Online enthusiasm for cryptocurrencies has recently experienced a significant decline, with the interest scale dipping to a low of 17 out of 100 from its zenith in May 2021.
The Lull in Crypto Optimism: A Downward Spiral?
Over the past two months, an evident stagnation in cryptocurrency optimism has been observed. Online searches for “crypto” and other prevalent cryptocurrency-related keywords have plummeted, hitting a low not seen since the latter part of 2020.
Current data from Google Trends demonstrates that “crypto” is substantially lagging, registering a mere score of 17 against its former pinnacle of 100 in May 2021. Accompanying this fall, Bitcoin and Ethereum have also traced a parallel declining path.
Cryptocurrency Trends: A Year in Review
Despite this, the dwindling interest in these terms has been more or less steady since May 2022, approximately a month following the notable collapse of a significant portion of the Terra Luna ecosystem. This downward trend was briefly interrupted by a minor resurgence of interest in early November following the shocking collapse of the prominent cryptocurrency exchange, FTX.
This downturn in interest transpires alongside Bitcoin’s stagnation of around $28,000 for the past ten weeks. The uninspiring price movement was recently referred to as “lackadaisical” by Galaxy Digital CEO Mike Novogratz, attributing it to a current shortfall of “institutional excitement.”
In a recent tweet on June 4, Guy Turner insinuated that the declining interest could be correlated to reduced trading volumes on exchanges. He alleges those metrics hit a 32-month low in the previous month.
The Crypto Fear & Greed Index mirrors the narrative, with market sentiment floating around its present score of 53 – categorized as the “Neutral” zone – for almost a month.
Bucking the Trend: Defi and Meme Coins
Search volumes for “decentralized finance” and “defi” have registered a surge in 2023, while searches for “memecoin” hit a peak in early May.
Nigeria currently claims the highest score for most crypto-related searches, with several of the lowest scores predominantly coming from South American countries.
Contrasting with the lull in cryptocurrency, search interest for artificial intelligence continues to ascend steadily. As a result, many observers believe that artificial intelligence is the latest “tech fad” capturing the online community’s attention.
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