According to data gathered from Brad Michelson, marketing director at trading firm EToro, November 2020’s search volume for the keyword Bitcoin surpassed December 2017.
Quoting data provider SEMrush, Michelson claimed that the global Bitcoin keyword search volume as of November 2020 was 8.9 million.
This is 356% more than the search volume in December 2017, or 2.5 million.
Michelson then also pointed out the differences between data from SEMrush and Google Trends:
“One thing special is that data from Google Trends does not show that December 2017 search volume is lower than what happened in November 2020.”
Instead, according to data from Google Trends, Bitcoin’s search volume so far is still far below its record highs in December 2017. According to data from this page, Bitcoin’s search index is currently only 20 points in November 2020, much lower than the 100 points in December 2017.
Michelson argues that Google Trends counts results for only 1 keyword, and removes searches with similar or relevant content:
“When you search for a keyword Bitcoin on Google Trends, you only see results for that particular keyword. This data has removed the majority of related search keywords. That is why the data from Semsush came up with a larger number. “
If this is true, the data from SEMrush will have a great correlation with many new Bitcoin addresses being registered. On November 18, the number of Bitcoin addresses registered in 1 hour hit 25,000 – for the first time since January 2018 according to data from provider Glassnode.