New data from Google Trends indicates that the number of searches for “cryptocurrency” has significantly decreased, reaching its lowest point in 29 months. This can be attributed to the absence of notable fluctuations in both trading volumes and prices. In contrast to October 2021 when Bitcoin’s worth skyrocketed to nearly $69,000, the current market conditions may be discouraging potential investors.
Reason for this Lack of Interest
The decline in Google searches related to cryptocurrency can be attributed to the lack of any noteworthy price movements within the crypto market. Bitcoin, which is the largest cryptocurrency worldwide, has been trading within a limited range of $27,000 to $30,000 for several months. Other cryptocurrencies such as Ethereum and Dogecoin have also experienced stagnant prices and trading volumes.
Now I’m not the biggest fan of fractals, but this comparison of 2021 #Bitcoin price action to now is shockingly similar…
Down to even the smallest details of each high and low
If this fractal continues to play out, bullish continuation is just around the corner from here! pic.twitter.com/WBxcaWxnet
— CryptoCon (@CryptoCon_) June 5, 2023
The cryptocurrency market’s absence of noteworthy price fluctuations has led to a decrease in the excitement of retail investors. This is demonstrated by the latest Google Trends data, which reveals that the number of searches for the term “buy Bitcoin” has also dropped to its lowest level in more than 24 months.
But, although retail investors seem to have lost interest in the cryptocurrency market, institutional investors are compensating for it by making significant investments. Institutional investors poured a remarkable $98 million into cryptocurrency investment products in the week ending on June 4th.
The behavioral patterns shown by the retail investors on the internet often reflects their inclination to go along with the crowd and invest in popular assets that are currently experiencing a price surge. This trend was noticeable during the bull markets of 2017 and 2021, which witnessed a rise in the number of such investors.
However, the scenario has been quite the opposite in recent times. Despite Bitcoin’s value increasing by more than 50% since the start of the year, it has plummeted by over 60% from its peak of $69,000 in November 2021. As anticipated, there has been a decrease in overall interest in the asset and the industry as a whole.
Crypto Market Predictions
The unpredictability of the cryptocurrency market is widely known due to its high volatility and minimal regulation. Despite this, industry experts predict a robust compound annual growth rate (CAGR) of 31.3% for the global cryptocurrency market. By 2032, it is projected that the market will reach a value of US$46.2 billion. However, Statista’s forecast is even more optimistic, with expected revenue in the Cryptocurrencies market to hit US$56.19 billion by 2023.
