Cryptocurrency
As Bitcoin Surges, Google Searches Suggest Little FOMO Among Retail Investors
As Bitcoin Surges, Google Searches Suggest Little FOMO Among Retail Investors: CoinDesk reports, “Web search data suggests popular interest in bitcoin remains at normal levels, despite a sharp price rally to near $16,000. The top cryptocurrency has chalked up a nearly 50% gain in the past four weeks to trade as high as $15,971 earlier […]
By Chris Sykora · November 6, 2020
As Bitcoin Surges, Google Searches Suggest Little FOMO Among Retail Investors:
CoinDesk reports, “Web search data suggests popular interest in bitcoin remains at normal levels, despite a sharp price rally to near $16,000.
- The top cryptocurrency has chalked up a nearly 50% gain in the past four weeks to trade as high as $15,971 earlier on Friday – a level last seen during the bull market frenzy between December 2017 and January 2018.
- Some observers say the rally is now being driven higher by retail greed and fear of missing out (FOMO). However, Google data suggests otherwise.
- Google Trends, a barometer used to gauge general interest in trending topics, is currently returning a value of 10 for the worldwide search query ‘bitcoin price.’
- That’s significantly lower than the value of 93 observed in early December 2017 following bitcoin’s record break above $15,000.
- The current reading is also lower than the peak of 19 observed in the second week of May when bitcoin underwent its third mining reward ‘halving.’
- Google’s data suggests retail investors are showing calm over bitcoin’s recent rally and the market is far from being in a state of bull frenzy.
- Google search values typically rise following a major bull run as high street investors, who missed the early rise, often scan the internet for price information before joining the market.
- Google Trends provides access to a mostly unfiltered sample of actual search requests made to Google and scales their searches on a range of 0 to 100, according to the company…”