The latest data collected by Brad Michelson, who is a senior marketing manager at eToro, indicate that the monthly global volume for bitcoin searches in December 2017 bull run was lower than what has been recorded in November 2020.
While referring to data from SEMrush SEO data provider, Michelson highlighted that Bitcoin-related global monthly search volumes accounted for around 8.9 million in November 2020. That figure represents 356% more than the search volumes recorded in December 2017. Back then, the search volumes amounted to around 2.5 million, based on Michelson’s data.
Michelson revealed a large discrepancy between Google Trends and SEMrush’s data:
“An interesting thing that Google Trends data hasn’t shown is that the monthly global volume for Bitcoin in Dec. 2017 was actually lower than what we’re seeing in Nov 2020.”
Notably, based on Google Trends, Bitcoin’s to-date search volumes are quite far from the all-time highs recorded in December 2017. Back then, Bitcoin hit its historical high of $20,000. The Bitcoin search index accounts for around 20 points in November 2020, standing against 100 points recorded in December 2017, according to Google Trends.
If the scenario is true, SEMrush’s data correlates with a massive surge in the number of new BTC addresses registered. On November 18, the total number of bitcoin addresses recorded per hour hit almost 25,000 addresses for the first time since January 2018, based on data acquired from Glassnode.