Blockchain overtakes cryptocurrency in Google search term race

Experts believe the correlation between Google searches of crypto-related terms is a good indicator of market sentiment

The word blockchain has overtaken cryptocurrency in Google searches, although not by much. Bitcoin continues to be king in this respect while the word Ethereum remains below blockchain.

The latter had a massive spike in Google searches late last year along with other crypto-related terms. Bitcoin was the one term that recorded an enormous spike in November and December of 2017 when the price of the digital asset climbed to around $20,000. In June of this year, Bitcoin searches decreased significantly, while most other terms continued on a sideways trend.

Interest in Bitcoin appears to be highest in South Korea, Russia, Ukraine, Iran and Hong Kong. Ethereum searches are highest in Russia, followed by Ukraine, Iran, South Korea and Hong Kong.

As a whole, cryptocurrency searches are more significant in South Korea, followed by Hong Kong Iran, Ukraine and, lastly, Russia.

Searches and prices

“We use Google Trends to track search queries for ‘Bitcoin’ as a proxy for potential new buyers,” said Nicholas Colas, Co-founder of DataTrek Research in a June interview with CNBC. “Bitcoin needs a new narrative to reestablish global attention.”

Sources told various media outlets that the drop in searches was parallel to the fall in the price of cryptocurrencies. For example, searches for the fourth largest cryptocurrency, Bitcoin Cash, fell by 82%, a percentage very similar to the drop in the price of the altcoin.

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