Can Google Trends Predict Cryptocurrencies Movements?

When I started to follow the cryptocurrency market I was wondering: Can Google Trends Predict Cryptocurrencies Movements? The answer was yes. I will tell you how I got to this insight.

I will check the competition in this niche, and how many people searching for it. why? because then I will be able to understand the supply and demand. Understanding the supply and demand it’s the fundamentals of deciding if the niche is profitable and how difficult will be to earn money in it.

for example, a few months ago the price of bitcoin climbed above 2000$, because so many people heard about Bitcoin this week I found that the search terms “Coins similar to bitcoin”, “Alternative to Bitcoin” and search terms that close to it raised by thousand percentages!!

Bitcoin Price Chart by CoinDesk

That’s because people googled “Bitcoin Price” and saw that it’s 2000$+.

Most of the people probably not familiar with trading virtual currencies and they don’t know that’s possible to buy 0.001 bitcoin, so they think that bitcoin is far too expensive for them and they are looking for an alternative.

Can Google Trends Predict Cryptocurrencies Movements? Google Trends Hints

Above: google trends graph, shows the popularity of the search term ‘ethereum price’.

What happened?

Etherum was the second largest cryptocurrency and when people google it, Etherum when up from 131$ to 367$+ in less than a month!

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