Despite a promising beginning to 2024, Bitcoin’s price performance has largely been lackluster throughout the year, missing the chance to leverage the strong momentum created by spot exchange-traded funds (ETFs). Nonetheless, BTC’s fluctuating price activity has been at the forefront of discussions within the cryptocurrency sector this year.
Recent on-chain data indicates that searches for the Bitcoin keyword on Google have plummeted to a new annual low, leaving investors to debate whether this trend is bullish or bearish for Bitcoin’s price. Here’s a closer look at how this might influence the value of the leading cryptocurrency.
Does The Decline In Bitcoin Google Searches Indicate Bullish Or Bearish Sentiment?
In a recent update on X, CryptoQuant CEO Ki Young reported that the number of searches for the Bitcoin keyword on Google has hit a new low in 2024. This finding is drawn from Google Trends data, which monitors and evaluates search interest over specific topics, regions, and time frames.
Generally, a rise in Bitcoin keyword searches signifies a substantial level of interest among retail investors. However, the evident drop-off in interest reflected by Google Trends suggests that retail investors are either withdrawing or yet to make their entry into this market cycle.
The decreasing volume of Google searches for Bitcoin could be interpreted as a bullish indicator, as it implies there remains potential for the leading cryptocurrency’s price to increase following a surge of retail interest. Historically, the crypto market often trends contrary to prevailing sentiment.
This trend implies that Bitcoin’s price frequently rises when the majority of participants and the crypto community are feeling bearish. With the lower search numbers indicating diminished interest and expectations among crypto followers, the leading cryptocurrency may soon experience upward price momentum.
As of this moment, Bitcoin’s price is hovering around $63,230, showing a 1.4% increase over the last 24 hours. Data from CoinGecko illustrates that the market leader has risen by more than 2% in the past week.
Could Memecoin Search Volume Hit New Heights In October?
Conversely, meme coins appear to be attracting the majority of attention from the crypto crowd right now. CryptoQuant founder Young Ju noted that search volume for meme coins on Google is projected to achieve an all-time high this October.
Memecoin Google search volume is expected to reach an all-time high this month. pic.twitter.com/ZOfsLFwGmH
— Ki Young Ju (@ki_young_ju) October 12, 2024
This suggests a rising interest in meme tokens, which have emerged as significant gainers in 2024. Data from CoinGecko indicates that nine meme coins have entered the top 100 cryptocurrencies ranked by market capitalization. These include assets such as DOGE, SHIB, PEPE, WIF, BONK, POPCAT, FLOKI, BRETT, and NEIRO.
Image Source: tungtaechit / Shutterstock
