End of the crypto craze: AI is now making the buzz

Interest in cryptos is experiencing a noticeable decline in favor of artificial intelligence (AI). At least that’s what the Google search data indicates. They highlight a significant decline in interest in cryptos, with a current score of 17 for the term “crypto”, in contrast to its peak of 100 in May 2021.

Low trading volumes and neutral sentiment contribute to declining interest

Data from Google Trends suggests that AI is now more fascinating than cryptos. Bitcoin (BTC), the ultimate benchmark for the success of these assets, has been hovering around $28,000 for ten weeks. This is a lackluster and uninspiring price for institutions, according to Mike Novogratz, CEO of Galaxy Digital.

The waning interest of internet users in crypto searches is partly explained by the drop in trading volumes on exchanges. These just hit a 32-month-old low, according to Guy Turner, also known as “Coin Bureau Guy”. Additionally, the Crypto Fear and Greed Index, which measures market sentiment, has been hovering around a neutral score of 53 for nearly a month.

However, this drop in interest does not apply to all branches of the cryptocurrency universe. Searches for terms like “decentralized finance” (DeFi) have rather increased in 2023. Similarly, those for “memecoins” peaked in early May, which incidentally suggested that this type of asset was fascinating. Investors.

Interestingly, Nigeria currently ranks first in terms of cryptocurrency researchwhile several South American countries have the lowest scores.

AI is booming as the latest tech trend

According to statistics from Google Trends, artificial intelligence (AI) now seems to be getting more excitement than cryptos. Bitcoin (BTC), the ultimate benchmark for the success of these assets, has been stabilizing around $28,000 for the past ten weeks. A price level described as tasteless and uninspiring for institutions by Mike Novogratz, CEO of Galaxy Digital.

Today, everyone seems to recognize the disruptive potential of AI. More than just a passing trend, AI is perceived by many players as a durable and long-lasting technology. And obviously, the momentum shows no signs of slowing down to date.

If, indeed, cryptos are experiencing a decline in interest, as indicated by Google search data, this could largely be explained by the lack of performance of cryptos. Moreover, the sustained increase in research related to artificial intelligence and decentralized finance may be a sign of a change in technological and financial priorities on the part of Internet users.