If you’re using our trading tool or just following CrypTrends blog you probably noticed that my passion is cryptocurrency and data. The questions for today post is Can Wikipedia Page View Predict Bitcoin Price?
A few weeks ago I came across this fact:
The total amount of content that exists in digital form is projected to grow from 4.4 Trillion Gigabytes in 2013 to 44 Trillion Gigabytes in 2020. Within the next 3 years, 40% of this content will have become Cloud resident, yet only 5% of this data has ever been analyzed.
if only 5% of the content been analyzed and there are so many companies that using data for predictions it means that there is so much more potential in this field and we are only at the beginning.
The frequency of web searches generally reflects the public interest in a particular topic. Search logs are therefore useful resources for trend analysis. However, the access to search logs is typically limited to search engine providers.
One of the best tools that search engines do provide us is Google Trends that helps us to understand when a specific key term becomes popular on the google search. The only problem is that google trends have many restrictions, we cannot obtain a set of all trend keywords for a specific date.
To do so, we would have to burden Google servers by querying all possible keywords that may have been popular on that day
Because of the restrictions we are not able to 100% rely on the information they provide us. that’s why we should also use different methods. According to Alexa, Wikipedia is the 5th most popular site on the internet. The reason I choose Wikipedia is that it’s an open data source and you can get access to all the information.
When I started my research and asked my self, “can Wikipedia pages views predict bitcoin price?” I didn’t know how valuable the results will be to me and CrypTrends. I found a strong correlation between Bitcoin price and Wikipedia search views. I Also came across an interesting article that dealt with the same subject.
In order to understand the idea behind how can Wikipedia page view predict bitcoin price, I decided to make a simple infographic for you: