The global Google search traffic for the organic term “cryptocurrency” is at the lowest point in five years, reflecting a shift in user sentiment. Even though prices of top crypto assets, including Bitcoin, are way above 2018 lows at spot rates, market participants appear apprehensive as interest fizzles.
Interest In Bitcoin, Ethereum, And Cryptocurrency Falling
Typically, crypto users closely monitor sentiment indicators, including Google Trends data, to gauge overall interest. Analyzing search data can provide valuable insights into how the broader audience perceives and interacts with digital assets. Rapid changes in search trends, as is currently the case, can signal changes in sentiment, which often directly impact supply and demand market forces.
Amid this development, searches for “Bitcoin”, the world’s largest coin by market cap, have notably held its ground, maintaining levels above those seen in 2019 and 2020, possibly due to its established reputation and recognition. Conversely, those about “Ethereum”, while still above its 2019 levels, are dipping, with searches in August 2023 at the lowest point in nearly three years. Interestingly, Ethereum is the second world’s largest crypto by market cap and the pioneer in smart contracts, dominating decentralized finance (DeFi) and non-fungible tokens (NFTs)…
