Crypto Fever Cools: Global Interest Dips to 2020 Lows
The worldwide fascination with cryptocurrency has experienced a notable decline, reaching levels not seen since December 2020, as indicated by data obtained from Google Trends.
The data reveals a score of 9 on May 25, resembling the figures observed in November 2020, a period characterized by minimal public involvement in the crypto sphere.
To provide some perspective, May 2021 was an exhilarating time for the cryptocurrency sector. Search interest reached its pinnacle at a perfect 100, mirroring the surge of excitement and frenzied activity within the industry.
This phase witnessed unprecedented growth, with Bitcoin and various alternative coins achieving record-breaking prices. The air was filled with the potential of blockchain technologies, attracting both individual and institutional investors enticed by tales of substantial profits and the allure of non-fungible tokens (NFTs).
Nevertheless, a gradual decline commenced after November 2021, coinciding with the global search interest dwindling to 78. This aligns with the period when Bitcoin reached its peak value of around $69,000.
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Subsequently, interest in cryptocurrencies began to wane, except for a brief resurgence in November 2022, triggered by the downfall of the FTX exchange, which sparked a minor spike in public interest, reaching a local peak of 19.
Fast forward to the present, Bitcoin is currently being traded at $26,503, representing a significant 61.67% decline from its highest point. This reduction in value seems to correspond with the decreased global search interest, presenting a somber outlook for the cryptocurrency industry, at least in the immediate future.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
