The Search Trends indicator uses Google’s API to obtain the relative rank of searches performed by Google users globally for a particular crypto-asset. The relative ranks range from 0 to 100, where 0 is the lowest period of search volume and 100 indicates the peak number of searches.
Search Trends for Bitcoin
Search Trends are helpful to gauge global interest in a crypto-asset. Given the nature of searches, they tend to spike when there is a significant event or price movement for a particular crypto-asset.
In the example above, we see roughly three peaks on Bitcoin Search Trends in 2020. One in mid-March when prices crashed over 30%, another the day before the halving, and in late July when prices broke out to set new yearly highs. This is helpful information to estimate the level of interest particularly from a wider audience. Historically, high search trends have also coincided with periods of mass speculation like the one in December 2017.