One of the simplest ways to evaluate interest in a given cryptocurrency project is using Google search sentiment, which is available via the Google Trends feature. This enables you to look at the historic interest in a search term, and see when the peak of interest was reached.
Google Trends uses an index measure, where 100 is the peak of interest, and 0 being no search interest at all. You can zoom in and out of time ranges, and drill into country data.
What is so interesting about looking at Worldwide Google Trends data for the search term ‘bitcoin’ going back to publication of the whitepaper is that the peak for search sentiment was in 2017, during the climax of the bull market. The price has since risen 200% beyond that high, yet general search sentiment is yet to reach that level.
The conclusion: recent price increases are not being driven as much by recreational investors as in 2017, but more by institutional money. This leaves a lot of room for further interest when the average person starts googling to know more.
Notice the difference that location makes to the trend. If you filter by countries with weak currencies such as Argentina, Turkey, Venezuela or Nigeria (below) you get a very different shaped line graph. This can provide valuable insight into where demand is coming from and how that might influence price or interest in crypto services specific to problems faced by Nigerians.
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