Cryptocurrency Interest Hits a Lull as Search Trends Plummet to Late 2020 Levels
The once-bursting enthusiasm for cryptocurrencies appears to have hit a stumbling block, with online search interest for crypto and other related terms dropping to levels that was last seen in late 2020 . Google Trends data reveals a significant decline with the search term crypto currently scoring 17 out of a reference point of 100 in May 2021 .
The once-bursting enthusiasm for cryptocurrencies appears to have hit a stumbling block, with online search interest for crypto and other related terms dropping to levels that was last seen in late 2020 . Google Trends data reveals a significant decline with the search term crypto currently scoring 17 out of a reference point of 100 in May 2021 .This downtrend is mirrored by Bitcoin and Ethereum whose search interest has followed a similar path .
Lack of Institutional Excitement and Stable Bitcoin Prices Contribute to the Decline
The decline in search interest can be traced back to May 2022 which coincided with the collapse of much of the Terra Luna ecosystem . A brief rise in interest happened in early November when the crypto exchange FTX experienced a significant setback .However since then interest has steadily declined .This drop aligns with Bitcoin’s static price of around $28,000 over the past 10 weeks which is a lackluster performance that Galaxy Digital CEO Mike Novogratz attributes to the absence of institutional excitement .
Coin Bureau Guy who is also known as Guy Turner, points to lower trading volumes on exchanges as another factor contributing to the decline . According to Turner trading volumes reached a 32 month low in the previous month .These combined factors have led to a subdued sentiment in the market as indicated by the Crypto Fear & Greed Index which has paused around the Neutral zone with a score of 53 for almost a month.
Decentralized Finance and Meme Coins Buck the Trend, While AI Searches Soar
Despite the overall decline there are pockets of sustained interest in specific crypto domains .Searches for decentralized finance (DeFi) and defi have shown growth in 2023 which reflects continued curiosity in these areas .Additionally memecoin searches peaked in early May which indicates the enduring appeal of meme-inspired cryptocurrencies . Geographically Nigeria stands out with the highest score for crypto related searches while several South American countries show the lowest levels of interest.
Meanwhile the search interest in artificial intelligence (AI) is witnessing a significant surge which fuels speculation that it may be the latest tech fad captivating the public’s attention .As the crypto space experiences a tranquil period AI continues to capture the imagination and curiosity of online searchers and suggest a shifting focus in technological trends.
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