Google Trends Reveals: The Most Awkward Inverse Correlation to Bitcoin

While most community members are focused on exploring the correlations between Bitcoin and traditional financial assets, Google Trends indicated rather compelling inverse correlations involving the primary cryptocurrency and some popular culinary dishes.

Firstly, a digital asset proponent brought up BTC’s comparison with the traditional Japanese dish – Ramen. Literally translated as “pulled noodles,” it consists of Chinese wheat noodles served in a fish or meat-based broth, typically flavored with miso or soy sauce, and toppings ranging from sliced pork and menma to scallions and nori.

ramenBowl of Ramen. Source: Pixabay

According to Google Trends, the search terms for ramen and Bitcoin had an intriguing inverse correlation in the past seven days. As the graph below illustrates, when searches for BTC saw the highest weekly developments, people were less enthusiastic about searching for the Japanese dish.

 Google TrendsBitcoin vs Ramen Google Searches. Source: Google Trends

In the case of BTC vs. ramen, the digital asset won with more weekly searches. However, that’s not what happens when instead of the Japanese dish, people searched for soup.

 Google TrendsBitcoin vs Soup Google Searches. Source: Google Trends

The search term for soup was far more attractive than the one for Bitcoin in the past seven days. Nevertheless, the chart demonstrates another rather interesting inverse correlation between the two.

Last but not least comes the Google search comparisons between the largest cryptocurrency by market cap and one of the most popular foods – the sandwich. The inverse correlation is again seen quite easily; when BTC searches were higher, sandwich searches were in their lows, and vice-versa.

 Google TrendsBitcoin vs Sandwich Google Searches. Source: Google Trends

Buy Bitcoin Google Trends

Comparing BTC with certain foods has a pinch of humor and may not be particularly indicative of the overall interest in the asset. However, another recent statistic from Google Trends suggested otherwise when the global searches for “buy bitcoin” reached two-year-high levels at the start of May.

As CryptoPotato reported then, this suggested that the demand for the asset could be on the rise, which coincided with the upcoming halving.

More thorough data on the matter showcased that the high volume of such “buy bitcoin” searches continued for two consecutive weeks.

 Google TrendsBuy Bitcoin Google Searches: Source: Google Trends

Now, though, in the week after the completion of the event, which slashed in half the rewards miners receive for their efforts, this particular search has dropped. Although the week is not yet over, and the data may still be incomplete, “buy bitcoin” searches mark a visible decline.

Enjoy reading? Please share:

The post Google Trends Reveals: The Most Awkward Inverse Correlation to Bitcoin appeared first on CryptoPotato.

Publication date: 
05/23/2020 - 14:00

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.