According to new industry research, if Google search trends are anything to go by. Crypto euphoria appears to be on the increase again.
According to cryptocurrency analytics company The Tie, “Buy crypto” searches on Google surged to all-time highs in January. Far exceeding the previous peak of early 2018.
Relative search interest for the term “Buy Crypto” is at all-time high on Google Trends 👀 pic.twitter.com/4cFIkI0xbp
— The TIE (@TheTIEIO) February 1, 2021
A perfect Google Trends score of 100 received for the keyword. Which indicates maximum relative interest.
For Ethereum, which achieved a perfect score of 100 before falling back down to a still-strong 65. A similar spike also observed.
Searches for Bitcoin (BTC) have also spiked, but remain well below the bull market high of 2017.
The following chart was also shared with Cointelegraph by The Tie. Which shows a sharp increase in searches for “best crypto app” and “best crypto exchange.”
Treyce Dahlem, research analyst at The Tie, told, ‘The relative search interest for popular crypto terms is at an all-time high on Google Trends.’
“Whether this is due to the recent price rallies that we’ve seen, speculative traders from Reddit looking to leave their mark on more assets. Or even a macro shift in the way investors are searching for a hedge against inflation, one thing is clear. There is a rapidly growing interest in crypto and new investors are looking for the best way to get into the ecosystem.”
The explosive search patterns appear to coincide with growing retail interest in both Ethereum and Altcoins. Since the beginning of the year, Ether’s (ETH) price doubled, having reached a fresh all-time high above $1,500.
Crypto-currency market reached $1 trillion
Meanwhile, for the first time in January, the general crypto-currency market reached $1 trillion. Although the original spike was largely due to Bitcoin. Over the past month altcoins have supported the trillion-dollar valuation with greater intensity. The dominance rate of Bitcoin in the process has dropped to 62 percent from a high of 72 percent in early January.
In the overall cryptocurrency market, Google search trends are sometimes correlated with movements. Higher relative searches indicate growing digital asset retail awareness, which is often a precursor to broader speculative adoption.
Tie revealed to Cointelegraph that crypto-related social media engagement has also skyrocketed. On Twitter, cryptocurrency-based aggregate tweet volumes reached 3.3 million in January, up from 1.3 million in September 2020. Moreover, The aggregate tweet volume for January was 181% higher than a year earlier.