Buy Crypto: Search Term Spikes To Highest Point Since Bitcoin Bubble

Tony "The Bull" Severino

1 year ago

3 mins read

bitcoin bubble crypto google search altcoin

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Google Trends can be a helpful tool to watch to spot sudden changes in crypto market sentiment. For example, searches for Bitcoin peaked back in 2017 when the asset ballooned to $20,000 before the bubble popped.

Nearly three full years later, search queries for the term “buy crypto” has reached the highest level since the Bitcoin bubble and resulting burst in 2018.

Altcoins Outperform Bitcoin, Total Cryptocurrency Market Comparative Data Shows

The total cryptocurrency market cap is up 80% year to date. Bitcoin, however, is only up just over 50% on the year. The discrepancy in the data suggests that altcoins have vastly outperformed the first-ever cryptocurrency.

Bitcoin still dominates the market, with over 60% of market share – but that number was recently much higher.

2019, was the year of Bitcoin. The cryptocurrency’s safe haven narrative taking shape early on caused too strong a rally, and eventually, another correction resulted. But before that happened, Bitcoin’s parabolic surge eviscerated altcoins. Alts tanked on their BTC ratios.

But so far in 2020, its been the year of the altcoin. Unlike 2019, Bitcoin isn’t hurting due to altcoins soaring, however, these battered and beaten crypto assets are finally catching up on their BTC trading pairs.

It has led to not only the total altcoin market cap outperforming Bitcoin as is pictured below, but it also has caused an interesting anomaly in Google Trends data.

BTCUSD Versus CryptoCap-Total 2 (Total Altcoin Market Cap) Chart Comparison | Source: TradingView

“Buy Crypto” Search Terms Revisit Highest Level Since 2017 Bubble

The massive burst in queries from FOMO-driven searches scrambling to “buy Bitcoin” in 2017 can be seen in the Google Trends chart below. In early 2020, just as Bitcoin rose above $10,000, the metric saw another small peak. But it was nothing compared to the surge at the peak crypto bubble exuberance.

As the comparison chart between the total altcoin market cap and Bitcoin clearly shows above, altcoins have outperformed BTC significantly. That same overperformance can also be seen on Google Trends charts for “buy crypto.”

Search queries for the term “buy crypto” have reached the highest level since the crypto bubble of 2017. Bitcoin, however, has still yet to set a new high beyond February 2020’s tiny peak.

But looks can be deceiving, and this is where BTC dominance stands out the most. A direct comparative look in terms of total search volume, tells a very different story.

While interest has certainly reached a point that more closely matches the crypto bubble search demand for “buy crypto,” directly compared to “buy Bitcoin,” the term is barely a blip on the Google Trends chart.

Despite a greater rise in overall interest in the general “crypto” term, Bitcoin proves once again why it is the most dominant asset in the cryptocurrency market.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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