Google search for crypto has dropped at 29-month low in stagnating prices and commercial volumes

Google search for crypto has dropped at 29-month low in stagnating prices and commercial volumes

Data from Google Trends show that the interest of private investors in the cryptocurrency industry has gradually decreased in the past few months.

it is very similar if you look at certain assets such as Bitcoin (BTC) and Ethereum (ETH).

crypto searches on Google sink

Google search queries typically show the behavior of private investors who tend to follow the mass and to engage in demand for popular assets if their popularity and price are booming. The bull runs in 2017 and 2021 are parade examples, as there was a large influx of such investors in both periods.

In the past few months, however, the opposite has been the case. Although BTC has increased by over 50 % since the beginning of the year, it is more than 60 % below his maximum of $ 69,000 in November 2021. As expected, the general interest in the asset and the entire industry has decreased.

This becomes clear by the declining Google searches according to the words "crypto" and "cryptocurrency". Both are by no means at the highest levels of 2021. In fact, inquiries about crypto have gradually dropped to the lowest level since the last week of 2020-which means they have dropped to a 29-month low.

Google searches for crypto. Google trends

If you look at individual crypto assets such as BTC and ETH, you can see that both have also lost in popularity. Searches for Ethereum in particular have dropped to the lowest level since the first week of December 2020.

small quantities, stagnating prices

As mentioned above, Google inquiries tend to increase due to increased price volatility. In view of the relatively low trade volumes, this is currently difficult to achieve. As the graphic shows below, the current numbers are far from the top values ​​of 2018 and 2020.

Crypto trade volume. Bitcoinity.org

Despite the explosive beginning of the year, BTC has calmed down in the past few weeks and he has not succeeded in breaking the $ 28,000 mark. The support of $ 26,000 also acted as a protective shield against the attempts of the bears to push the cryptocurrency down.

Most old olds with larger market capitalization have developed similarly. In fact, some memoins like Pepe have been among the few winners recently, but they couldn't contribute enough to increase the crypto search inquiries as a whole.

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