Bitcoin

Bitcoin Search Index Up By 42% As BTC Makes Recovery Steps Towards $11k with 71% Dominance

Bitcoin recovery over the past seven days has correlated with an increase in the search index of the cryptocurrency. According to analysis from Baidu Index data, the search index of Bitcoin rose by 42% in the past seven days.

The statistic also shows that there was a total of 40,449 searches for the coin during this time frame. Compared to this time last year, these numbers represent an 88% increase.

The average daily search of the Bitcoin was 4,258, representing 1.31% lower than that of the previous week and 57% lower than the previous year.

Looking at the statistics it is hard not to agree that an increase in the number of Bitcoin searches coincided with the coin’s recovery over the weekend. Prior to that, the Fear/Greed index of the coin was low when BTC was struggling below the $9,500 mark.

However, Bitcoin was able to break even over the weekend and it added 10% to its value during this period. Bitcoin continues to trend up. After testing the $10,800 resistance level today, a unit of the leading cryptocurrency is worth $10,568 at press time with the potential of crossing the $11k mark before the end of the month.

Bitcoin Pushing Strong With Important Developments Coming Up

There is a strong belief within the crypto community that the bearish period has lasted enough and a turn around would soon be experienced in the coming weeks. The impending launch of Bitcoin futures by Bakkt in September is also anticipated to have a positive effect on the price of BTC.

Looking at the market today, Bitcoin is one three coins in the top 10 that are trading in the green zone. Its current price at the time of writing is $10,580.02 per unit with a positive gain of 1.15% in the last 24 hours.

Bitcoin price chart courtesy coinmarketcap
Image Credit: CoinmarketCap

Also, Bitcoin continues to rule other digital currencies in the market with unshakeable dominance. Bitcoin market dominance has further increased in the past 24 hours with the premier coin controlling 71% of the market value.

Bitcoin 71% dominance

Image Credit: CoinmarketCap

From the current trend of the market, if BTC can break the $10,600 resistant point, the coin could hit the $11,000 mark before the end of the month.

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Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Adeniyi Olowo

Olowo is a popular crypto evangelist and content contributor at NewsLogical.
With more than four years’ experience in the industry, Olowo loves all things cryptocurrency and spreading the gospel of blockchain technology.

He is also a football lover and supporter of Manchester City.

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