91% Correlation Between Google Search and the Price of Bitcoin

Jim Edwards, Business Insider:

The current price of bitcoin has a 91% correlation with the volume of Google search requests for bitcoin-related terms, according to a study by SEMrush, a search engine marketing agency.

The study drew from a database of 120 million US keyword searches linked to the cryptocurrency. The overall search volume of bitcoin-related keywords is estimated to be 51.4 million requests over a period of a year. It showed that the price of bitcoin in US dollars rose and fell largely in tandem with the number of search requests for terms like “bitcoin,” “bitcoin price,” and “bitcoin value.”

I love Google Trends research. A few months ago, we were able to show a correlation between the amount of media coverage a fintech client received and the volume of Google searches for that client.