As the global Google searches for Bitcoin are falling to their lowest level in a year, it seems that there is less retail interest in the primary cryptocurrency. However, NFT queries are continuing to rise, hitting a new record high in recent months.
BTC Google Searches on Decline
Google searches can often be a good indicator about the behavior and preferences of retail investors. This is especially true in the cryptocurrency industry. The price fluctuations of digital assets, especially bitcoin, are often reflected in the number of queries that users make to the largest search engine on the planet.
It does have its exceptions. The searches reached their highest level in May after the asset peaked at $65,000. This was around the same time that Elon Musk made his concerns about energy consumption and China reiterated its ban on BTC mining.
The price retracement that followed was mirrored by a decrease in searches, before they headed up during the rally of late October and the launch of the first ever futures Bitcoin ETF.
However, queries are now at their lowest level for this year. This is due to BTC’s failure to reclaim $50,000. The “buy bitcoin” searches are also on the decline and are still far from the peak of January and February.
12 Month Back, Worldwide Bitcoin Google Searches Source: Google Trends
Everybody on NFTs
Non-fungible tokens are gaining popularity, despite the apparent lack of interest in bitcoin. This industry is undoubtedly the best in terms of investment, adoption, new products and everything in-between.
It has been home to many prominent people and businesses, including actors and musicians as well as politicians and athletes.
It allows fans to increase their engagement with celebrities. This is why NFT Google search has been in the ascendant for most of the year. As CryptoPotato reported recently, they reached an all-time record and have maintained that high level since.
12 Month Back Worldwide NFT Google Searches Source: Google Trends
Marla Brooks – Financial Analysis
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