5th June 2023 – (New York) Online search interest for “crypto” and other common cryptocurrency terms has fallen to late 2020 levels after a two-month-long lull in cryptocurrency optimism. According to Google Trends data, the term “crypto” currently has a score of 17, well off its reference point of 100 in May 2021. Bitcoin and Ethereum have followed a similar downward trajectory.
The fall in interest coincides with lower trading volumes on exchanges, which reached a 32-month low last month. Alternative’s Crypto Fear & Greed Index tells a similar story, with market sentiment hovering around its current score of 53, in the “Neutral” zone, for nearly a month now. Galaxy Digital CEO Mike Novogratz recently described Bitcoin’s price action as “lackadaisical” and caused by a lack of “institutional excitement right now.”
However, interest hasn’t dipped in every domain of crypto. Search volumes for “decentralised finance” and “defi” have managed to increase in 2023, while searches for “memecoin” reached a peak in early May. Nigeria currently holds the highest score for most crypto-related searches, while many of the lowest scores come from South American countries.
In contrast, search interest for artificial intelligence continues to skyrocket, with many believing it to be the latest “tech fad.” As cryptocurrency interest wanes, it remains to be seen whether it will regain its former levels or if it will continue to decline.