U.Today - As volatility and price dynamics of major cryptocurrencies demonstrate pale performance, another important indicator, Google (NASDAQ:GOOGL) Trends' activity, reaches multiyear lows for a number of crypto-related search requests.
Searches for Ethereum (ETH) dropped to November 2020 lows
The number of searches for the Ethereum (ETH) cryptocurrency tracked by the Google Trends instrument, plummeted to levels unseen since early November 2020. For the "DeFi" request, this indicator dropped below four-year lows, data shows.Image by As of the last seven days, the metric for "Ethereum" plunged to 8/100. The last time it was so low was in November 2020. This means that amid the hottest weeks of the crypto euphoria in 2021, internet users were searching for "Ethereum" 12x more often.
For "DeFi," this indicator is sitting at 26/100, but it has not been so low since mid-July 2019.
Local low for "Bitcoin" search count was registered one month ago. For "crypto" and "cryptocurrency" requests, the are also as low as they were in October 2020.
GameFi-, NFT- and metaverse-related searches are also targeting multiyear lows.
As covered by U.Today previously, Glassnode analysts characterized sentiment on crypto markets as a "stage of extreme " on Aug. 14, 2023.
Ripple searches decline as well, what about XRP?
Cryptocurrency bulls should brace themselves for even more pain ahead, analyst Miles Deutscher shared in his recent X .Meanwhile, in the Ripple and XRP communities, the situation looks slightly different. For Ripple, the performance is even more dramatic. In Q1, 2023, Ripple-associated searches dropped to lows unseen since 2016 but then slightly recovered.
However, XRP looks almost 3x as popular as it was year ago. In September 2022, the activity of searches dropped to 6/100, while today it is about 17/100.
The better performance of Ripple and XRP's searches can be attributed to the interim legal in its lawsuit against the SEC.