Interest in buying bitcoin on Google is growing against the backdrop of a rise in prices to $ 10,450
The bitcoin rate has been demonstrating steady growth since yesterday evening, gradually rising to new highs in 2020. The first cryptocurrency hit $ 10,450 on Binance this morning and is trading at around $ 10,300 at time of publication.
Altcoins were able to take advantage of the momentum again and surpassed Bitcoin in relative growth, adding 5.6%. Ethereum rose 14.5% and broke through the $ 250 level; EOS added 10.6% and is trading above $ 5.37, while Tezos continues to update its own highs above $ 3 and consolidate in the top ten with a 22.6% increase.
As crypto entrepreneur Alistair Milne notes, the projected interest of Google users for the request “buy bitcoin” is growing rapidly this week and has already exceeded the indicators of June 2019, when the cryptocurrency reached its local high of about $ 13,800.
The observed dynamics is also confirmed by the index of greed and fear of crypto investors, which today is at around 61, that is, in the zone of “greed”, but not yet excessive, as it was in June.
At the same time, the number of exchange-traded deposits of bitcoin remains at the same levels, according to the data of the analytical service Glassnode. This may indicate that potential sellers have not yet prepared their assets for liquidation on trading platforms..
Historically, a sharp increase in the number of deposits on exchanges coincided with the end of a bullish cycle. This was the case in January 2018, when exchanges received almost 200,000 transfers from users in a week, while Bitcoin began to decline from its all-time high of about $ 20,000..
It should also be borne in mind that over time, the popularity of exchanges as a means of storing cryptocurrencies, where they are immediately available for exchange, has only increased. The number of bitcoins on Coinbase wallets, for example, recently approached 1 million.