Google searches for ‘crypto’ fall to 2020 levels as BTC sentiment neutral

A two-month period of decreased enthusiasm for cryptocurrencies has resulted in a reduction of online search interest for terms such as “crypto” to levels seen in late 2020.

According to Google Trends, the score for the term “crypto” is currently 17, significantly lower than its peak of 100 in May 2021. Bitcoin (BTC) and Ethereum have experienced a similar decline.

Despite this, search queries for these terms have been gradually decreasing since May 2022, shortly after the Terra Luna system crumbled. A slight rise in interest was observed in early November when the FTX cryptocurrency exchange went down.

As Bitcoin has remained at approximately $28,000 for the past ten weeks, the decrease in interest has occurred. Mike Novogratz, CEO of Galaxy Digital, recently described the situation as “lackadaisical” and attributed it to the absence of “institutional enthusiasm currently”.

Guy Turner, more popularly known as “Coin Bureau Guy,” declared in a tweet on June 4 that the decrease in interest coincides with reduced trading activity on exchanges, which he asserted had dropped to a 32-month low in May.

Alternative’s Crypto Fear & Greed Index is also indicative, with the market sentiment remaining at its present score of 53 – in the “Neutral” area – for the last four weeks.

Interest has not declined in every area of cryptocurrency.

Search volumes for “decentralized finance” and “defi” have grown in 2023, while searches for “memecoin” peaked in early May.

A survey has found that institutions are still highly interested in crypto ETFs, though their buying activity has decreased.

Nigeria boasts the highest number of searches related to cryptocurrency, while South American countries generally have the lowest scores.

On the contrary, the demand for artificial intelligence has been rapidly increasing, and many consider this the newest “tech trend.”

Magazine: Holding onto cryptocurrencies during a crypto winter can be detrimental to hodlers’ mental health.