Crypto Interest Plunges to Near Five-Year Low


The search term “cryptocurrency” is at its lowest point in five years according to Google’s global search traffic. This shift in user sentiment is not reflected in the prices of major crypto assets, such as Bitcoin, which are far above 2018 lows. Market participants seem to be apprehensive, as enthusiasm for digital assets is fading.

Interest In Bitcoin, Ethereum, And Cryptocurrency Falling

Crypto users often track sentiment indicators, including Google Trends data, to gauge overall interest in the market. This data is useful to understand how the general public perceives and interacts with digital assets. Sudden changes in search trends, as is currently the case, can signal changes in sentiment, which often directly impact supply and demand.

Searches for “Bitcoin” are still higher than in 2019 and 2020, likely due to its established reputation and recognition. Ethereum searches, while higher than in 2019, are currently at their lowest point in almost three years. Ethereum is the world’s second largest cryptocurrency by market cap and a pioneer in smart contracts.

Blame Crypto Winter And Maturing Market?

The decline in search traffic coincides with the end of the last bull cycle, when most users were driven by speculation and greed. Google Trends data shows that searches for “cryptocurrency” spiked in 2020 before peaking in late 2021. During this time, the price of Bitcoin rose from less than $8,000 to $69,000 in late November.

Since then, crypto prices have cooled off and searches have dropped to their lowest levels in almost five years. This could be attributed to the crypto market maturing and the introduction of regulatory frameworks.

The United States Securities and Exchange Commission (SEC) has recently been taking action against entities violating regulations, heavily penalizing protocols and founders. On the other hand, analysts expect the regulator to possibly approve the first spot Bitcoin exchange-traded fund (ETF) in the coming months. If this happens, organic searches for Bitcoin and cryptocurrency could rise, potentially supporting prices.

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