The interest in cryptocurrency and digital currency-related online searches has hit a dip, looking at the same levels as the last bear run.
Over the past month, searches for cryptocurrency terms including “crypto”, “Bitcoin” and “Ethereum” have seen a significant dip, dropping to ratings last seen in 2020. According to Google Trends, the search volume for the terms has seen a decline over the last year, with a large decline in the last month.
As noted by Coin Bureau, this also aligns with volume trends which have been declining too. It speaks to a position of potential “apathy” according to the crypto trader and advisor.
“Crypto” search trends are at the lowest point they have been since December 2020.
This also corresponds to exchange volumes which were at 32 month lows this past May.
Apathy? pic.twitter.com/UPOmhNGeDN
— Coin Bureau (@coinbureau) June 4, 2023
In November last year, the remarkable crash of the FTX crypto exchange saw a spike in search results in the industry. As the news ebbed, however, so did the search volume.
Locations where Bitcoin searches are highest
Currently, users in El Salvador are searching the most for cryptocurrency search terms. This is closely followed by Nigerian crypto interest. Brazilian users are also searching for Bitcoin and cryptocurrency, followed by Netherlands and Slovenia.
Bitcoin price action versus search interest
While there has been a consistent decline in search interest, the price of Bitcoin has held a steady value trading at around $28,000. Over the past two and half months, Bitcoin has been stable despite a lack of search interest. The Fear and Greed Index, which points to data regarding the market sentiment toward cryptocurrency, aligns with the market action too.
Over the last few weeks, the Index shows that the market sentiment has been “neutral”. These indicate that the interest in Bitcoin, from a buying and trading point, has not taken a decline too.