According to data from Google Trends, the number of searches for Bitcoin and Ethereum has fallen by 83% since the peak in 2021. After reaching a record high of 100 in early May 2021, searches related to Ethereum fell to 17, while the decline for Bitcoin in the same period was 79%.
Search volumes for both cryptocurrencies are at their lowest levels since late 2020, coinciding with the bear market that has seen the price of each fall by 65% to 70% from last November’s record highs. These low levels also come as Ethereum is about to launch the merger, an event that doesn’t seem to have sparked public interest in cryptocurrencies yet.
Continuation of the bear market
Google is updating the way it collects and records data, so direct volume comparisons from past years aren’t 100% reliable. Nevertheless, the available data paints a bleak picture of the market, as it points to a lack of interest from retail investors and investors.
Other data supports Google’s numbers to varying degrees. According to BitInfoCharts, the number of tweets per day about Bitcoin has risen from 363,000 in May 2021 to just over 100,000 today. The same goes for Ethereum, which peaked at 136,000 in March this year before falling back to around 40,000.
This information indicates not so much a collapse of the public interest as a gradual decline. That said, a closer look at the data on tweets, for example, shows a partial recovery in recent months.
In the case of Ethereum, the number of tweets per day dropped to 20,000 in July, before more than doubling in a few months. Bitcoin, for its part, has seen a more or less continuous decline since March.
These numbers coincide with the price data, which is likely to fuel public interest in cryptocurrencies. For example, Bitcoin is down 56.3% from its 2022 peak, which was around $47,459.
This trend can be seen in other sectors: for example, searches for “NFTs” peaked at 100 in January this year and fell to 13 today.
The number of searches for “metaverse” also declined from a January 18 peak. Together with all the other search data, this suggests that the market is in a bear cycle.
Could the merger revive public interest?
The market is devoid of exceptionally good news in 2022, although the upcoming Ethereum merger should be an exception. The excitement surrounding this move to proof of stake caused the price of ETH to surge from $1,435 in late August to $1,700 at the time of writing, a jump of about 18.5%.
Unfortunately, ETH’s relative outperformance against BTC has done little to grab the attention of the mainstream. Going back to the aforementioned Google Trends data, searches for ETH also declined in the short to medium term, with 12-month highs declining in subsequent months in June.
However, the situation is arguably worse for Bitcoin. Google’s data shows that it has not regained the public spotlight from December 2017 in the past five years, which still represents its all-time high in the search engine.
The market is in very unpromising macroeconomic conditions. Inflation is high in much of the developed world, while rising interest rates have also dampened global equity markets.
In such a context, the crypto market has little hope of a massive revival of public interest. This explains why the Google Trends data is so low and why the Twitter data is lower than previous peaks.
However, the merger managed to get some mainstream media outlets to paint the crypto sector in a semi-positive way, most notably Ethereum. The normally left-wing British newspaper The Guardian published a positive article about how Ethereum will reduce its power consumption by 99%.
At the same time, some analysts and commentators have suggested that this widespread lack of interest indicates that now is a good time to buy. In other words, it shows that the market is bottoming out, with coins selling at a steep discount to their “true” value.
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