According to data from Google Traits, interest in cryptocurrency has plummeted to levels last seen in December 2020, taking serious damage. The data shows a current rating of 9 on May 25, mirroring the figures from November 2020, which was one of the lowest points of public interest in the cryptocurrency industry.
For reference, the month of May 2021 was a dynamic and even exciting moment for the cryptocurrency industry. Search interest reached its optimal high of 100, reflecting the soaring delight and frenetic activity experienced by the whole industry.
It was a time of unheard-of growth, with prices for Bitcoin and several different cryptocurrencies smashing all previous records. The promise of blockchain technologies was pervasive, luring both retail and institutional investors attracted by tales of significant advantages and the allure of non-fungible tokens (NFTs).
However, after November 2021, when the global search interest scaled 78, a slow fall began. This corresponds to the time when Bitcoin hit its reported high of almost $69,000.
The public’s interest in cryptocurrencies then started to decline, but there was a brief recovery in November 2022 after the collapse of the FTX exchange, when it reached a local peak of 19.
Let’s fast-forward to the present when Bitcoin is currently trading at $26,503, a significant 61.67% decline from its previous high. This price decline, which appears to be correlated with the decline in global search interest, paints a gloomy picture for the cryptocurrency industry, at least in the short term.