Excitement surrounding cryptocurrencies has visibly cooled off
Interest in cryptocurrency worldwide has taken a significant hit, dipping to levels not observed since December 2020, according to data from Google Trends.
The data shows a current score of 9 on May 25, echoing the numbers of November 2020, a period that marked one of the lowest points of public engagement with the crypto world.
To provide some context, May 2021 was a vibrant, even thrilling time for the cryptocurrency industry. Search interest peaked at a perfect 100, mirroring the surging excitement and frenzied activity within the industry.
It was a period of unprecedented growth, with both Bitcoin and various altcoins reaching record-breaking prices. The air was thick with the promise of blockchain technologies, drawing in both retail and institutional investors who were drawn by tales of substantial gains and the allure of non-fungible tokens (NFTs).
However, a gradual decline set in post-November 2021 when the global search interest scaled 78. This aligns with the period when Bitcoin reached its record high of approximately $69,000.
Subsequently, interest in cryptocurrencies started dwindling, notwithstanding a brief resurgence in November 2022, when the downfall of the FTX exchange provoked a minor spike in the public interest, hitting a local peak of 19.
Fast forward to the present, Bitcoin is currently trading at $26,503, a significant 61.67% drop from its all-time high. This reduction in value appears to parallel the diminished global search interest, painting a sobering picture for the cryptocurrency industry, at least in the short term.