HomeCryptocurrencyInterest in Crypto Down 70% Signalling Bear Market

Interest in Crypto Down 70% Signalling Bear Market

Last updated 16th Feb 2023

Cryptocurrencies have entered the mainstream with Bitcoin hitting new all-time highs and Dogecoin being featured on prime time television alongside Elon Musk.

In many ways, awareness of crypto has never been higher especially as memecoins have gone viral on social media and crypto-related adverts have skyrocketed on different platforms.

However, these positive developments for the crypto industry have not prevented prices from falling in recent months as uncertainty over inflation and the Russia-Ukraine crisis continue to grip the markets.

We at the Bankless Times decided to look deeper to see the extent to which “interest” in crypto has fallen.

Here’s what we found.

Interest in Leading Crypto “Bitcoin” Down 75%

According to Google Trends, interest in “Bitcoin” has fallen by 75% since its peak in May 2021.

This was around the time when China announced a crackdown on Bitcoin mining and Elon Musk began voicing his concerns about the environmental impact of Bitcoin.

Notably, the price of BTC marked a bottom for the year shortly after and then went on to hit new all-time highs in the months that followed.

This means that interest in Bitcoin was highest directly after it marked a new all-time high and then started selling off due to the events at the time.

Interest in the coin has not been able to match up to its previous highs despite rallying higher in the following months.

Since the peak in November, the price of Bitcoin has continued to slide lower in line with the wider global markets.

Interest in “Crypto” Down 74%

Bitcoin is not the only cryptocurrency that is down in recent weeks.

In fact, the whole industry has witnessed significant selling pressure since the November highs, bringing prices back down to levels last seen in the May crash.

Similar to Bitcoin, interest in “crypto” has declined by 74% since the peak in May 2021.

A second, but lower peak, can be seen in November 2021 which is around the time when markets formed a top for the year.

Interest in “NFT” is down 73%

Despite a monumental two years for NFTs, interest in the nascent technology has fallen significantly since January when a peak was formed.

Our previous research showed that daily NFT volume is down more than 70% and so is the case for revenue generated by the top marketplace, OpenSea.

Unsurprisingly, interest in NFTs has fallen in line with these other metrics, now down 73% according to Google Trends.

Unless market conditions improve, this downward trend is likely to continue.

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.