Rising prices due to bullish developments in the industry could spur Google searches. Google Trends suggest that new money is entering the Bitcoin market.
The recent volatility in the stock market could force a larger number of institutions to consider exposure to BTC.
Driven by various bullish developments, the Bitcoin price has had an impressive month behind it. Over the course of October, the price of the leading cryptocurrency rose by more than 25%.
Data from Google Trends suggests that soaring prices are attracting the attention of retail investors, apparently non-industry investors. Meanwhile, others claim that the return of volatility has also sparked institutional interest in the market.
Bitcoin is getting bullish
After starting October at less than $ 10,900 and trading above $ 13,750, sentiment in the Bitcoin market is very bullish right now. In this month alone, the BTC price has increased by more than 26%.
Such price increases have clearly not gone unnoticed. Google Trends, one of the simplest metrics for assessing public interest in the industry, suggests that new money might be coming into the market.
Far from the all-time high of interest observed at the height of the bull market in 2017, the number of people searching for the phrase “how to buy Bitcoin” on Google rose in October. Previous highs in the metric also coincided with BTC price runs.
The searches for „how to buy Bitcoin “ increased in May, August and December 2017, also in early July 2019 and during the recovery from the price plunge in March 2020. In each example, the Bitcoin price rose rapidly in a short period of time.
The renewed interest is likely to be related to a number of bullish developments around Bitcoin. Large corporate-level investments, an optimistic report from JPMorgan, and PayPal’s interest in cryptocurrencies are likely to have contributed.
Is it institutions and small investors this time?
Google Trends data is likely to illustrate the growing interest among retail investors in Bi t coin. While the average investor is likely to turn to the popular search engine for information on how to buy BTC, it seems doubtful that institutional buyers, with tens or hundreds of millions to choose from, would approach the market this way.
However, market analyst Travis Kling believes that volatility in stock markets may have piqued the interest of institutional investors as well. It highlights the growth in the CBOE’s (VIX) volatility index, which coincides with that of the Bitcoin price.