In a noticeable shift, online search interest for “crypto” and other common cryptocurrency terms has recently declined to levels not seen since late 2020.
Google Trends data reveals that the search term “crypto” currently holds a score of 17, significantly lower than its peak of 100 in May 2021. This downward trajectory has also been observed for Bitcoin (BTC) and Ethereum.
The decline in search interest can be traced back to May 2022, roughly a month after the Terra Luna ecosystem faced a significant setback. A brief surge in interest occurred in early November, coinciding with the collapse of the crypto exchange FTX.
This diminished interest coincides with Bitcoin’s stagnant price, which has remained around $28,000 for a consecutive 10-week period. Mike Novogratz, CEO of Galaxy Digital, attributes this lack of price movement to the current absence of institutional excitement in the crypto space.
Coin Bureau Guy, also known as Guy Turner, suggests that the decrease in interest aligns with reduced trading volumes on exchanges, reaching a 32-month low in the previous month.
Corroborating this trend, the Crypto Fear & Greed Index indicates a neutral market sentiment, hovering around a score of 53 for nearly a month.
Interestingly, search volumes for “decentralized finance” and “defi” have seen an increase in 2023, while searches for “memecoin” peaked in early May.
Nigeria emerges as the country with the highest crypto-related search volume, while several South American countries exhibit the lowest scores.
In contrast, search interest in artificial intelligence continues to soar, with many considering it the latest technology trend.