June 7, 2023

Terms of Crypto, Bitcoin, Ethereum See Decline in Online Searches

Bitcoin Searches

Bitcoin Searches

Google Trends said the online search for the term “crypto” significantly dropped in May as it scored 17 in May, compared to its reference point of 100 in May 2021.

Data from Google Trends, as quoted by Cointelegraph, showed that Bitcoin and Ethereum also have the same downward trajectory. The data found that the downward trend started already in May 2022, a month after the collapse of the Terra Luna ecosystem.

The online searches for crypto witnessed a small increase in early November following the collapse of FTX cryptocurrency.

As for the downward trend for Bitcoin, this happened due to the steadiness of the Bitcoin price at around $28,000 for ten weeks now, a performance which was described as lackadaisical by Galaxy Digital CEO Mike Novogratz and caused low excitement among institutions.

Guy Turner, a crypto expert, attributed the decline in online searches to lower trading volumes on exchanges, which he claims to have reached a 32-month low last month, saying “crypto” search trends are at the lowest point they have been since December 2020.

In addition, according to Crypto Fear and Greed Index, the market sentiment’s current score is around, which is considered in the “Neutral” zone, for nearly a month now.

However, other domains related to crypto witnessed an increase in terms of their online searches, such as terms of decentralized finance and defi, this year as well as searches for “memecoin” which hiked in early May.

Nigeria currently leads the world’s countries in the highest score for most crypto-related searches, while many of the lowest scores come from South American countries.

Recent data showed that the global and United States search interest for AI has reached a fever pitch, recording a score of 89 on Google Trends, but it does not reach Bitcoin’s peak search interest of 100 in December 2017.

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