Google searches for the keyword Buy Crypto have hit an all-time high in January 2021, as revealed by the crypto analytics firm The Tie. The keyword recorded a full Google Trends score of 100, revealing rising interest in cryptocurrency. A similar surge was also recorded for Ethereum which attained the maximum score of 100 before falling back to 65. Leading cryptocurrency Bitcoin (BTC) searches also spiked but remained below the 2017 bull market high.
Treyce Dahlem, research analyst at The Tie has revealed that the relative search interest for popular crypto terms is at an all-time high on Google Trends. The increased search spikes signify the rising retail interest in both Ethereum and altcoins.
For instance, Ether’s (ETH) price has gained about 100% since the beginning of this year. It exceeded its all-time high of $1,500 just a few days before.
Meanwhile, the overall cryptocurrency market in January reached $1 trillion for the first time. While the initial spike was largely due to Bitcoin, altcoins also contributed to the trillion-dollar valuation with greater intensity over the past month.
Dahlem believes that interest in cryptocurrencies seems to be rapidly increasing. Even new investors are finding ways to get into the ecosystem:
“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 crypto analytics firm has also disclosed that discussion around cryptocurrencies in social media has also surged. For instance, the total tweet volumes related to cryptocurrency have hit 3.30 million in January, a significant increase from 1.30 million in September 2020. Meanwhile, January’s total tweet volume rose by 181% in comparison to the previous year.
Google search trends are sometimes correlated with overall movements and sentiments in the cryptocurrency market. The recent higher relative searches indicate growing retail awareness of cryptocurrencies.