Bitcoin News: Bitcoin (BTC) experienced the largest single-day rise since April in its steadily declining price point on November 28, following suit the popularity of the keyword “Bitcoin” on Google Search engine has also peaked to its March highs, according to GoogleTrends.
The increase happily illustrates that the interest in BTC by the mainstream is on the rise. For more than eight months now, the frequency of Bitcoin searches on Google has been on a constant downtrend. Mostly attributed to the 85% decline in its price point, the lack of interest was further affecting the token negatively.
Just a few days prior, BTC crossed its April high in terms of Google search interest, the term rose further in popularity to cross its’ March high as well. Certainly a positive sign for the Cryptocurrency ecosystem.
The Bitcoin prices observed a 15 % spike in value on November 28, the largest single-day price increase since April 12, which observed a 19% spike with the BTC price rising from $6,758 to $8,069.
The sudden rain in this deserted scenario came as the US Stock Market Recovered. In addition, the positive developments in the ecosystem by way of Bakkt and Nasdaq’s impending bitcoin futures release in Q1, 2019, could have collectively tipped the scale in favor of BTC.
Quite interesting, the rise in popularity was only noted with “Bitcoin” and similar keywords like “crypto” and “Ethereum” hasn’t shown a marginal upside movement in the past several weeks. This could be an indication that most individuals and businesses are currently inclined toward BTC way more than any altcoins.
Speaking to CNBC, Kelly Loeffler, chief executive officer of Bakkt, a cryptocurrency exchange operated by ICE and NYSE, said that the company intends to focus on strengthening the infrastructure surrounding Bitcoin throughout the foreseeable future.
Recently at the CoinDesk’s Consensus Invest event on Tuesday, Jeff Sprecher, the CEO of the Intercontinental Exchange (ICE) and Chairman of the New York Stock Exchange, elaborated about the resilience Bitcoin has shown over the decade. He said:
“Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.”
Read more: Jeff Sprecher Bullishly Believes The Success Of Cryptocurrency Market Is “Unequivocal”
In spite of a 15% increase in price overnight, the foremost digital token is down about 33% from the $6,000 region. Most analyst predicts that Bitcoin will still slip further than the $3,000 zone.
In retrospect, the increase in interest is definitely a positive sign, both for the token and the overall ecosystem, as BTC marginally influences the sector in every aspect.
Read more: Crypto Market Surges As US Stock Market Recovers, Is There Any Correlation?
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