Search Interest in Cryptocurrency Drops to 2020 Levels as Bitcoin Sentiment Stabilizes

Search Interest in Cryptocurrency Drops to 2020 Levels as Bitcoin Sentiment Stabilizes

A two-month-long lull in cryptocurrency optimism

According to data from Google Trends, the term “crypto” currently has a score of 17, which is well off its reference point of 100 in May 2021. Bitcoin (BTC) and Ethereum have also experienced a similar downward trend.

Consistent decline since May 2022

Search interest for these terms has been in a relatively consistent decline since May 2022, around a month after the collapse of much of the Terra Luna ecosystem. There was a small spike in interest in early November following the collapse of the crypto exchange FTX.

Bitcoin’s steady price and lack of institutional excitement

The fall in interest coincides with Bitcoin’s stable price at around $28,000 for the past 10 weeks. Galaxy Digital CEO Mike Novogratz described this price action as “lackadaisical,” attributing it to a lack of institutional excitement in the market.

Lower trading volumes and neutral sentiment

Guy Turner, also known as “Coin Bureau Guy,” noted on June 4 that the fall in interest aligns with lower trading volumes on exchanges, which reached a 32-month low last month. The Crypto Fear & Greed Index also reflects a neutral market sentiment, hovering around a score of 53 for nearly a month.

Varied interest in different crypto domains

While overall interest has declined, certain crypto domains have seen increased search volumes. “Decentralized finance” and “defi” have experienced growth in 2023, and searches for “memecoin” peaked in early May. Nigeria currently leads in crypto-related searches, while South American countries show the lowest scores.

Continued rise of artificial intelligence

On the other hand, search interest for artificial intelligence continues to skyrocket, with many considering it the latest “tech fad.”