Bitcoin’s (BTC) appeal to retail investors is fading according to data from Google Trends.
Worldwide internet searches for Bitcoin are currently at mid-2020 levels with readings of 17 for the week of April 17 to 23. That is a steep drop from the most recent online search peak of 76 achieved in May 2021.
Google Trends allows users to compare the relative volume of internet searches. This does not mean the total number of searches for that term is decreasing, but means its popularity is decreasing compared to other search terms.
A line trending downward means that a search term's popularity relative to other popular terms is falling. Interest in Bitcoin was at its all-time peak in 2017. Relative to that, the search interest fell in late 2021 and reached levels last seen in 2020 this past week.
The data suggests that most searches for Bitcoin originate from Nigeria, followed by El Salvador and Austria. These search queries are relative to other terms or keywords searched in those regions, meaning Nigerians searched for Bitcoin more than they searched for other keywords.
But despite the waning interest in Bitcoin, some analysts say retail investors are gravitating towards newer sectors and markets within the cryptocurrency space, such as tokens of decentralized finance (DeFi) or Layer 1 blockchains such as Solana (SOL).
Bitcoin is currently trading around $40,500 U.S., down from an all-time high of $68,000 U.S. reached last November.
