A two-month lull in cryptocurrency bullishness has caused online search interest for “crypto” and other popular cryptocurrency terms to drop to late-2020 levels.
According to data from Google Trends, the term “crypto” currently has a score of 17, well below its May 2021 reference level of 100. Bitcoin (BTC) and Ethereum have followed a similar downtrend.
However, search interest for these terms has declined relatively steadily since May 2022, about a month after much of the Terra Luna ecosystem collapsed. A small spike in interest came in early November when crypto exchange FTX collapsed.
Search interest over time for the word “crypto” Source: Google Trends
The drop in interest comes as Bitcoin (BTC) has been stable around $28,000 for the past ten weeks — something Galaxy Digital CEO Mike Novogratz recently called “careless” given the current “institutional excitement.” “ lack.
Guy Turner, commonly known as the “Coin Bureau Guy,” hinted in a June 4 Twitter post that the drop in interest also coincides with lower trading volumes on exchanges, which he says have marked a 32-month reached deep:
Alternative’s Crypto Fear & Greed Index also tells a similar story: market sentiment has been hovering around its current level of 53 for almost a month – in “neutral” territory.
The Fear & Greed Index measures mood swings in the crypto market. Source: Alternative.me
However, interest has not waned in all crypto areas.
Search volume for “decentralized finance” and “defi” surged in 2023, while searches for “memecoin” peaked in early May.
Related: Institutions ‘extremely interested’ in crypto ETFs, but buying has waned: poll
Nigeria currently has the highest score for most crypto-related searches, while many of the lowest scores come from South American countries.
On the other hand, search interest in artificial intelligence continues to skyrocket in what many believe to be the latest “tech fad.”
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