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Galaxy CEO Mike Novogratz stated that Bitcoin searches rose to their highest level in over a year last month. Remarkably, Bitcoin outperformed Taylor Swift and Beyoncé in Google searches, showing massive interest in the token.
Moreover, Galaxy’s March 2024 Market commentary captured exciting facts about Bitcoin and the crypto market in general. Here are the details.
Galaxy CEO Says Bitcoin Ranked High in Google Searches Last Month, Amid Crypto Market Review
Bitcoin is the center of attention in the ongoing 2024 crypto market rally. Mike Novogratz stated that it was among the top searched-for items in March.
Bitcoin Google searches reached their highest level in over a year last month, surpassing the Google search popularity of Taylor Swift and Beyonce!! More from @galaxyhq on bitcoin reaching new ATHs, continued demand pressure from BTC ETFs, and the upcoming halving:…
— Mike Novogratz (@novogratz) April 10, 2024
The Galaxy Market commentary for March 2024 highlights the areas of interest for most investors as the halving approaches. According to the commentary, Bitcoin moved in a positive wave, reaching a new all-time high in March. Notably, BTC’s price increased by 13.94% in March, while Ethereum’s increased by 4.82%.
The Bitcoin spot ETFs contributed to this surge, with volumes rising to $111 billion in March. This is approximately a three-time increase in the monthly timeframe. Given such remarkable performance, it’s not surprising that Bitcoin has surpassed international icons such as Beyoncé and Taylor Swift.
Moreover, BTC broke its previous pre-halving highs, suggesting a possible price increase ahead. Bitcoin enjoys a positive market sentiment largely because of its spot ETF approval.
However, the speculations surrounding a spot ETF for Ethereum are dying down and might not manifest anytime soon.
Bitcoin’s rally also influenced the performance of altcoins like Solana and meme coins like WIF. At the end of March, the combined market capitalization of the top 10 meme coins rose to $61 billion, a massive increase from the $29 billion recorded in the previous month.
This squares with what I’m hearing too but, to Jake’s point, that does not mean it won’t get approved this year, just that time is clearly ticking down to the May deadline with no meaningful engagement yet from SEC staff on applications.
But who knows they could go parabolic on…
— Eleanor Terrett (@EleanorTerrett) March 11, 2024
Meanwhile, the upcoming United States elections will likely impact crypto and the financial market in general. According to a March Paradigm opinion poll, 19% of registered voters in America purchased crypto. Over 11 million voters own more than $1000 worth of crypto assets or investments.
Several Countries Endorse BTC as a Valuable Asset
Interest in Bitcoin investment is spreading to other regions worldwide. Bitcoin gained more traction in the international scene based on a decision made by the Japanese Government.
According to the report, Japan’s Government Pension Investment Fund (GDIF) announced plans to diversify its portfolio. The GDIF hopes to achieve this through Bitcoin allocation.
The GDIF is the largest pension fund by Asset Under Management (AUM). So, this move will give investors another option in the event of any market uncertainty.
Notably, President of El Salvador Nayib Bukele’s endorsement of Bitcoin encouraged international investors. Also, the President said there are no plans to sell off their Bitcoin holdings anytime soon. Impressively, El Salvador’s BTC portfolio is valued at $400 million, and massive gains have been recorded in this bull run.
However, El Salvador’s BTC holdings are not up to MicroStrategy’s portfolio, a renowned BTC whale. According to reports, Michael Saylor’s company holds up to 214,000 BTC tokens valued above $15 billion.
Microstrategy’s Bitcoin holdings are now worth over $10 billion pic.twitter.com/6ndiLNZed1
— Will (@WClementeIII) February 15, 2024
Given the growing investor confidence, BTC will likely continue to rise in popularity and adoption.
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