Google Trends suggests that new money is looking to enter the bitcoin market.
Rising prices caused by bullish developments in the industry may fuel Google searches.
Recent stock market volatility may force more institutions to consider opening up to BTC
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The price of Bitcoin has had an impressive month due to various bullish developments. During the month of October, the price of the main crypto currency increased by more than 25%.
Data from Google Trends suggests the price hike is once again attracting the attention of retail investors, apparently outside the industry. In the meantime, others say that the return of volatility will also have attracted the interest of institutions in the market.
Bitcoin price increase intensifies
Having started October at less than $ 10,900 and now trading at over $ 13,750, bitcoin market sentiment is decidedly bullish right now. This month alone, the price of BTC has risen by more than 26%.
Such price increases have not gone unnoticed. Google Trends, one of the simplest metrics by which to judge the public’s interest in the industry, suggests that new capital may start to enter the market.
Still a far cry from the all-time record interest levels seen at the peak of the 2017 bull market, October saw an increase in the number of people Google searching for „how to buy bitcoin“. Previous peaks in the metric also coincided with BTC prices.
Research on „how to buy bitcoin“ increased in May, August and December 2017, as well as in early July 2019 and during the recovery after the March 2020 price drop. Every example has seen the price of bitcoin rise quickly in no time.
The renewed interest is likely linked to a series of bullish developments around bitcoin. Large company-level investments, an optimistic report from JPMorgan, and PayPal’s interest in cryptocurrency are all likely contributors.
Institutions and retail this time around?
Data from Google Trends likely represents the growing interest of retailers in bitcoin. While the average investor probably turns to the popular search engine for information on buying BTC, it seems doubtful that institutional buyers, who have tens or hundreds of millions, approach the market in this way. .
However, market analyst Travis Kling believes that the volatility of the stock markets will also have sparked the interest of institutions. It highlights the growth of the CBOE’s volatility index, or VIX, which coincides with that of bitcoin prices.