Bitcoin is nearly at the $20K mark for the first time since the 2017 bull market. The coin exploded higher in yesterday’s sessions and hit $18.8K, a new year-to-date high and multi-year high.
That rally was partly attributable to the news that a CIO at Blackrock, one of the world’s most reputable financial firms, had endorsed bitcoin as a possible replacement to gold. The BTCUSD pair proceeded to soar by $500 after the CNBC segment as crypto investors speculated that the Wall Street giant might soon enter the crypto space.
The bitcoin price has now gained 2% in the past 24 hours as buyers continue to flood in. At press time, the world’s leading cryptocurrency is trading for $18,855 and many expect it to rocket higher in the weeks ahead.
BTCUSD Chart by TradingView
BTC Search Terms Are At Their Highest
Bitcoin is looking ready to set a new all-time high, which at this point could be any day now. In 2017, when the king coin set its record price, retail investors were primarily the driving force behind the rally up prices toward 20K. At the time, Google Trends search data for bitcoin exploded as more folks started looking into the asset.
This time around, a different scenario is playing out, where the Google Trends chart shows that search data for BTC is still nowhere near the interest back in 2017. This surprising statistic seems to imply that interest in the flagship digital asset just still hasn’t returned. Or has it?
According to eToro marketing executive Brad Michelson, the Google trends data isn’t telling the whole story. A look at a wide range of search engine marketing tools indicates that there is far more interest now in bitcoin than at the height of the 2017 crypto bubble.
Michelson examined the search engine optimization (SEO) data from SEMRush – a trusted digital analytical tool that many markets rely on for search engine dominance. He explained that according to this tool, there are many more searches about Bitcoin than Google is picking up.
The reason Google Trends isn’t picking this high interest up is that the volume is spread across a variety of terms, such as “what is bitcoin”, “bitcoin news.” There’s now less need to search just “Bitcoin,” as individuals are instead digging deeper into BTC, pointing to rising retail interest in the nascent cryptocurrency.
The marketing exec added that the total monthly global volume of related BTC search terms was in reality over three times more than the Dec. 2017 figure.
Ethereum Price Surges As ETH 2.0 Inches Closer
Yesterday, ETH exploded higher as it surmounted key resistance levels in the high-$400s and blew past $500. The world’s second-largest cryptocurrency carried on with its impressive run in today’s sessions and hit $520 for the first time since 2018.
At press time, the ETH price has soared even higher to reach $533 as per data from CoinMarketCap. Analysts now project that the imminent Ethereum 2.0 upgrade will drive the altcoin even higher as investors buy ETH to stake in mass quantity.