Searches for key word “Buy crypto” on Google hit an all-time high in January, easily eclipsing the earlier high recorded in 2018, as per crypto analytics firm The Tie. The keyword recorded full Google Trends score of 100, mirroring heightened interest.
A comparable surge was also recorded for Ethereum, which attained the maximum score of 100 before retracing to 65, which is considered to be a strong one.
Bitcoin (BTC) searches also jumped, but stay far below the 2017 bull market high. The Tie also provided the below graph, which points to a steep increase in searches related to “best crypto app” and “best crypto exchange.”
Treyce Dahlem, research analyst at The Tie, opined “Relative search interest for popular crypto terms is at an all-time high on Google Trends.”
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
He further stated:
“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 stunning search trends also match with rising retail interest in both altcoins and Ethereum. Ether’s (ETH) price has gained about 100% since the beginning of this year, with the all-time peak of $1,500 a few days before.
In the meanwhile, the aggregate market capitalization of cryptocurrency sector touched $1 trillion in January. Even though the foremost surge was mainly due to Bitcoin, altcoins have backed the trillion-dollar valuation with higher intensity during the last month. During the process, Bitcoin’s dominance rate has declined to 62% from the peak level of 72% attained in the beginning of January.
The Tie disclosed that discussion about cryptos in social media has also surged. On Twitter, the total tweet volumes related to cryptocurrency hit 3.30 million in January, an increase from 1.30 million in September 2020. January’s total tweet volume rose by 181% from a year before.