Crypto Search Trends Hit Multiyear Lows
Decline in Crypto Search Trends
Cryptocurrency search trends have plummeted, indicating a notable decline in interest. Major cryptocurrencies like Ethereum (ETH) have seen their search activity fall to levels last observed in November 2020, according to Google Trends. This drop signifies a stark decrease compared to the peak interest during the 2021 crypto euphoria.
Ethereum and DeFi Searches
Searches for Ethereum are at an 8 out of 100 on the Google Trends scale, a significant drop. During the height of 2021, searches were 12 times more frequent. Similarly, search interest in "DeFi" has fallen to its lowest since mid-July 2019, currently standing at 26 out of 100.
Bitcoin and Other Cryptocurrencies
"Bitcoin" searches reached a local low a month ago. Meanwhile, searches for "crypto" and "cryptocurrency" have also declined, reaching levels similar to those in October 2020. Additionally, interest in GameFi, NFTs, and the metaverse has decreased, hitting multiyear lows.
Ripple and XRP Trends
In contrast, Ripple and XRP have shown a slightly different trend. While Ripple searches dropped significantly in early 2023, they have since shown some recovery. XRP has seen a 3x increase in search activity compared to a year ago, potentially linked to developments in its legal battle with the SEC.
Market Sentiment
The overall sentiment in crypto markets is characterized as extremely low. Analysts suggest that cryptocurrency enthusiasts should be prepared for continued challenges. This decline in search interest underscores the current market sentiment and reflects broader trends affecting the digital asset landscape.
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