According to data from Google Trends, a great number of retail investors are trying to enter the cryptocurrency market.
The fact is, in recent months there has been a massive increase in search volumes for the query "Buy crypto" on Google.
In fact, compared to 12 months ago, this query has literally taken off, multiplying by 4, especially since February, when the cryptocurrency market started to rise and, for example, bitcoin had surpassed $ 10,000.
It should also be noted that the search for the query "buy bitcoin" follows a somewhat similar trend, but with volumes between three and five times higher.
As for bitcoin refers, the trend showed very significant growth between the end of April and the beginning of Mayfollowed by a decline that nonetheless kept search volume well above 2019.
With regard to cryptocurrencies in general, the spike occurred since the end of July, that is, at the same time as some of the more sensational cryptocurrency price spikes, such as those linked to DeFi.
Therefore, it seems that these trends are linked in particular to price changes as well as sudden increases.
Who are the retail investors wanting to enter the cryptocurrency market?
Undoubtedly, these searches are carried out, in particular, less experienced investorsi.e. retail investors who are often new to this sector.
Furthermore, retail investors have been a powerful force in this sector in the past, moving the market several times in recent years, particularly during the speculative bubble in late 2017.
On this subject, Arcane Research stated in a recent report:
“Google searches for the phrase 'buy cryptocurrency' are now at the highest level since January 2018, when the crypto market peaked … This is definitely a sign of new investors curious about the space of cryptocurrencies, but we are still far from the retail euphoria that was seen in January 2018.
Bitcoin itself is not getting the same kind of traction, with the search interest to 'buy bitcoin' stagnant since the peak in May when the halving took place. "