Bitcoin isn’t just making a spectacular run in the market of late, with its price hitting over $81,000, another all-time high. According to Google Trends, Bitcoin searches on its search engine have surged by nearly 60% in just one day, as the digital asset’s price continue to soar.

Google Trends figures show searches for BTC last November 10th were up from 37 points compared to the previous day. There has been a notable increase in search volume for the term, which coincides with the asset’s market run, which started at around $70k and went up to $80k.

Its futures premiums also surged. Also, open interest in the alpha coin’s price topping $90k increased to $2.8 billion at the Deribi derivatives exchange, a popular platform for futures trading.

Bitcoin search result in the past week. Source: Google Trends

Bitcoin’s Price Run Boosting Google Searches

Thanks to its recent bullish price action, interest in Bitcoin is coming back. According to Google Trends, interest in the asset started on October 27. Using a 90-day scale, global data suggests that the “Bitcoin” search term hit 51 out of 100 last October 30th.

Google Trends uses a scale of 1 to 100 to measure interest in search terms and track these terms by location over time. In the past three months, El Salvador has been the top location in South America for “Bitcoin” searches.

BTC market cap currently at $1.6 trillion. Chart: TradingView.com

Interest In BTC Peaked A Day After US Elections

According to Google Trends, interest in the popular digital asset rose last November 6th. Online searches for the term netted 100 points during that day, coinciding with the asset’s price hitting $75,639, an increase of 9% from the previous day’s price.

Source: Bitstamp

By November 7th, interest levels on the term slightly dropped to just 55 points. Also, web searches for BTC dipped in the following days to just 44 and 37 points. On November 10th, the search term came back, with interest levels at 58 points.

Many analysts have tied Google Trends data to BTC price action. Currently, BTC trades for $80,500, reflecting an increase of 4% in the last 24 hours and a 16% increase in a week. Also, searches for Bitcoin-related news increased last November 10th, registering 91 points from the previous day’s 40, showing a 56% increase. Even YouTube searches for the crypto increased by 92 points.

Bitcoin Continues Rally, Gets Favorable Market Acceptance Under Trump

Bitcoin hit another all-time high this November 10th, suggesting increasing confidence in the incoming (and second) Trump administration. During the elections, Trump was seen as the pro-crypto candidate with friendly policy proposals.

Initially, Trump tagged Bitcoin and cryptocurrency as scams. However, during this year’s campaign, Trump changed his tune and adopted a more friendly stance on cryptocurrencies. In one of his public speeches, Trump pitched for a Bitcoin stockpile for the US and even launched a cryptocurrency platform, The World Liberty Financial.

Featured image from Pexels, chart from TradingView

MicroStrategy’s decision to shift from traditional cash reserves to Bitcoin has reshaped its financial profile, catapulting the company into the spotlight as a leader in digital asset adoption.

This transformation coincides with Bitcoin’s recent surge to unprecedented price levels, significantly boosting MicroStrategy’s standing in corporate financial rankings.

Bitcoin-Focused MicroStrategy Outshines IBM and Nike in Asset Reserves

The company’s Bitcoin stash, now valued at approximately $26 billion, reportedly surpasses the cash and liquid assets held by giants like IBM, Nike, and Johnson & Johnson. For comparison, CompaniesMarketCap data shows that Nike’s reported cash and securities totaled $10.9 billion as of August, while IBM held $13.7 billion. Johnson & Johnson’s latest quarterly figures listed $20.29 billion.

This financial position shows that the niche software provider has redefined its identity by embracing Bitcoin as a core financial asset. However, despite this impressive position, MicroStrategy still trails around 14 companies, including Apple and Alphabet, in terms of corporate treasury assets.

The company began acquiring Bitcoin in 2020 as a countermeasure against inflation and declining revenue growth. Initially funded through operational cash flow, these purchases expanded to include capital raised via stock sales and convertible debt issuance.

To date, MicroStrategy has amassed 279,240 BTC at an average acquisition cost of $42,888, with a total investment of roughly $11.9 billion. This positions the firm as the largest publicly traded Bitcoin holder, controlling around 1.3% of the cryptocurrency’s total supply.

What initially faced skepticism has now become a major draw for investors seeking indirect exposure to Bitcoin. The shift in sentiment has propelled MicroStrategy’s stock by over 2,500% since 2020. This aligns with Bitcoin’s remarkable 700% price growth during the same timeframe.

Currently, the unrealized profit of MicroStrategy’s Bitcoin holdings stands at $13.4 billion, representing a 112% increase. The firm’s Bitcoin yield — measuring the relationship between its Bitcoin holdings and outstanding shares — has risen 26.4% year-to-date.

However, MicroStrategy’s executive chairman, Michael Saylor, remains steadfast in the company’s Bitcoin-centric vision. The firm plans to raise $42 billion over the coming years to expand its Bitcoin holdings further. Meanwhile, MicroStrategy aims to transform into a trillion-dollar Bitcoin bank, solidifying its role as a pioneer in corporate Bitcoin adoption.

Many analysts aren’t surprised by the recent price surge of Bitcoin to $80,000, given Donald Trump’s convincing victory in the recently concluded US national elections.

Some market analysts and observers offer even bolder projections, fueled by rumors of a Bitcoin strategic reserve and the possible approval of the Bitcoin Law.

Trading firm QCP is one of those analysts taking a bullish stance on the crypto, predicting that the top digital asset will break $120,000 soon.

QCP cites the administration of incoming President Donald Trump, the plan to create a strategic BTC reserve, and updated US inflation data as critical drivers for the asset’s price.

Favorable Market Conditions Boost Bitcoin Price

Bitcoin’s price surge continues this week, hitting another all-time high of $93,120, boosting the global cryptocurrency market cap to over $3 trillion.

The rally comes as the US government released its inflation data, with headline and core inflation numbers at 2.60% and 3.30%, respectively, in line with expectations.

Also, analysts are confident of a potential 25 basis point rate cut from the December Federal Open Market Committee meeting. Many say that a shift in monetary policy boosts optimism among risk-based assets, including Bitcoin.

$100k To $120k For BTC Possible, Says QCP

In the Twitter/X post, QCP Trading predicts that Bitcoin can hit $100k to $120k. The post added that BTC price action benefits from proposals to create a BTC strategic reserve and the government’s potential shift from gold to digital asset.

QCP: In view of Bitcoin’s impressive rally since the US election, our view is that $100,000 – $120,000 may not be too far off. Trump idea of launching a strategic BTC reserve and rotation from Gold to BTC, provides a strong narrative that keeps BTC prices supported.…

— Wu Blockchain (@WuBlockchain) November 15, 2024

However, QCP cautions the industry about excessive leverage in altcoins. It added that perpetual funding rates have increased between 50% and 100%, primarily due to heavy-leveraged buying.
This scenario increases the risk of a deleveraging event, putting downward pressure on prices.

Other Analysts See Continuous BTC Price Surge

Aside from QCP, several other analysts and financial institutions are examining Bitcoin’s bullish trend. Matthew Sigel of VanEck is also optimistic about the direction of digital asset prices.

Bitcoin’s price has increased by 30% since the elections, and based on VanEck’s proprietary indicators, the trend is likely to continue.

Sigel also noted the market’s favorable sentiment on Bitcoin, thanks to the re-election of Trump and other crypto-friendly personalities. Based on VanEck’s projections, the alpha coin can top $180k by next year.

Rekt Capital echoes VanEck’s outlook, suggesting that the asset has entered a “parabolic upside.” The market analyst further stated that this stage can last up to 385 days, creating plenty of opportunities for traders and investors to profit.

Featured image from Pexels, chart from TradingView