From the Digifinex blog.
Cryptocurrency Hype Cools Down
A two-month-long lull in cryptocurrency optimism has seen online search interest for “crypto” and other common cryptocurrency terms stumble down to late 2020 levels.
Analysis of Google Trends Data
According to data from Google Trends, the term “crypto” currently has a score of 17, far below its reference point of 100 in May 2021. The trajectories for Bitcoin BTC and Ethereum have followed a similar downward trend.
Since the Collapse of the Terra Luna Ecosystem
However, the search interest for these terms has been in a relatively consistent decline since May 2022, about a month after a large part of the Terra Luna ecosystem collapsed. A small spike in interest came in early November when the crypto exchange FTX collapsed.
（Image via Google Trends）
Interest Drop Caused by Stable Bitcoin Price
Bitcoin has now held steady at around $28,000 for 10 weeks now – a price action recently described as “lackadaisical” by Galaxy Digital CEO Mike Novogratz, attributing it to a lack of “institutional excitement right now.“
Coin Bureau Guy’s Perspective
Guy Turner, widely known as “Coin Bureau Guy,” suggested in a Twitter post on June 4 that the fall in interest also coincides with lower trading volumes on exchanges, which he claims have reached a 32-month low last month:
（Image via Twitter）
Data from the Alternative Crypto Fear & Greed Index
Alternative’s Crypto Fear & Greed Index also tells a similar story, with market sentiment hovering around its current score of 53 – in the “Neutral” zone – for nearly a month now.
（Image via Alternative.me）
Interest Has Not Dipped in Every Crypto Domain
However, interest hasn’t dipped in every domain of crypto. Search volumes for “decentralized finance” and “defi” have managed to increase in 2023, while searches for “memecoin” reached a peak in early May.
Geographical Distribution of Crypto-Related Searches
Currently, Nigeria holds the highest score for most crypto-related searches, while many of the lowest scores come from South American countries.
Skyrocketing Interest in Artificial Intelligence
On the other hand, search interest for artificial intelligence continues to skyrocket, which many believe is the latest “tech fad.”
Keywords: Crypto winter, Google Trends, Bitcoin, Ethereum, Terra Luna Ecosystem, Galaxy Digital, Alternative’s Crypto Fear & Greed Index, Decentralized finance, Defi, Memecoin, Artificial Intelligence
This article came directly from the Digifinex blog, found on https://blog.digifinex.com/2023/06/07/google-searches-for-crypto-fall-to-2020-levels-as-btc-sentiment-neutralizes/