Cryptocurrencies have been making headlines in 2022, with the aggressive attack on the Federal Reserve and the implosion of crypto platforms such as FTX and Terra Network.
Which Cryptocurrencies were the Most Popular in 2022?
Market valuations for all cryptocurrencies have fallen 70% in the year-to-date, a huge capitulation by both investors and traders. This has led to a decline in demand, pushing internet searches for the keyword “buy cryptocurrency” to its lowest level since February 2020, according to Google Trends.
Despite this, a report from Accenture’s latest Global Consumer Payments 2022 report shows that there is still a lot of retail interest in crypto. Reasons respondents listed for investing in cryptocurrency included long-term investments (28%), curiosity (22%), and short-term speculation (21%), among other options.
A separate research report from DollarGeek provides an overview of the top cryptocurrencies based on US and global monthly searches.
Bitcoin is by Far the Most Searched Keyword on Google
Bitcoin (BTC) is the most searched cryptocurrency, with an average of 28.41 million monthly searches globally in 2022. Interest in it remains high, with venture capitalist Tim Draper believing that weaker coins will be relics in the ongoing crypto snow and that Bitcoin will benefit.
—Tim Draper (@TimDraper) December 16, 2022
BTC prices are down by almost 65% YTD, and analysts predict that they will fall further to $10,000. However, internet searches in the past 12 months suggest that most people are looking to purchase Bitcoin, not sell it, as most people have never owned it before.
Elon Musk’s Favorite Dogecoin Takes Second Place
Dogecoin (DOGE) was the runner-up with an average of 5.85 million monthly searches globally in 2022. The meme cryptocurrency was in the news, primarily because of Elon Musk’s Twitter teasing and the possibility of integrating DOGE payments for in-app payments. It also gained attention after being featured on Robinhood, a US-based, commission-free trading platform.
These events have caused temporary increases in internet search interest for Dogecoin, as demonstrated in the Google Trends chart below. For example, Musk’s potential purchase of Twitter in late October is also reflected in Dogecoin’s perfect score of 100.