A Dip in Enthusiasm
For the past couple of months, it seems like the cryptocurrency party has come to a grinding halt. Online search interest for terms like “crypto” is now wobbling at the same levels we saw back in late 2020. According to the all-knowing oracle we call Google Trends, the term “crypto” boasts a score of just 17—not exactly a raucous number compared to the euphoric 100 we witnessed back in May 2021. Ouch!
Falling Stars: Bitcoin and Ethereum
It’s not just the term “crypto” that’s been collecting dust—Bitcoin (BTC) and Ethereum (ETH) have been on a similar downhill journey. Their popularity began to wobble in May 2022, coinciding with the epic collapse of the Terra Luna ecosystem. There was a momentary spike in interest after the infamous FTX collapse, but that enthusiasm fizzled out quicker than a soda in the sun.
Market Sentiment: What’s the Vibe?
Galaxy Digital’s CEO Mike Novogratz has characterized the current idle state of Bitcoin, holding steady around $28,000 for a whopping 10 weeks, as “lackadaisical.” Sounds a lot like your buddy on the couch who’s less “let’s go out” and more “let’s just binge-watch another season.” Not to mention, trading volumes on exchanges have plummeted to a 32-month low, prompting Coin Bureau Guy to pop up in our feeds with a tweet highlighting the correlation between lack of excitement and low search trends.
A Glimmer of Hope in DeFi
But not all is doom and gloom in the crypto sphere! Interestingly, searches for “decentralized finance” and “DeFi” are seeing an uptick, like that one friend who swears they’re getting into yoga but has only taken one class. Memecoin searches also experienced a peak in early May, so maybe crypto isn’t dead yet—perhaps it’s just taking a very long nap.
The Global Interest Landscape
Globally, Nigeria is seemingly at the forefront of crypto searches—what are they onto that the rest of us are missing? Meanwhile, South American countries are lagging behind in search interest. Kind of like the last people to leave a party, right? Additionally, while crypto sentiment flirts with a neutral score of 53 on the Crypto Fear & Greed Index, artificial intelligence keeps climbing like a cat on a hot tin roof, indicating it might be the current tech darling.
