Benzinga - Although Bitcoin (CRYPTO: BTC) has rebounded strongly in 2023, by over 40%, the general interest in the cryptocurrency sector has dwindled significantly compared to the last two years.
What Happened: Global search interest in the term "Bitcoin" has reached its lowest level since 2021, with Google Trends data indicating a sharp decline from the peak in May 2021, which recorded a score of 100, to a meager score of 18 at the time of writing.
The scale of the decline emphasizes the industry’s challenges amid the decreasing cryptocurrency prices in 2022. While there were brief spikes of interest in the sector during the year, the overall trend confirms its struggles.
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Why It Matters: The first drop was in May 2022 when the Terra ecosystem collapsed, followed by a series of bankruptcies in June, including lending firm Celsius. Interest increased again in November 2022 when FTX imploded. In November 2022, the interest was at 32.
Google Trends assigns scores to indicate the relative popularity of a search term over a period of time; these scores range from 0 to 100. A score of 100 represents the highest level of interest and popularity, while a score of 0 indicates that there is not enough search for the term.
Price Action: At the time of writing, BTC was trading at $26,733.85, down 2.76% in the last 24 hours, according to Benzinga Pro.
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