'How to Buy Crypto' Google Searches Soaring as Bitcoin Hits New High

According to data provided by Google Trends, a service that makes it possible to analyze popular search queries, "how to buy crypto" searches have now reached a new peak.

Recently, this query recorded a measurement of 100, meaning that the level of interest has reached a new peak. 

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 current search volume also dwarfs the local peak that was recorded following the approval of spot Bitcoin ETFs in early 2024.

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.