5 interest level the term has registered for the past 18 months, dramatically dropping from its January 2022 highs, and “ DeFi ” has stayed relatively consistent for the past two years in the 30 range, having peaked in July 2021.

The newer search term “ onchain ” hit an all-time high level of interest more recently in June. However, it too has dropped off dramatically to a reading of 8 as of last week amid a market seemingly in search of a fresh catalyst.

Meanwhile, hot crypto niches like "memecoins," which also corrected after a peak search volume in March, were back up to a reading of 57 last week, currently trending for 65, amid a renewed spark in interest following Murad Mahmudov’s " memecoin supercycle " talk at Token2049 last month that has stirred up significant community debate .

AI, which has seen some crossover with crypto projects in recent months, is currently at peak interest.

Relative weekly search volume for memecoins. Image: Google Trends .

“Memecoins and AI have consistently been seen as the more certain opportunities in this market cycle,” Lee argued. ”The ‘new leader memes’ often get repeatedly hyped alongside the market, making this one of the most popular sectors for high-risk, high-reward plays.”