According to Google Trends, users have become less interested in Bitcoin and the decentralized finance (DeFi) industry. Often, a drop in the number of search queries correlates with a drop in prices.
Google Trends tracks the number of searches for different words, assigning each a numeric value that indicates its popularity. Google Trends data gives a rough idea of the world’s interest in various aspects of the cryptocurrency market.
In the first week of September, Google Trends rated Bitcoin 51 out of 100, while in mid-May, before the halving of the mining reward, this figure was 100. When the price of bitcoin dropped in early September, user interest fell to 41.
As for DeFi, according to Google Trends, user interest and searches peaked at the end of March, when the price of Bitcoin fell to its lowest level this year. Interest dropped in the following months, although the DeFi markets grew rapidly.
However, in the first week of September, users again became interested in decentralized finance and the DeFi rating rose to 99 out of 100. But as of the first half of October, this figure dropped again to 65.
As interest in Bitcoin remains relatively stable, one would expect interest in Ethereum to grow, as most DeFi projects are powered by it. It really increased, but not significantly – by 11% since the beginning of the year.
Recently, Coindesk experts analyzed the statistics of Google Trends and came to the conclusion that despite the rapid growth of decentralized finance, retail investors show little interest in this area compared to the ICO boom three years ago.
