Bitcoin isn’t just making a spectacular run in the market of late, with its price hitting over $81,000, another all-time high. According to Google Trends, Bitcoin searches on its search engine have surged by nearly 60% in just one day, as the digital asset’s price continue to soar.
Google Trends figures show searches for BTC last November 10th were up from 37 points compared to the previous day. There has been a notable increase in search volume for the term, which coincides with the asset’s market run, which started at around $70k and went up to $80k.
Its futures premiums also surged. Also, open interest in the alpha coin’s price topping $90k increased to $2.8 billion at the Deribi derivatives exchange, a popular platform for futures trading.
Bitcoin search result in the past week. Source: Google Trends
Bitcoin’s Price Run Boosting Google Searches
Thanks to its recent bullish price action, interest in Bitcoin is coming back. According to Google Trends, interest in the asset started on October 27. Using a 90-day scale, global data suggests that the “Bitcoin” search term hit 51 out of 100 last October 30th.
Google Trends uses a scale of 1 to 100 to measure interest in search terms and track these terms by location over time. In the past three months, El Salvador has been the top location in South America for “Bitcoin” searches.
BTC market cap currently at $1.6 trillion. Chart: TradingView.com
Interest In BTC Peaked A Day After US Elections
According to Google Trends, interest in the popular digital asset rose last November 6th. Online searches for the term netted 100 points during that day, coinciding with the asset’s price hitting $75,639, an increase of 9% from the previous day’s price.
Source: Bitstamp
By November 7th, interest levels on the term slightly dropped to just 55 points. Also, web searches for BTC dipped in the following days to just 44 and 37 points. On November 10th, the search term came back, with interest levels at 58 points.
Many analysts have tied Google Trends data to BTC price action. Currently, BTC trades for $80,500, reflecting an increase of 4% in the last 24 hours and a 16% increase in a week. Also, searches for Bitcoin-related news increased last November 10th, registering 91 points from the previous day’s 40, showing a 56% increase. Even YouTube searches for the crypto increased by 92 points.
Bitcoin Continues Rally, Gets Favorable Market Acceptance Under Trump
Bitcoin hit another all-time high this November 10th, suggesting increasing confidence in the incoming (and second) Trump administration. During the elections, Trump was seen as the pro-crypto candidate with friendly policy proposals.
Initially, Trump tagged Bitcoin and cryptocurrency as scams. However, during this year’s campaign, Trump changed his tune and adopted a more friendly stance on cryptocurrencies. In one of his public speeches, Trump pitched for a Bitcoin stockpile for the US and even launched a cryptocurrency platform, The World Liberty Financial.
Featured image from Pexels, chart from TradingView
