Online search interest in cryptocurrencies has dropped after a period of optimism.
According to data from Google Trends, search interest for the term “crypto” has dropped to 17 points, far below the reference point of 100 in May 2021. Bitcoin (BTC) and Ethereum also experienced a similar downtrend.
Search interest for these terms has been dropping steadily since May 2022, about a month after the Terra Luna ecosystem crashed. Interest spiked suddenly in early November when crypto exchange FTX ran into problems.
This shows a deposition and a decrease in public interest in cryptocurrencies after a period of optimism. However, the cryptocurrency market is always volatile and public interest can change over time.
The drop in crypto interest has coincided with the price of Bitcoin (BTC) remaining at $28,000 for the last 10 weeks, and experts have suggested that this could be due to a lack of excitement and interest. low trading volume.
Mike Novogratz, CEO of Galaxy Digital, recently described the situation as “unfounded” and suggested that there isn’t enough excitement from institutions at the moment.
Guy Turner, also known as “Coin Bureau Guy”, suggested in a Twitter post that the drop in interest is also related to low trading volumes on exchanges. He claimed that trading volume hit a 32-month low last month.
Alternative Crypto Fear & Greed Index tells a similar story, with market sentiment hovering around the current score of 53 — in the “Neutral” zone — for almost a month now.
Search volume for “decentralized finance” and “defi” increased in 2023, while searches for “memecoin” peaked in early May.
According to the data, Nigeria currently has the highest level of searches related to cryptocurrencies, while South American countries have the lowest.