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- The search term “crypto” currently holds a score of 17 on Google Trends.
- A brief surge in interest occurred in early November following the collapse of cryptocurrency exchange FTX.
Online interest in “crypto” and other common cryptocurrency-related keywords has fallen to levels last seen in late 2020, following a two-month period of waning enthusiasm. The term “crypto” currently registers a score of 17 on Google Trends, a significant decline from the peak reference point of 100 recorded in May 2021. Both Bitcoin and Ethereum have experienced sharp price declines during this period.
Since May 2022, approximately one month after the collapse of the Terra Luna ecosystem, interest in these search terms has shown a consistent downward trend. However, a temporary spike in interest was observed in early November coinciding with the failure of the FTX exchange.
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Diminished Investor Optimism
For the past 10 weeks, Bitcoin’s price has remained stagnant around $28,000, a pattern that many market experts have attributed to a lack of optimism. Guy Turner noted on Twitter on June 4 that declining trading volumes on exchanges, which he believes reached a 32-month low the previous month, are linked to this drop in interest.
Market sentiment has remained relatively stable at a level of 53, categorized as “Neutral,” for approximately a month, according to Alternative.me’s Crypto Fear & Greed Index. However, not all sectors within the cryptocurrency space have seen a decline in interest.
Searches for decentralized finance (DeFi) have increased throughout 2023, while interest in memecoins peaked during the first week of May. Currently, cryptocurrency-related searches rank highest in Nigeria and lowest in several South American countries. Meanwhile, there has been a steady rise in searches related to artificial intelligence, which many observers view as the next major long-term trend.
