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‘Bitcoin’ Google Searches Touch Yearly Lows While ‘NFT’ Searches Peak

While Bitcoin’s price remains range-bound to where it was back in February, retail interest appears to be drying up. Google search trends show interest in the cryptocurrency at annual lows as the year comes to a close. On the other hand, the word ‘NFT’ has seen a fairly steady increase in popularity since January, touching all-time highs this month.

Pivoting Retail Interests

According to Google Trends data, interest in Bitcoin was relatively high earlier in the year, shortly after it had surpassed its 2017 highs. It spiked again in February when Tesla announced that it had purchased $1.5 billion worth of Bitcoin.

Elon Musk and his company have had a powerful influence over the crypto market this year. Incidentally, Bitcoin searches also spiked in May following the 50% market crash and Tesla’s stoppage of car sales for Bitcoin.

The billionaire even recently had to clarify that he is not actually the creator of Bitcoin – which 50% of Australians happen to believe.

Ever since Q2, Bitcoin has failed to reach its previous highs on Google. Interestingly, even when Bitcoin broke another all-time high following October’s market rally, search interest barely increased. December has shown the least activity of the year, with Bitcoin’s price boringly stuck in the upper forty-thousand dollar range.

Price moves and search interest have historically been correlated, but October’s divergence may represent a change in Bitcoin market participants. If some of the big player activity that month can show us anything, it’s that institutional money is a larger share of Bitcoin’s market cap than ever.

On the other hand, it would seem that retail buyers have grown increasingly interested in smaller-cap areas of the crypto market. This is reflected in the success of memecoins, and the emergence of NFTs into mainstream consciousness.

Doge and Bored Apes Steal the Show

Contrary to Bitcoin, NFT search interest has ramped up throughout the year, peaking this month. Trading volumes were as high as $500 million per day in August, as some digital collectibles sold for tens of millions of dollars.

Meanwhile, though Bitcoin saw impressive gains, they were dwarfed by those of Dogecoin knockoff Shiba Inu. The memecoin skyrocketed 800% in October, drawing significant Google search interest to itself. It even broke into the cryptocurrency top ten.

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CoinMarketCap released more evidence of this phenomenon recently, revealing Shiba Inu as the most viewed coin of the year. Bitcoin came in at a distant second, despite being the top-listed crypto on site.

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