Interest in cryptocurrencies around the world has taken a significant hit, falling to levels not seen since December 2020, according to data Google Trends.
The data shows a current score of 9 as of May 25, echoing the numbers for 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 and even exciting time for the cryptocurrency industry. Search interest peaked at a perfect 100, reflecting the growing enthusiasm and frenetic activity within the industry.
It was a period of unprecedented growth, with Bitcoin and several altcoins reaching record prices. The air was thick with the promise of blockchain technologies, attracting both retail and institutional investors who were drawn by the stories of substantial profits and the allure of non-fungible tokens (NFTs).
However, a gradual decline was set after November 2021 when global search interest climbed 78. This aligns with the period when Bitcoin hit its all-time high of roughly $69,000.
Subsequently, interest in cryptocurrencies began to wane, despite a brief resurgence in November 2022, when the fall in the FTX The exchange caused a minor increase in public interest, reaching 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 decline in value appears to parallel a decline in global search interest, painting a sobering picture for the cryptocurrency industry, at least in the short term.
