Crypto searches fall to late 2020 levels: Google Trends
- Google search results for the term “crypto” have dipped to the lowest level since October 2022.
- The term “crypto” now has a score of 17, which is far below the benchmark of 100 in May 2021.
According to Google Trends, Google search results for the term “crypto” have dipped to late 2020 levels. This has been underlined by a lull in interest for cryptocurrency that lasted months.
The term “crypto” now has a score of 17, which is far below the benchmark of 100 in May 2021. Both Bitcoin and Ethereum have been on a downward trend.
Search interest for these terms, however, has been steadily declining since May 2022, around the same time when the Terra [LUNA] ecosystem collapsed. There was a brief surge in interest in early November 2022 when the crypto exchange FTX collapsed.
On 4 June, Guy Turner suggested in a Twitter post that the drop in interest also coincided with lower trading volumes on exchanges which, he claimed, reached a 32-month low last month.
The total amount of funds invested in the cryptocurrency market fell to 32-month lows in May.
May’s volume hits the lowest since October 2022
Data from The Block indicates that monthly exchange volume, which analyses spot market volume across all crypto exchanges, stood at $439.42 billion in May 2023, a 27% drop from $604.88 billion in April 2023.
Last month’s volume was at the lowest level since October 2020, at $222.7 billion. The largest crypto exchange, Binance, witnessed roughly $218 billion in monthly exchange volume in May, dropping nearly 26% from $293.83 billion in April.
However, interest has not waned in all areas of cryptocurrency. Search volumes for “decentralized finance” and “defi” have increased in 2023, while searches for “memecoin” reached a peak in early May.
For the past few weeks, Bitcoin [BTC] has been trading within a range of $26,000 and $30,000, as it grapples to reach its peak once again.