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Data from Google Trends shows that retail investor interest in the crypto industry has been slowly waning in recent months.
The situation is quite similar when looking at specific assets such as Bitcoin (BTC) and Ethereum (ETH).
Crypto Searches on Google Plummet
Google searches typically reflect the behavior of retail investors, who follow the crowd and get involved in hot assets when their popularity and price are skyrocketing. The bull run of 2017 and 2021 are prime examples, as both periods saw a huge inflow of such investors.
However, the past several months have been quite the opposite. Although BTC is up more than 50% since the start of the year, it is down more than 60% from its November 2021 peak of $69,000. As somewhat expected, overall interest in the asset and the industry as a whole is waning.
This is evidenced by the decreasing Google searches for the words “crypto” and “cryptocurrency”. Both are nowhere near their 2021 highs. Inquiries for the crypto, in fact, have gradually dropped to their lowest level since the last week of 2020 – meaning they are at a 29-month low.
Looking at individual crypto assets such as BTC and ETH, it can be seen that both have also declined in popularity. Notably, Ethereum searches are at their lowest since the first week of December 2020.
low volume, stable prices
As mentioned above, Google queries increase amid increased price volatility. However, this will be difficult to achieve at the moment given the relatively low trading volume. As the graph below demonstrates, the current numbers are a far cry from the 2018 and 2020 peaks.
Despite an explosive start to the year, BTC has calmed down over the past few weeks and has failed to breach the $28,000 level. The $26,000 support has also acted as a shield against the bears’ attempts to push the cryptocurrency south.
Most large-cap alts have performed similarly. In fact, memecoins like PEPE were among the few recent gainers, but they were unable to contribute enough to increase overall crypto searches.
According to some reports, institutional investors have also been shying away from cryptocurrencies lately. However, analysts at CryptoQuant believe that this trend could change by the end of the year, which could trigger the start of a new cycle, specifically the bitcoin halving that is due in 2024.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Data from Google Trends shows that retail investor interest in the crypto industry has been slowly waning in recent months.
The situation is quite similar when looking at specific assets such as Bitcoin (BTC) and Ethereum (ETH).
Crypto Searches on Google Plummet
Google searches typically reflect the behavior of retail investors, who follow the crowd and get involved in hot assets when their popularity and price are skyrocketing. The bull run of 2017 and 2021 are prime examples, as both periods saw a huge inflow of such investors.
However, the past several months have been quite the opposite. Although BTC is up more than 50% since the start of the year, it is down more than 60% from its November 2021 peak of $69,000. As somewhat expected, overall interest in the asset and the industry as a whole is waning.
This is evidenced by the decreasing Google searches for the words “crypto” and “cryptocurrency”. Both are nowhere near their 2021 highs. Inquiries for the crypto, in fact, have gradually dropped to their lowest level since the last week of 2020 – meaning they are at a 29-month low.
Looking at individual crypto assets such as BTC and ETH, it can be seen that both have also declined in popularity. Notably, Ethereum searches are at their lowest since the first week of December 2020.
low volume, stable prices
As mentioned above, Google queries increase amid increased price volatility. However, this will be difficult to achieve at the moment given the relatively low trading volume. As the graph below demonstrates, the current numbers are a far cry from the 2018 and 2020 peaks.
Despite an explosive start to the year, BTC has calmed down over the past few weeks and has failed to breach the $28,000 level. The $26,000 support has also acted as a shield against the bears’ attempts to push the cryptocurrency south.
Most large-cap alts have performed similarly. In fact, memecoins like PEPE were among the few recent gainers, but they were unable to contribute enough to increase overall crypto searches.
According to some reports, institutional investors have also been shying away from cryptocurrencies lately. However, analysts at CryptoQuant believe that this trend could change by the end of the year, which could trigger the start of a new cycle, specifically the bitcoin halving that is due in 2024.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
