Another crucial indicator, Google Trends activity, hits multiyear lows for a number of crypto-related search inquiries as volatility and price dynamics of key cryptocurrencies exhibit poor performance.
Searches for Ethereum (ETH) dropped to November 2020 lows
The number of searches for the Ethereum (ETH) cryptocurrency fell to lows not seen since early November 2020, according to the Google Trends tracking tool. Data reveals that for the “DeFi” request, this indicator fell below four-year lows.
The “Ethereum” measure has fallen to 8/100 during the past seven days. It last fell to that level in November 2020. This indicates that during the hottest weeks of the 2021 cryptocurrency mania, internet users 12x more frequently searched for “Ethereum”.
This indicator is now at 26/100 for “DeFi,” however it has not been this low since mid-July 2019.
One month ago, the local low for “Bitcoin” search counts was set. The indications are also as low for inquiries for “crypto” and “cryptocurrency” as they were in October 2020.
Searches for NFT, metaverse, and GameFi are likewise aiming for multiyear lows.
As previously reported by U.Today, Glassnode experts described the attitude on the cryptocurrency markets as being in a “stage of extreme apathy and exhaustion” on August 14, 2023.
Ripple searches decline as well, what about XRP?
In his most recent X announcement, analyst Miles Deutscher warned cryptocurrency bulls to prepare for considerably more suffering.
The situation appears to be slightly different in the Ripple and XRP communities, though. The performance is considerably more dramatic for Ripple. Ripple-related searches reached record lows in Q1 2023 (not seen since 2016), before somewhat rebounding.
But XRP appears to be almost three times as popular as it was a year ago. While today’s search activity is around 17/100, it was just 6/100 in September 2022.
Due to Ripple’s temporary legal victory in its case against the SEC, searches for Ripple and XRP have performed better.
