Decline in "Crypto" Google Searches Reflects Neutral Sentiment toward Crypto

The recent plateau in cryptocurrency enthusiasm has led to a decline in online search volumes for "crypto" and other related terms.

Google Trends data indicates that the term "crypto" currently stands at a score of 18, a significant drop from its May 2021 peak of 100. Similar downward trends are observed for Bitcoin (BTC) and Ethereum (ETH).

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The last time the "crypto" search results globally were rather high was in May 2022, which can be linked to the collapse of the Terra Luna ecosystem. 

A brief surge was noted in the middle of June and early November, coinciding with the collapse of the cryptocurrency exchange FTX.

This waning interest aligns with Bitcoin's stable positioning around the $28,000 mark for the past ten weeks. It is worth noting that since March 18th, the price of BTC hasn't fallen below $25,000.

In a June 4th tweet, Guy Turner, also known as "Coin Bureau Guy," pointed out that this slump in interest correlates with a drop in trading volumes on crypto exchanges, which he reported as a 32-month low.

On top of that, the Crypto Fear & Greed Index corroborates this narrative, with market sentiment consistently hovering around the "Neutral" zone for the past month. At the time of writing, on June 5th, the index showed 53.

However, it's not all downhill for crypto interest. Search volumes for terms like "decentralized finance" and "defi" have managed to surge in 2023, while the "memecoin" witnessed a spike in early May.

According to Google Trends, at the time of writing, the "defi" search holds a score of 33, while "memecoins" have a score of 25.

Despite a lack of heightened excitement for cryptocurrencies, the rising interest in decentralized finance and memecoins indicates that enthusiasm and curiosity within the crypto domain are far from extinguished.