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A two-month lull in cryptocurrency optimism has seen interest in internet searches for “crypto” and other common crypto terms drop to late 2020 levels.
According to Google Trends, the term “cryptocurrency” currently has a score of 17, well below the milestone of 100 in May 2021. Bitcoin (BTC) and Ethereum are following a similar downward trajectory.
However, search interest in these terms has been on a relatively constant decline since May 2022, about a month after much of Terra Luna’s ecosystem collapsed. A small surge of interest occurred in early November when the FTX cryptocurrency exchange collapsed.
The drop in interest comes as Bitcoin (BTC) has been holding steady around $28,000 for 10 weeks – something Galaxy Digital CEO Mike Novogratz recently called “sluggish” due to a lack of “institutional enthusiasm right now.”
Guy Turner, commonly known as “The Mint Guy”, suggested in a June 4 tweet that the drop in interest also coincides with lower trading volumes on the exchanges, which he claims hit a 32-month low last month:
“Crypto” search trends are at the lowest point they have been since December 2020.
This also corresponds to exchange volumes which were at 32 month lows this past May.
— Coin Bureau (@coinbureau) June 4, 2023
Cryptocurrency Fear and Greed Index Alternative also tells a similar story: market sentiment has been hovering around the current value of 53 – in the “neutral” zone – for almost a month now.
However, interest has not fallen in all areas of cryptocurrency.
Search volumes for “decentralized finance” and “defi” increased in 2023, and searches for “memcoin” peaked in early May.
Related: Institutions ‘Extremely Interested’ In Crypto ETFs, But Buying Has Cooled Down: Poll
Nigeria currently has the highest score for most crypto-related queries, while many of the lowest scores come from South American countries.
On the other hand, search interest in artificial intelligence continues to skyrocket in what many consider to be the latest “tech craze”.