Ethereum (ETH) Popularity Declines to Late 2020 Levels According to This Indicator

As major cryptocurrencies exhibit volatility and lackluster price movements, another significant metric has emerged: activity on Google Trends related to cryptocurrency searches is hitting multiyear lows.

### Searches for Ethereum (ETH) Reach November 2020 Lows

According to Google Trends, interest in the Ethereum (ETH) cryptocurrency has plummeted to levels not seen since early November 2020. The search interest for “DeFi” has dropped to below four-year lows. In the past week, the search interest for “Ethereum” has decreased to a score of 8 out of 100, a stark contrast to the peak periods in 2021 when searches were 12 times more frequent. The “DeFi” searches are currently at 26 out of 100, the lowest since mid-July 2019.

Additionally, searches for the terms “crypto” and “cryptocurrency” are at lows comparable to those recorded in October 2020. Searches related to GameFi, NFTs, and the metaverse are also experiencing significant declines.

### Declining Interest Raises Concerns

Analysts previously indicated that the current market sentiment for cryptocurrencies is in a “stage of extreme fear.”

### XRP and Ripple Show a Different Trend

While general interest in cryptocurrencies wanes, the situation for Ripple and its cryptocurrency XRP is somewhat different. In the first quarter of 2023, searches related to Ripple hit lows not seen since 2016 but have since shown a slight recovery. Currently, XRP’s search interest has increased to about 17 out of 100, nearly three times the interest recorded in September 2022 when it fell to a low of 6 out of 100. This uptick in search activity for Ripple and XRP may be linked to ongoing developments in their legal battle with the SEC.