Google Trends data shows a marked drop in interest that marks Bitcoin and DeFi. We’ll tell you what’s going on!
According to Google Trends data, the interest in Bitcoin News Trader or even the decentralized finance sector (DeFi) has been decreasing considerably.
Are Bitcoin and DeFi boring?
This probably isn’t the first time you’ve used the data offered by Google Trends as a measure of the interest in something in particular. But what’s the point?
For those who don’t know, Google Trends is a tool that basically shows you how often a certain term is entered into the Google search engine.
Does that frequency necessarily offer any insight into interest in Bitcoin or DeFi? No, not really. However, it offers an interesting approach that we should take into account.
Week in Crypto: Bitcoin’s Price Goes Up by a Rocket
What is happening?
Google Trends data indicates that interest in Bitcoin rose to 100 points between May 10 and 16. What happened on those dates? Well, as you may remember, during that time the Bitcoin halving took place.
In this sense, the effect of the halving caused more searches to be made regarding cryptomoney.
But, after the halving, the interest offered by Google fell significantly until the penultimate week of July. Afterwards it recovers and we see another peak for the last week of July.
Since that peak the interest in Bitcoin has been falling significantly.
Red Sea for the DeFi? Look what this report showed
An interesting fact when comparing it to Bitcoin, the interest in decentralized finance peaked in March, when Bitcoin was down as a result of its falling price.
Since then, the interest in DeFi decreased until mid-July and then increased again, reaching a maximum of 99 points during the first week of September.
However, it wasn’t for long and it started to decline until today.
Is this a good approach?
Certainly the Google Trends data tells us which terms are being searched for at this time in the search engine. However, I don’t think it necessarily means something good or bad for Bitcoin or DeFi.
It’s not a number that measures the interest in itself or the popularity of them, but only if their terms are searched. The truth is that we could find many downward explanations in Google’s metrics that aren’t linked to Bitcoin or DeFi’s popularity.
What do you think? Is this a metric we should follow closely? Let us know in the comment box.