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When the most popular cryptocurrencies peaked in popularity, and why

 

October 5, 2023 (Investorideas.com Newswire) New research has compiled the peaks in popularity of the most popular cryptocurrencies, featuring the likes of Bitcoin, Dogecoin, and Ethereum.

The study by crypto experts at Bitcoinsentralen.no analysed Google Trends historical data to find the peaks in popularity of the ten most searched cryptocurrencies to see when interest for them reached its highest point and why.

Bitcoin - 3,620,000 monthly searches worldwide

Bitcoin saw its highest rise in popularity in December 2017, with a 625% surge in Google searches in the second half of that month. This is because the currency's price reached its highest price at the time of $19,783.21 on the 17th of that month, making headlines worldwide and introducing many new people to Bitcoin and the world of cryptocurrency itself. Despite Bitcoin's price since rising more than triple that amount - going above $60,000 in October 2021 - search interest has never reached the same peak.

Dogecoin - 1,659,000 monthly searches worldwide

Dogecoin saw a rise in searches of a whopping 2419% at the midpoint of May 2021, thanks to the volatility of the coin's value, which sat at $0.68 going into the month, with the actions of Billionaire Elon Musk having a significant effect. A notable example from this month is when its value rose in the lead-up to Musk's Saturday Night Live appearance, then dropped after he described the cryptocurrency as a 'hustle' on the show.

XRP- 1,250,000 monthly searches worldwide

XRP's most significant peak came in July 2023, at the midpoint of that month, when searches for the cryptocurrency surged by 1,996%. On the 13th of July 2023, a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts, meaning that early investors were not sold on the expectation that they would profit from the cryptocurrency, which followed with an XRP value increase of 96%, climbing to as high as $0.93.

Shiba Inu Coin - 678,000 monthly searches worldwide

October 2021 saw Shiba Inu's biggest rise in interest, with searches for the 'meme coin' surging by 3,178% compared to its previous historical interest. In that month, the coin's value took an unexpected leap of 240% in just a week, hitting a record value of $0.0000455 at the time, with many crypto enthusiasts jumping on the train hoping for a further value increase or for it to overtake Dogecoin, which it previously had taken heavy inspiration from.

Cardano - 677,000 monthly searches worldwide

Cardano's biggest surge in popularity also came in May 2021, much like Dogecoin. Arguably, the cryptocurrency's 1,539% rise in Google searches at that time was once again caused by Elon Musk's concern about how 'environmentally friendly' Bitcoin is as a cryptocurrency and how Cardano's selling point is its eco-friendliness in the crypto world. As a result its value soared to $2.12. China also announced bans on crypto mining towards the end of the same month, seeing the price fluctuate even more.

Commenting on the findings, a spokesperson for Bitcoinsentralen.no said: "With how volatile some cryptocurrencies can be value-wise, it's essential to keep track of news not just in the crypto world, but breaking headlines too, especially if you are holding onto a particular cryptocurrency or are looking at investing in one. Interestingly, some cryptocurrencies have seen a surge in search popularity due to increased value, whereas others have seen a value increase thanks to a rise in searches."

Source: Google Trends

Credit to Journo Research

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