Bitcoin is back at almost $ 20,000, and to the surprise of the crypto community, the search data from Google Trends is nowhere near the search interest of the time. However, when you dig deeper into search engine volume using a variety of search engine marketing tools, there is a whole different “story” to tell.
Here are the reasons why search volume and related terms suggest that Bitcoin is far more interesting right now than it was at the height of the crypto bubble.
Bitcoin is exploding, but it can’t drive Google Trends’ search interest
The latest price action gives crypto investors a look back at what it was like when Bitcoin was last traded at these prices.
It was also around Thanksgiving 2017, and the very first cryptocurrency had just exceeded $ 10,000 for the first time, piquing the curiosity of the average Joes who wondered what the hell a bitcoin was all about.
Related reading | Bitcoin approaches the top of the accumulation zone, the parabolic phase begins with the breakout
To find out, they enabled Google before hitting the “Buy” button on their Coinbase app to include whatever information they could find.
Bitcoin got off to a strong start on Google Trends as its parabolic price pattern and crashed back to previous lows just as quickly. And as the Google Trends chart below shows, overlaid on the current BTCUSD price chart, interest has still not returned. Or has it?
Google Trends-Datenschicht hinter einem Bitcoin-Preischart | Quelle: BTCUSD auf TradingView.com
SEMRush SEO Tools tell a different story, according to eToro Exec
Marketing is a broad term used to define various strategies for increasing sales, visibility, traffic, or conversions of any kind. Without marketing, letting the world know that something exists is a challenge.
That’s part of what makes Bitcoin so magical. It has corporate support and no marketing department to help spread the information. However, users are more than happy to do this for cryptocurrency.
Tools that marketing departments use to increase traffic and conversions on the web include cost-per-click search engine marketing or a focus on search engine optimization. SEO is essentially the practice of trying to get organic on Google while SEM pays for reach for marketing departments instead.
Related reading | Bulls In Control: The total Bitcoin market capitalization hits a new all-time high
These marketers use these tools to target specific subsets of users or behaviors – for example, “cryptocurrency users”.
According to Brad Michelson, eToro Marketing Director explains that SEMRush – one of the analytics service markets on which search engine dominance relies – paints a much more optimistic picture of Bitcoin than Google.
He claims the total monthly volume of related Bitcoin search terms is more than three times as high as it was in December 2017. The volume is spread across a variety of terms, which could indicate that not just Bitcoin needs to be searched now, but people dig deeper deal with it.
The more websites refer to a keyword, the higher the SERP (Search Engine Results Pages) for these keywords. This is basically the number of search results that Google shows for a search term.
They also contain the “featured” results, as in the screenshot below.
/ 6 pic.twitter.com/abTuP4gotJ
– Brad Michelson (@BradMichelson) 19th November 2020
Terms more common today include the bitcoin root keyword, as well as other terms such as “mining”, “price” and “news”. There are also almost three times as many web pages that are indexed by search engines.
For some reason, Google Trends isn’t picking up on this. But there is also no denying that there is something going on with Bitcoin that is causing the sudden spike in prices.
And if it wasn’t retail investors who pushed prices up last time, then they’ll be here soon after Bitcoin hits a new all-time high – which could be any day at this point.
Featured image from Deposit Photos, Chart from TradingView.com