Interest in cryptocurrencies has seen a significant decline in recent months, as indicated by a decrease in online searches for terms like “crypto,” “Bitcoin,” and “Ethereum.” The current search score for “crypto” is 17, much lower than its peak score of 100 in May 2021.
This decline in search interest began around May 2022 and has remained consistently low since. The diminished interest coincided with notable events in the cryptocurrency space. One such event was the collapse of the Terra Luna ecosystem, which occurred about a month before the decline. This incident impacted the overall cryptocurrency market and likely contributed to the waning enthusiasm.
Another event that further affected interest was the collapse of the crypto exchange FTX, which occurred in early November. This event caused a small spike in search interest but did not reverse the overall downward trend.
These incidents likely eroded confidence and optimism in the cryptocurrency market, leading to a decrease in attention and search activity.
The decline in interest coincides with a period of Bitcoin’s stability, as it has maintained a steady price of around $28,000 for the past 10 weeks. Galaxy Digital CEO Mike Novogratz recently referred to this price action as “lackadaisical,” attributing it to the current absence of “institutional excitement.”
The absence of significant price fluctuations and the perception of reduced institutional interest may have dampened the overall enthusiasm and attention in the cryptocurrency space. It’s important to consider that various factors influence the cryptocurrency market, and the lack of institutional excitement is just one aspect affecting the current state of cryptocurrencies.
While interest in cryptocurrencies has generally declined, certain areas have seen increased attention. Search volumes for terms like “decentralized finance” (DeFi) and “defi” have risen in 2023. Additionally, searches for “memecoin” peaked in early May, indicating a surge in curiosity for these specific types of cryptocurrencies.
The trend is not spread equally throughout the world, as different regions seem to maintain different degrees of interest in crypto.
Nigeria currently leads in terms of the highest score for crypto-related searches, indicating a strong interest in cryptocurrencies within the country. On the other hand, several countries in South America have lower scores, suggesting relatively lower levels of interest in cryptocurrencies in those regions.