According to CryptoQuant CEO Ki Young Ju, Bitcoin search volume on Google has now reached another yearly low.
As reported by U.Today, the leading cryptocurrency is now on track to record the longest round of sideways trading in half a year.
After hitting an all-time high of nearly $74,000 in March, the leading cryptocurrency has so far failed to post another significant rally.
The Bitcoin halving event, which occurred in April, managed to attract a significant amount of search attention, surpassing the previous peak of the term, which was recorded in May 2020. However, since then, Bitcoin has not had another major catalyst that could revive research interest.
Bitcoin has seen several bouts of volatility, collapsing below the $51,000 level in early August. However, it has so far failed to generate enough excitement to attract a general audience.
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DonAlt, one of the most popular pseudonymous cryptocurrency traders, recently opined that the leading cryptocurrency by market cap could finally escape an “endless cut” if it reclaims the make-or-break level of $65,000.
Currently, the price of the leading cryptocurrency is down only 15% from its all-time high. Hence, this complete lack of enthusiasm may seem puzzling to some market watchers.
Meanwhile, Google search volume for cryptocurrencies is expected to reach a new record high this week. Right now, this booming sector of the cryptocurrency market seems to be stealing the spotlight. Although most of the major meme coins have fallen significantly from their record highs, there are some new entrants that continue to generate more enthusiasm.