Google Trends: Global search for cryptocurrency declines as crypto market recovers

LAGOS (CoinChapter.com) — The global cryptocurrency market has soared back above $2 trillion on Tuesday, indicating a significant recovery after its recent crash.

However, this recovery seems not to be having the desired impact on consumers as data from Google Trends revealed that searches for the term “cryptocurrency” remain significantly low this week.

In detail, the total cryptocurrency trading volume in the last 24 hours is at $127 billion, data from Coingecko revealed. The total crypto market cap moved up from a low of $1.8 trillion on March 10 to over $2 trillion, as of the time of writing.

The rise of the entire cryptocurrency market has been credited to the immense growth of several tokens recently.

The price of Bitcoin (BTC) climbed back above $47,000 on Tuesday morning. The world’s leading cryptocurrency hit an intraday high of $47,600 earlier today. Quite impressively, BTC is also 11.5% high in the past seven days, making it one of the best performing cryptocurrencies this week.

Ethereum (ETH) also boosted the entire crypto market, as the price of the asset soared above $3,700 for the first time in March. Similarly, Solana (SOL) and Avalanche (AVAX) also rallied by 0.8 percent and 3.2 percent respectively.

On the other hand, Cardano (ADA) was up by 9% today and 25% over the week span. While Terra (LUNA) also rallied significantly to set new all-time highs of over $105.91, according to Coingecko.

Leading stablecoin Tether USDT went up by 0.02 percent. While the USDC stablecoin rose by 0.09 percent, which is a significant uptrend when it comes to stablecoins.

Interest In Cryptocurrency Has Dropped —Google Trends

Despite the significant growth recorded by cryptocurrencies, interest has however dropped considerably in March 2022.

Data from Google Trends indicated that global interest in cryptocurrencies has plummeted in 2022. Search for the term ‘cryptocurrencies’ last peaked at 100 in May 2021.

Google Trends uses numbers to represent search interest with ‘100’ as the peak popularity for the specific term. Also, it is worth noting that high interest doesn’t necessarily imply an increase in digital assets price or rise in actual buying.

Relatively, data from Google Trends also indicated that the search for the keyword “Bitcoin” also dropped from 39 on February 26 to 26 this week. On the other hand, the search interest for ‘Ethereum’ also plunged to 6 this week.