Online interest in cryptocurrencies, as reflected by Google search data, has experienced a significant decline, dropping to levels last seen in late 2020. According to Google Trends, the search term “crypto” currently has a score of 17, a sharp contrast to its peak score of 100 in May 2021. This downward trend is not limited to the general term “crypto” but also applies to specific cryptocurrencies like Bitcoin (BTC) and Ethereum.
The decline in search interest has been ongoing since May 2022, approximately a month after the collapse of much of the Terra Luna ecosystem. Although there was a slight increase in interest in early November following the collapse of the crypto exchange FTX, overall enthusiasm has waned. The prolonged stability of Bitcoin’s price of around $28,000 over the past ten weeks, as noted by Galaxy Digital CEO Mike Novogratz, has contributed to the lack of institutional excitement in the market.
Lower Trading Volumes and Neutral Sentiment Contribute to Reduced Interest
Guy Turner, popularly known as “Coin Bureau Guy,” suggests that the decline in search interest aligns with decreasing trading volumes on exchanges, which reportedly reached a 32-month low last month. Furthermore, the Crypto Fear & Greed Index, a gauge of market sentiment, has hovered around a neutral score of 53 for almost a month. This lack of decisive positive or negative sentiment adds to the overall subdued interest in cryptocurrencies.
However, not all areas within the crypto domain have experienced a dip in interest. Searches for terms like “decentralized finance” (DeFi) have seen an increase in 2023, indicating ongoing interest and exploration in this particular sector. Additionally, searches for “meme-coin” reached a peak in early May, suggesting a temporary fascination with these types of digital assets. Interestingly, Nigeria currently ranks highest in terms of crypto-related searches, while several South American countries exhibit the lowest search scores.
Artificial Intelligence Continues to Surge as the Latest Tech Trend
While the interest in cryptocurrencies dwindles, the search interest in artificial intelligence (AI) continues to soar. Many observers believe that AI has become the latest “tech fad” captivating public attention. With various advancements and applications in AI, including machine learning and automation, the technology continues to attract widespread interest from individuals and businesses alike.
As AI holds the potential to revolutionize various industries, its popularity reflects a growing fascination with the transformative power of intelligent systems. Artificial intelligence (AI) is experiencing an unprecedented surge as the reigning tech trend, even as interest in cryptocurrencies wanes. Regarded by many as the latest “tech fad” captivating public attention, AI’s momentum shows no signs of slowing down.
With its remarkable advancements and versatile applications in areas like machine learning and automation, AI continues to enthrall individuals and businesses alike. The growing fascination with AI stems from its potential to revolutionize numerous industries, reflecting a widespread recognition of the transformative power inherent in intelligent systems. The AI revolution is undoubtedly here to stay.
Conclusion
The decline in online interest in cryptocurrencies, as evidenced by Google search data, suggests a significant decrease in enthusiasm for digital assets. Factors such as stagnant market performance, low trading volumes, and neutral market sentiment have contributed to this diminished interest. Conversely, the rising interest in decentralized finance and the continued surge in artificial intelligence searches indicate a shifting landscape of technological and financial priorities among online users
Source: https://www.cryptopolitan.com/crypto-searches-plummet-amidst-neutral-btc/