David Edwards
As Bitcoin’s price dipped below $60,000 in early September, the enthusiasm that once surrounded the cryptocurrency has noticeably cooled, as evidenced by Google Trends data. On January 1, 2024, the search term “bitcoin” held a score of 57 out of 100 on Google Trends. Fast forward to September, and that score has dropped sharply to 32. A broader look at data from the past five years indicates that interest in Bitcoin through web searches has hit a lull.
Despite Bitcoin (BTC) continuing its trajectory within a bull market cycle, retail interest seems to be waning. Recent Google Trends data shows the term “bitcoin” with a worldwide year-to-date (YTD) score of 32 out of 100, a 43.85% decline from the first week of 2024. Notably, during the week of March 3-9, when Bitcoin reached an all-time high of over $73,000, the search term scored a perfect 100.
Global Search Interest Trends
According to YTD Google Trends data, El Salvador ranks highest in interest for the term “bitcoin,” followed by Nigeria, Switzerland, Austria, and the Netherlands. While these YTD figures show some sustained interest, the five-year data paints a less optimistic picture. The last instance of peak interest, represented by a perfect score of 100, was recorded during the week of May 16-22, 2021. In contrast, for the week of March 3-9 this year, the score registered 51, but it has since fallen to just 16 in the first week of September.
Market Sentiment Shifts
The declining search interest, even as Bitcoin remains within a perceived bull market, signals a possible shift in market sentiment. While countries like El Salvador and Nigeria maintain robust interest, the overall decrease may suggest a maturing market or a need for new catalysts to reignite public enthusiasm. This reduction in attention could be a precursor to more subdued engagement from market participants, reflecting a period of adjustment as Bitcoin and the broader cryptocurrency market seek their next momentum drivers.
