Study: Google Searches Can Predict Bitcoin Trading Volume
Google search data can predict the price of bitcoin, new research has found. Academics from the University of Cagliari, Italy, compared USD trading volume with data from Google Trends in the 12 months leading up to July 2015. The results, detailed in their new paper, indicated that search volumes for the keyword 'bitcoin' correlated with - and sometimes predicted - the currency's market volumes. Using a Pearson correlation, which shows the relationship between two variables on a scale of -1 (lowest) to +1 (highest), Martina Matta, Ilaria Lunesu and Michele Marchesi found a positive....
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22 days ago, Bitcoin.com News wrote about a Coin Insider trends study that combed through Google Trends data in the United States. According to the report, dogecoin was the most Googled cryptocurrency in the country. Another study — published by askgamblers.com — has covered similar data, but concentrated on the U.K.’s and Europe’s Google searches. According to the report, while bitcoin is the most popular crypto asset in Europe, the study of the trends shows that the meme token shiba inu is the most popular in the United Kingdom. Trends Study Highlights the....
You know something has achieved some level of popularity when it enters the top 500 searches on Google Trends. Never mind hitting the top 100 searches - that just means you're really popular. So it's probably no surprise that 'bitcoin' just so happens to have made the top 100 Google searches of 2013. This hobby-turned-investment-vehicle hit the spotlight first in April when it achieved an all-time high of $260+ USD. It then came back into the limelight in November, when the price topped a whopping $1200 per unit. As the mainstream media began to cover the incredible returns early adopters....
There is evidence from Google Trends to suggest that internet searches for Bitcoin price can help predict major market movements to the upside.
Google searches for "bitcoin price" are double levels seen a few weeks ago.
In a study conducted based on online searches, researchers concluded that bitcoin users are either tech enthusiasts or criminals. The data revealed that there was a strong correlation between computer programmers and bitcoin users, as well as criminal activity and bitcoin users. The study was conducted by Aaron Yelowitz and Matthew Wilson of the Department of Economics in the University of Kentucky. The study also concluded that Libertarians and investment fields are not necessarily correlated to bitcoin usage or interest. Since bitcoin can’t actually be linked to counterparties due to the....