In December 2016, Google registered less than one thousand hits for the search term “What is an ICO?” In December 2017, that same search term was surpassing that volume in any given hour.
The explosion of interest in ICOs and blockchain-related subjects more generally has undergone unprecedented growth over the last twelve months.
Whilst the number of ICOs itself is thought to have undertaken massive exponential growth, going from a combined total of less than three dozen ICOs for the entire year of 2016 to an estimated 1600 in 2017, and with over ten ICOs now coming to market each day according to some estimates, it will come as no surprise that search engine volumes for ICO-related terms have reflected the growing interest.
However, even within the broader subject of cryptocurrencies, ICO-related search terms appear to be enjoying the limelight.
The number of searches for Bitcoin is thought to have jumped ten fold over the course of 2017, whilst the number of searches clocked for the term “Blockchain” jumped by a factor of one hundred.
On the other hand, according to figures provided by the Google Adwords platform, the number of search terms for “ICO Calendar” has jumped by a mind-boggling 100,000% when comparing figures for December 2017 against those of December 2016.
The correlation between Google search volume and cryptocurrency pricing more general – particularly in relation to Bitcoin – has been known for some time, even attracting academic interest. One study placed the correlation at 0.9 – an almost near-perfect correspondence in statistical terms.
Some traders have been pegging their trading strategies to search engine volume. The explosive growth in ICO-issued tokens will likely mean that other candidates will now fall under their radar.