Google Searches for Bitcoin Hit Dec 2020 Level, Interest in NFTs Surpass DeFi Significantly and Matched Ethereum Briefly
Cryptocurrency prices are currently at a level they were only earlier this month.
Bitcoin is trading at $43,500, a level last seen only this Monday before the price tumbled as low as $39,500, last recorded in early August. The situation is the same for Ether and the total cryptocurrency market cap.
Top crypto assets are currently down 20% to 50% from their all-time highs earlier this year.
Despite the market not looking bad price-wise, Google Searches for the cryptos has fallen to around their lowest levels for this year.
Currently having a reading of 31, interest in the term ‘Bitcoin’ on Google Trends has fallen to December 2020 level. Interestingly, during that month, the price of Bitcoin went from about $19,000 to $29,000.
“Price like this when search volume at “lows,” not too shabby actually. if it reflates back, just how high will we go,” commented trader and popular Crypto Twitter (CT) personality DegenSpartan.
During January and mid-June, interest for Bitcoin remained between 50 to 100, and since then, it is keeping between 30 to 40. People are particularly interested in the leading cryptocurrency in Nigeria, Turkey, Austria, El Salvador, and Switzerland.
When it comes to Ethereum (ETH), it is following the same trend as Bitcoin (BTC), with interest in the second-largest cryptocurrency lower than that of Bitcoin, according to Google Trends. Meme coin ‘DOGE’ and ‘crypto’ are in the same boat.
Interest for Dogecoin (DOGE) peaked in the first half of May and is currently around February-March levels.
The latest mania in town, non-fungible tokens (NFTs), are also experiencing a drop in their popularity which topped in the first week of September. Still, Google Trends shows interest is around the level seen in March when the trend peaked the first time around.
NFTs actually surpassed decentralized finance (DeFi) in mid-February for the first time and since then has been leading the trend by a wide margin. DeFi only managed to peek above NFT briefly in June when the interest in NFTs dropped only to be revitalized even more strongly.
Google Search interest not only revealed that NFTs are generating much greater interest online than DeFi but also that in mid-March and end-August, they had nearly as much search interest as Ethereum, according to Delphi Digital.
As for DeFi, it gained interest in July only to continue to see subdued interest that it recorded between February and June.