The search interest for bitcoin has made close to a three month high according to Google trends, a website by Google that analyzes the popularity of top search queries in Google Search across various regions and languages.
Although search interest for bitcoin in China did not receive the same increase in searches, local bitcoin transactions conducted in Chinese Yuan made a new high according to coin.dance.
The renewed interest in blockchain in China came from its president who said that the country should move towards the acceleration of blockchain development earlier this week.
The significance of a new high in Google trends means that bitcoin could be on track to continue to climb higher, which is based on a recent study published by the Southern Methodist University.
The research paper found that spikes in google searches were highly correlated to price increases for both bitcoin and ethereum. Interestingly, these search spikes occurred before the actual increase in prices were observed, which would make them a leading indicator.
The image below shows the paper’s findings and the correlation between search volume and price discovery.