Is there any equivalent option in REST API 1.1 to receive the top 20 trends per day or per hour as it was available in 1.0? I want to check the globally top trending topics regardless of their region. Is this still possible?
No, there is currently no equivalent to the https://dev.twitter.com/docs/api/1/get/trends/daily from V1.
The closest we have in 1.1 is [node:10012].
Not an api equivelant, but if you want the top worldwide trends, go to the mobile site and crawl that