A two-month-long stagnance in cryptocurrency optimism has seen the online interest for crypto and other associated terms stumble down to 2020 levels. According to data that was received from Google Trends, the term currently has a score of 17, which is pretty well off from its reference point of 100 in May 2021. Bitcoin and Ethereum have also gone through a similar downward trajectory. However, the search for such terms has been going down constantly since May 2022- just a month after a large part of the entire Terra Luna ecosystem collapsed. A small spike in interest came up in early November, when FTX, the crypto exchange collapsed.
Google Search For Cryptocurrencies Has Gone Down
The fall in interest in Google searches does come as Bitcoin has been holding quite steady at around $28,000 for 10 weeks now- with the price action that Mike Novogratz, the Galaxy Digital CEO described as entirely lackadaisical, and caused largely by a lack of institutional excitement. Guy Turner, who is usually referred to as the Coin Bureau Guy, suggested in a Twitter post on the 4th of June that the fall in the interest also coincided with the lowering of trading volumes on exchanges, which he claims to have reached a low of 32 months, the previous month.
But, Google’s interest in crypto hasn’t gone down for every domain though. The search volume for defi and decentralized finance has managed to see an increase in 2023, while the searches for memecoin did reach a major peak in early May. As it stands currently, Nigeria holds the highest score for most of the searches related to crypto, while most of the lowest scores come from the countries in South America. On the other hand, the search interest for AI has continued to skyrocket, which some believe is the latest tech fad.
