Google Searches for Crypto Down to 29-Month Low Amid Stagnant Prices and Trading Volumes

Data from Google Trends shows that retail investor interest in the cryptocurrency industry has been gradually declining in recent months.

The situation is quite similar when looking at certain assets, such as Bitcoin (BTC) and Ethereum (ETH).

Encrypted searches on Google Plummet

Google searches typically display the behavior of retail investors, who tend to follow the crowd and take part in hot assets when their popularity and price are booming. The bulls of 2017 and 2021 are prime examples, as both periods saw significant inflows from these investors.

However, the past several months have been quite the opposite. Although BTC is up more than 50% since the beginning of the year, it is down more than 60% from its November 2021 peak of $69,000. Somewhat predictably, public interest in the asset and the entire industry is waning.

This is evidenced by the drop in Google searches for the words “crypto” and “cryptocurrency”. Both are nowhere near their 2021 highs. In fact, cryptocurrency search queries have gradually fallen to their lowest levels since the last week of 2020 – meaning they fell to their lowest level in 29 months.

By looking at individual crypto assets, such as BTC and ETH, one can notice that both have declined in popularity as well. Searches for Ethereum, in particular, fell to their lowest level since the first week of December 2020.

Low volumes and stagnant prices

As mentioned earlier, Google queries tend to rise amid increasing price volatility. However, this will be difficult to achieve at the moment, given the relatively low trading volumes. As the graph below shows, the current numbers are far from the peaks of 2018 and 2020.

Despite an explosive start to the year, Bitcoin has calmed down over the past several weeks and failed to break above the $28,000 level. Support at $26,000 acted as a shield against bears’ attempts to push the cryptocurrency south.

Most of the larger cover replacement panels performed similarly. In fact, some of the recent gainers have included some memcoins, such as PEPE, but they have not been able to contribute enough to increase searches for cryptocurrencies in general.

According to some reports, institutional investors have also been turning away from cryptocurrencies recently. However, analysts from CryptoQuant believe that this trend could change by the end of the year, which could lead to the start of a new cycle, especially with the Bitcoin halving set to occur in 2024.