Bitcoin has not only been making a spectacular rally on the market recently due to its price reaching over $81,000another all-time record. According to Google Trends, Bitcoin searches on the company’s search engine have increased by almost 60% in just one day as the price of the digital asset continues to rise.
Google Trends the numbers show that BTC searches on November 10 last year increased from 37 points compared to the previous day. There has been a noticeable raise in the number of searches for this term, which coincides with the period of market change of the resource, which began with approximately 70,000. dollars and increased to 80 thousand. dollars.
Futures premiums also increased. In addition, open interest in the alpha coin price exceeding 90 thousand. dollars rose to $2.8 billion on the Deribi derivatives exchange, a popular futures trading platform.
Bitcoin search result in the past week. Source: Google Trends
The rise in Bitcoin prices increases the number of searches on Google
Thanks to the recent bullish price action, there is interest Bitcoin is back. According to Google Trends, interest in the asset began on October 27. On a 90-day scale, global data suggests that on October 30, the search term “Bitcoin” had 51 out of 100 results.
Google Trends uses a scale of 1 to 100 to measure interest in search terms and track those terms by location over time. Over the past three months, El Salvador has been the top location in South America for searches for “Bitcoin.”
BTC market cap currently at $1.6 trillion. Chart: TradingView.com
Interest in BTC peaked the day after the US elections
According to Google Trends, interest in the popular digital asset spiked on November 6 last year. Online searches for this term returned 100 points that day, coinciding with the asset’s price reaching $75,639, a 9% raise from the previous day’s price.
Source: Bitstamp
By November 7, the interest rate for this term had dropped slightly to just 55 points. Moreover, the number of online searches for BTC dropped in the following days to only 44 and 37 points. On November 10, the search term returned with 58 points of interest.
Many analysts have linked Google Trends data to BTC price action. BTC is currently trading at $80,500, reflecting a 4% raise over the last 24 hours and a 16% raise over the week. Bitcoin-related news searches also increased on November 10 last year, recording 91 points from 40 the previous day, an raise of 56%. Even cryptocurrency searches on YouTube increased by 92 points.
Bitcoin continues to grow and gains favorable market acceptance under Trump
Bitcoin hit another all-time high on November 10, suggesting increased confidence in the incoming (second) Trump administration. During the election, Trump was seen as pro-crypto candidate with affable policy proposals.
Initially, Trump labeled Bitcoin and cryptocurrency as scams. However, during this year’s campaign, Trump changed his tune and adopted a more affable stance on cryptocurrencies. In one of his public speeches, Trump proposed a Bitcoin stockpile for the US and even launched The World Liberty Financial cryptocurrency platform.
Featured image from Pexels, chart from TradingView
