tl;dr
According to Google Trends, "how to buy crypto" searches have reached a new peak, marking the first all-time high in four years. Retail investors are showing increased enthusiasm for crypto, surpassing previous peaks, with Bitcoin hitting a new all-time high and other major altcoins like Solana and ...
"How to buy crypto" searches reach new peak, indicating increased retail interest
According to Google Trends, "how to buy crypto" searches have reached a new peak, marking the first all-time high in four years. Retail investors are showing increased enthusiasm for crypto, surpassing previous peaks, with Bitcoin hitting a new all-time high and other major altcoins like Solana and XRP experiencing significant gains. The surge in crypto-related searches indicates growing market froth and potential incoming volatility. Retail investors are contributing to higher cryptocurrency prices, but this exuberance also signals a sign of caution.
"How to buy crypto" google searches just hit an all-time high. This is the first ATH in 4 years. Retail is coming back🥂 - The DeFi Investor 🔎 (@TheDeFinvestor) January 20, 2025
Recently, this query recorded a measurement of 100, meaning that the level of interest has reached a new peak.
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It seems that retail investors are even more enthusiastic about crypto now compared to May 2021 when the industry was in the middle of an NFT-driven frenzy. The surge in crypto-related searches is not surprising given that Bitcoin, the leading cryptocurrency by market cap, reached a new all-time high of $108,786. Some other major altcoins, including Solana (SOL) and the Ripple-affiliated XRP token, have logged impressive gains, surging by 45% and 38%, respectively.
Last week, the controversial XRP token managed to surpass Bitcoin in Google search volume. The Ripple-linked cryptocurrency recently reached a new all-time peak for the first time in seven years. Solana also came close to flipping Bitcoin on Sunday. In fact, it recorded five times more searches than Bitcoin.
While retail investors help to push cryptocurrency prices higher, this exuberance is also a sign of growing market froth. This could possibly signal incoming volatility. Bitcoin's total open interest currently stands at $71 billion, nearly a 4% increase compared to an hour ago. More than $1 billion worth of crypto has been liquidated over the past 24 hours, according to CoinGlass data.
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