Crypto Google searches drop to 2020 levels as BTC sentiment stabilizes.
Online searches for “crypto” and other cryptocurrency-related terms have decreased to levels seen in late 2020 after a two-month-long decrease in cryptocurrency optimism. According to Google Trends data, the current score for “crypto” is 17, which is a significant decrease from its reference point of 100 in May 2021. Bitcoin (BTC) and Ethereum have also seen a similar decline in search interest. The decrease in interest has been relatively consistent since May 2022, which was around the time when much of the Terra Luna ecosystem collapsed. A small increase in interest occurred in early November when the crypto exchange FTX collapsed. The decrease in interest may be attributed to the lack of institutional excitement and lower trading volumes on exchanges, which reached a 32-month low last month, according to Coin Bureau Guy. However, interest in decentralized finance and “memecoin” searches have increased, while searches for artificial intelligence continue to skyrocket.
Despite the decrease in cryptocurrency-related searches, Nigeria has the highest score for most crypto-related searches, while South American countries have some of the lowest scores. Bitcoin has held steady at around $28,000 for the past 10 weeks, which has been described as “lackadaisical” by Galaxy Digital CEO Mike Novogratz. The market sentiment, according to Alternative’s Crypto Fear & Greed Index has been in the “Neutral” zone for nearly a month now, with a score of 53.
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