Google’s Bitcoin and DeFi query rate is slowing down
Google Trends data indicates declining interest in bitcoin
There is also a significant drop in DeFi requests
Request statistics usually correlate with price dynamics
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Google Trends data show interest in Bitcoin and decentralized finance is waning
If you believe the statistics of queries in Google, recently there has been a decline in attention to the world of decentralized finance and the first cryptocurrency..
Google Trends data works like this: Each search term is assigned a numerical value that is an indicator of its popularity. At the same time, Google statistics gives a rough idea of the trends of interests in various aspects of the cryptocurrency market, which means that it should be assessed with a certain degree of skepticism..
In the first week of September, the popularity of Bitcoin in Google searches was 51/100. In mid-May, during the hype around the BTC halving, the figure reached 100. And in early September, interest in the main digital currency dropped the outfit with its price and market capitalization..
And subsequently, interest stuck at around 41 despite the recent stabilization of the bitcoin rate in recent weeks.
What about DeFi
Speaking of the segment of decentralized finance (DeFiDecentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More), which experienced a real hype this summer, oddly enough, the frequency search queries on Google peaked at the end of March, when the bitcoin rate was at its lowest levels this year due to the collapse of global markets as a whole amid uncertainty amid the coronavirus pandemic.
In the following months, interest only continued to fall, and this trend continued until the first week of September, when the query statistics climbed to 99/100.
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Since then, the rate has dropped sharply again, reaching 65/100.
This reflects the downturn in the hype around DeFi, which has led investors to invest billions of dollars in this market this summer..
In general, interest in bitcoin looks relatively stable this year. At the same time, many expected a boom in popularity of “Ethereum” requests, since most DeFi projects are based on this blockchain. However, since the beginning of the year, interest has grown by only 11%.
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