Global search volume for Bitcoin appears higher than in 2017

Published at: Nov. 20, 2020

According to data collected by Brad Michelson, a senior marketing manager at major trading and investment platform eToro, monthly global volume for Bitcoin searches in the December 2017 bull run was lower than in November 2020.

Citing SEO data provider SEMrush, Michelson said that Bitcoin-related global monthly search volumes in November 2020 accounted for 8.9 million. This is 356% more than BTC search volumes recorded back in December 2017, which amounted to 2.5 million, according to Michelson’s data.

Michelson pointed out a huge discrepancy between SEMrush’s data and Google Trends, a popular tool for analyzing the popularity of top search queries in Google:

“An interesting thing that Google Trends data hasn’t shown is that the monthly global volume for Bitcoin in Dec. 2017 was actually lower than what we’re seeing in Nov 2020.”

Indeed, according to data from Google Trends, Bitcoin’s to-date search volumes are far from the all-time highs recorded in December 2017, when Bitcoin hit its historical high of $20,000. According to Google Trends, the Bitcoin search index accounts for just 20 points in November 2020, standing against 100 points in December 2017.

Michelsonthat Google Trends only counts results for one keyword, excluding results containing related keywords:

“When you search ‘bitcoin’ on Google Trends, you’re only seeing results for that keyword. That data is excluding all the other related keywords and search terms associated with bitcoin. That’s why the Semrush data is much higher.”

If true, SEMrush’s data apparently correlates with a major surge in the number of new Bitcoin addresses registered. On Nov. 18, the number of BTC addresses registered per hour hit nearly 25,000 addresses for the first time since January 2018, according to data from cryptocurrency analytics service Glassnode.

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