Bitcoin has been on a remarkable run in the market recently, reaching a new all-time high of over $81,000. This surge in price has also coincided with a significant increase in Google searches for Bitcoin, with searches spiking by nearly 60% in just one day. According to Google Trends data, searches for BTC on November 10th were up by 37 points compared to the previous day, indicating a growing interest in the digital asset as its price continues to climb.
The surge in Bitcoin’s price has also led to a rise in its futures premiums, with open interest in the asset’s price surpassing $90,000 and reaching $2.8 billion at the Deribi derivatives exchange. This platform is known for its popularity in futures trading, further highlighting the growing interest and confidence in Bitcoin’s market performance.
Interest in Bitcoin has been steadily increasing over the past few weeks, thanks to its bullish price action. Google Trends data shows that interest in the asset began to rise on October 27, with the search term “Bitcoin” reaching a score of 51 out of 100 on October 30. This global data also reveals that El Salvador has been the top location in South America for Bitcoin searches over the past three months.
The peak in interest for Bitcoin coincided with the US elections, with searches for the term hitting 100 points on November 6th. This spike in interest came as the asset’s price surged to $75,639, marking a 9% increase from the previous day. Subsequent days saw a slight dip in search interest, but on November 10th, searches for Bitcoin saw a resurgence, reaching 58 points.
Many analysts have noted a correlation between Google Trends data and Bitcoin price movements. Currently, Bitcoin is trading at $80,500, reflecting a 4% increase in the last 24 hours and a 16% increase over the past week. Additionally, searches for Bitcoin-related news saw a significant increase on November 10th, jumping from 40 points to 91 points, indicating a 56% increase in interest. YouTube searches for the cryptocurrency also saw a spike of 92 points.
The rally in Bitcoin’s price on November 10th has been attributed to increasing confidence in the upcoming Trump administration, with Trump being seen as a pro-crypto candidate with favorable policy proposals. While Trump initially criticized Bitcoin and cryptocurrencies as scams, he changed his stance during this year’s campaign and expressed support for the digital assets. In a public speech, Trump even advocated for a Bitcoin stockpile for the US and launched a cryptocurrency platform called The World Liberty Financial.
Overall, the surge in Bitcoin’s price and the increase in Google searches reflect a growing acceptance and interest in the digital asset, driven by its impressive market performance and favorable outlook under the new administration.
