Google Trends: Crypto search interest in the summer slump?

Allow us: summer is finally here, the sun is shining, the air mattresses are inflated and the cocktail shaker is in constant use.

So it only seems logical that your own crypto portfolio might no longer play the first fiddle.

A corresponding picture is presumably also evident in the search interest for the common crypto terms. We ran a Google Trends analysis and came up with the following results.

Bitcoin flattened after one-year high

Looking at the chart of select crypto search terms over the past year, one can immediately see that Bitcoin (BTC) is far ahead despite the price slump.

The crypto market debacle may even have boosted search interest for the largest cryptocurrency by market cap.

After a spike in early May this year, Bitcoin hit a new one-year high in the week of June 12, 2022. You can read exactly what happened at that point in time in our roundup of the most important news.

Interest now appears to have flattened out a bit and is less than half the June peak for the week of July 17th.

NFTs on the decline

For the year as a whole, NFTs have reached a clear peak. At the beginning of the year, NFTs were among the most googled terms from the crypto scene.

In the meantime, however, the search interest for non-fungible tokens is moving downwards. Other studies have also found that the collective euphoria surrounding NFT projects has apparently calmed down.

Nevertheless, there are regional differences, which we have highlighted in this article: Who is still interested in NFTs?

Metaverse hype hardly recognizable

With a look at the diagram, it should also be noted that the metaverse has faded compared to the other areas in the crypto space. In August, September and October last year, the relative search interest for the term was less than 1.

With the announcement of the name change from Facebook to Meta, Mark Zuckerberg fueled interest in the term at the end of October 2021. However, there is currently a trend towards the south.

While the news from the companies that venture into the virtual parallel world is piling up more and more, it is probably only googled on a very small scale.

methodology

Google Trends data is not absolute numbers, but rather the ratio of specific search terms to the total number of searches.

The highest level of this ratio in a certain period of time is therefore 100. A value of 50 means, for example, that a search term was searched for only half as often in the respective week compared to the wedding.