The largest cryptocurrency, Bitcoin, has become more popular than pop icons Beyonce and Taylor Swift, Google search trends suggest
Bitcoin’s recent price rally has boosted its popularity, as the asset has seen its highest search in over a year. Google search showed that keyword inquiries pertaining to Bitcoin have hit 53, more than Taylor Swift’s 38 and Beyonce’s 9.
Taylor Swift’s “Anti-Hero” song from 2022 trended in February after the Super Bowl, producing 14 times more searches than Bitcoin. However, the asset’s recent class act of setting new all-time highs for five of the last seven days has seen Google inquiries about the cryptocurrency surging above that of Taylor Swift and Beyonce combined.
“Bitcoin” also topped the search charts over the past thirty days, as the below chart shows (Bitcoin in blue ribbon).
Not a Buy Indicator, Though
The recent interest surge in Bitcoin has historically shown that it is usually not a buy signal for the crypto asset. The last time Bitcoin’s Google Trend reached these heights, the asset plummeted 40% that week.
This does not automatically mean investors should exit their position, as the circumstances around the asset then and now are significantly different. Bitcoin is in a bull trend following inflows from US exchange-traded exchanges (ETF), and with the halving coming soon, the trajectory might continue going parabolic.
Are Retail Investors Finally Here?
An increase in Google searches for Bitcoin and cryptocurrency usually translates to a higher retail presence. Recent activities in the sector, like the memecoin frenzy, might all but prove the speculations.
Retail investors lost interest in cryptocurrency following the market plunge in 2022 after high-profile crimes like FTX boss Sam Bankman Fried’s fraud cases and the U.S. Securities and Exchange Commission’s clampdown on exchanges like Binance.
Despite the surging trends, the search index is still far below its highs in 2021. Bitcoin retraced significantly on Friday, hitting $66,000 for the first time in 11 days. Its market cap also dropped to $1.3 trillion.
