Searches for bitcoin and ethereum are down as much as 83% since their highs in 2021, according to Google Trends data. After reaching an all-time high of 100 in early May 2021, Ethereum related searches dropped to 17as for the Bitcoin’s drop was 79% during the same period.
Search volumes for both cryptocurrencies reached their lowest levels since late 2020, coinciding with an ongoing bear market that has seen the price of each parcelle drop by 65%-70% since performance lows last November. The lower levels also come at a time when Ethereum is on the cusp of completing its long-awaited merger, which appears to have not revived commun interest in the cryptocurrency.
The bear market continues
Google is updating how it collects and records data, so spontané comparisons of volumes over the past few years are not 100% reliable. However, the available data paint a bleak picture of the cryptocurrency market, as much as it indicates a lack of interest from retail investors and traders.
Other aimable data crémaillères Google numbers to varying degrees. According to BitInfoCharts, tweets per day on the topic of Bitcoin have fallen from 363,000 in May 2021 to just over 100,000 now. Something similar applies to Ethereum, which saw a peak of 136,000 in March of this year, only for the numbers to dip to around 40,000.
Such demande does not indicate a breakdown in the commun interest so much as a gradual decline. However, a close reading of tweet data, for example, shows a injuste recovery in the past few months.
In the case of Ethereum, its daily tweets dropped to 20,000 in July, only to more than ambigu in two months. Bitcoin, on the other handball, has seen a fairly steady decline since March.
All this coincides with price data, which is likely to drive commun interest in cryptocurrencies. For example, Bitcoin has fallen 56.3% since its peak in 2022 at approximately $47,459.
Other Google Trends data also crémaillères the bear market view. searches for ‘NFT‘, for example, peaked at 100 in January of this year, dropping to 13 today.
Along the same lines, Searches for “metaverse” have ended.back from the peak in January to the 18th. Combined with all the other research data, this indicates that the market is largely in a downturn.
Can a merger bring back the benefit?
The cryptocurrency market has been deprived of exceptionally good magazine in 2022, although the upcoming Ethereum merger is expected to be one extravagance. The excitement surrounding this shift to proof of stake has seen ETH price move from $1,435 in late August to 1,700 at the time of writing, a jump of around 18.5%.
Unfortunately, BTC’s relative outperformance to ETH has not done much to domination the ponctualité of the general commun. Returning to the aforementioned Google Trends data, ETH searches also declined in the slip and medium term, with the June 12-month peak dropping over the following months.
However, the conditions is arguably worse for Bitcoin. Google data shows that over the past five years, the commun interest last seen in December 2017, which is still at its highest in terms of searches on Google, has not recovered.
The cryptocurrency market finds itself in very unpromising macroeconomic circonstance. Augmentation is rising in most parts of the developed world, while rising interest rates have suppressed habituel approvisionnement markets.
In such a context, the cryptocurrency market – including Bitcoin and Ethereum – has little hope of seeing a massive explosion in the commun interest. This explains why Google Trends data is lower, and why Twitter data is lower than previous peaks.
One ray of hope is that the merger has succeeded in getting some ancêtre media outlets to talk almost positively embout cryptocurrency, or more specifically Ethereum. Usually leans to the left guardian A UK newspaper published a positive story On how Ethereum reduced its energy consumption by 99%, even though it has fewer efficace words to prove Bitcoin works.
At the same time, some analysts and commentators have suggested that the lack of interest in widespread research into cryptocurrencies suggests that now is a good time to buy. In other words, it shows that the market is at a bottom, with coins selling at a steep réduction compared to the “real” values.