Inspired by a Twitter thread by macro investor Raoul Pal, we list how much interest there still is in key crypto trends and coins. Is the hype all over now that prices have dropped a bit? Or is the interest of the public still going strong?
Google Trends provides insight into how the popularity of search terms develops over time, across multiple countries or languages. It is always about the relative search volume, where 100 is the maximum score. Google Trends is a measure of interest from the average investor.
You can see from Bitcoin's graph that the peak is not as high as in 2017 and that search volume has been declining a bit over the last year. But definitely no bear market numbers.
Ether is doing a little better than Bitcoin in terms of online interest. The trend is still clearly up.
The memecoin is struggling but search volume is still clearly higher than before the Elon Musk-induced hype.
Now let's look at broader search terms for the crypto industry. For starters, crypto.
It is clear that the trends are strongly upward since the summer of 2020. Although the biggest mania is over, the line is still moving in the right direction. Also, despite the recent dip, we are still higher than the 2017 peak.
The fierce peak of decentralized finance (defi) of early 2021 has not been met ever since but search volume has certainly not collapsed.
People barely searched for the term NFTs before 2021. In the fall of 2021, attention picked up and it peaked at the end of January 2022. Since then, a slight decline.
Crypto prices have not been doing very well lately and the fear of a bear market is palpable. However, what these search trends show is that the interest of the general public is less volatile than in 2017. Then there was a fierce spike in interest and also another sharp decline. For no major search term do we see such a drop in interest, except perhaps for Dogecoin.
As we do write frequently, it is important not to let price alone guide your investment decisions. There are several metrics on our dashboard that can help us. Google Trends is one of them.