Increasingly, more and more people are embracing the prospect of cryptocurrencies and are actually trading crypto for themselves. To illustrate this, blockchain.com wallets, something that makes purchasing the popular cryptocurrency Bitcoin possible, reached over 81 million users in 2022.
While some people are still sceptical about how cryptocurrency works, how secure cryptocurrency is, and where cryptocurrency will be heading in the future, there’s no denying that crypto is on more and more people’s minds. Even despite recent news that Bitcoin is falling dramatically, many people are yet to be deterred from the crypto market, viewing it as a glimpse into the future.
Why Is The Crypto Market So Volatile?
It’s no secret that crypto trading isn’t for the faint-hearted. The speculative nature of cryptocurrency along with factors such as government regulations, supply and demand, and media attention all contribute to the fluctuating value assigned to various cryptocurrencies. Some people love the volatility that comes with crypto, and some people could easily do without it.
FT markets editor Katie Martin told the BBC: “The price [of cryptocurrency] is only and purely whatever people are prepared to buy it from you for. That’s when it gets scary for people because, if enough people head for the exit, there’s no floor. There’s nothing to stop it trading at $10,000 tomorrow, if enough people give up or are forced to sell.”
For those who are keen to trade crypto but want a little more security, they may find themselves crawling the internet with searches such as ‘best crypto exchange uk’ or ‘best crypto to invest in’. This has contributed to the increase of searches for crypto-related terms, as more and more people want to learn about cryptocurrencies like Bitcoin, Dogecoin, and Ethereum.
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What Do People Want To Learn About Crypto?
Google searches relating to cryptocurrencies span a wide range of topics, with different intentions. Some people search Google for crypto-related terms for information, whereas others search with a transactional intent or a navigational intent.
For example, according to SEMrush, as of June 2022, the average number of monthly searches in the UK over the last 12 months was 135,000 for ‘crypto news’ with informational intent; 110,000 for ‘crypto’ with transactional intent; and 22,200 for ‘crypto.com’ with navigational intent.
We can also see searches increase as new crypto products are brought out. Searches for ‘crypto card’ have exploded over the past five years, seeing a 919% growth, as people embrace the potential of the crypto industry. Similarly, searches for ‘crypto credit cards’ have seen a huge 5300% growth in the last five years.
We can’t forget to mention how people search Google for news about what is going on in the world of cryptocurrency, to help them better understand the unknown. For many people, common crypto terminology such as ‘blockchain,’ ‘coinbase,’ ‘mining’ and ‘NFTs’ are a complete mystery, so they turn to trusty Google for the answers.
As cryptocurrency continues to evolve and huge fluctuations in price occur, we can reasonably expect to keep seeing the crypto-related search terms boom.