According to Ki Young Ju, CEO of CryptoQuant, Google search volume for Bitcoin has once again hit its lowest point in a year.
As reported by U.Today, the leading cryptocurrency is currently on track to record its longest sideways trading cycle in a half-year period.
After hitting current highs of around $74,000 in March, major cryptocurrencies have so far failed to mount another significant rally.
The Bitcoin halving event that took place in April succeeded in attracting a lot of search interest, surpassing the previous peak of this period recorded in May 2020. However, since then, Bitcoin has not been able to get another major catalyst for a potential comeback. Search interest.
Bitcoin has experienced some wild ups and downs, falling below the $51,000 level in early August. But so far, it has not generated enough excitement to attract the public.
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Don Alto, one of the most popular pseudonymous crypto traders, recently said that if the top cryptocurrency by market capitalization can return to the make-or-break $65,000 level, it will be a “never-ending rip-off”. He said he would be able to escape.
So far, the prices of major cryptocurrencies are down just 15% from their all-time highs. So for some market observers, this complete lack of enthusiasm may be puzzling.
Meanwhile, Google search volume for meme cryptocurrencies is expected to hit a new all-time high this week. For now, this burgeoning sector of the crypto market seems to be gaining traction. Even though most major meme coins are down significantly from their all-time highs, some new entrants continue to generate more enthusiasm.
