The spiked levels of enthusiasm surrounding crypto and other cryptocurrency-related terms have dropped to the levels seen in 2020. Based on the data from Google Analytics, it has come to light that the term ‘crypto’ has a score of 17, which is far from its reference point of 100 as seen in May 2021. At the same time, cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have followed similar footsteps toward a downward trajectory.
"Crypto" search trends are at the lowest point they have been since December 2020.
This also corresponds to exchange volumes which were at 32 month lows this past May.
Apathy? pic.twitter.com/UPOmhNGeDN
— Coin Bureau (@coinbureau) June 4, 2023
Furthermore, the overall search interest regarding crypto and other terms has been fading since May 2022, approximately a month after the abrupt collapse of the Terra ecosystem. However, a minor spike was witnessed not too long after the collapse of the FTX exchange. It is believed by the masses that the lack of interest results from Bitcoin (BTC) hovering around the $28K mark for up to 10 weeks now. At the same time, analysts consider this to be a result of the lack of institutional excitement.
Lackluster Performance of Cryptocurrencies
People believe that the lack of interest coincides with the lower trading volume on a number of cryptocurrency exchanges. At the same time, analysts suggest that current trading volumes signify a 32-month low, which they achieved just last month.
It is a fact that a series of recent mishaps in the crypto space have frightened investors as they continue to steer away from the concept of investing in cryptocurrencies. The increased sense of regulatory crackdowns is not doing anything good either as it continues to impose unnecessary pressure on both crypto firms and crypto traders.
The Crypto Fear and Greed Index Stays Neutral
As per latest data, the crypto Fear and Greed Index points fingers at a similar story as it highlights how the overall sentiment towards crypto remains neutral. Furthermore, the situation has been this way for a little over a month now. Despite the lack of interest surrounding crypto, it can be said that overall interest has not died down in all domains.
Bitcoin Fear and Greed Index is 53 — Neutral
Current price: $27,114 pic.twitter.com/cNt2OBpTav— Bitcoin Fear and Greed Index (@BitcoinFear) June 5, 2023
The overall search volumes for DeFi has increased dramatically in 2023, whereas searches for meme coin reached new heights during May this year. As of now, Nigeria holds the title of having the most searches regarding crypto, while the ones that are comparatively lower hail from several South American countries. Apart from these, searches regarding AI continue to increase rapidly.
