Due to a two-month lull in cryptocurrency optimism, online search interest for “crypto” and other common cryptocurrency queries has fallen to levels last seen in late 2020.
According to Google Trends data, the term “crypto” presently has a score of 17, far below its May 2021 reference point of 100. Bitcoin and Ethereum have experienced a similar decline.
Since May 2022, roughly a month after a significant portion of the Terra Luna ecosystem collapsed, however, there has been a relatively consistent decline in interest in these terms.
Early in November, when the cryptocurrency exchange FTX failed, there was a temporary increase in interest.
Search interest over time for the word “crypto” Source: Google Trends
Ten weeks ago, Galaxy Digital CEO Mike Novogratz characterized Bitcoin’s price action as “lackadaisical,” resulting from a lack of “institutional excitement right now.”
The decline in interest results from Bitcoin’s price stability of around $28,000.
Guy Turner, also known as “Coin Bureau Guy,” stated in a June 4 tweet that the decline in interest coincides with a 32-month low in trading volumes on exchanges.
Alternative’s Crypto Fear & Greed Index reveals a similar trend, with market sentiment hovering around 53 (the “neutral” zone) for nearly a month.
Fear & Greed Index measuring changes in sentiment in the crypto market. Source: Alternative.me
However, interest has not diminished in every area of crypto.
The volume of searches for “decentralized finance” and “DeFi” has increased in 2023, whereas searches for “memecoin” peaked in early May.
Nigeria presently has the highest score for crypto-related searches, while many South American countries have the lowest scores.
On the other hand, search interest in artificial intelligence continues to surge, which many consider the most recent “tech fad.”
Lucy Jane 
