According to CryptoQuant CEO Ki Young Ju, Bitcoin’s Google search volume has now hit another yearly low.
As reported by U.Today, the leading cryptocurrency is now on track to record its longest cycle of sideways trading during a halving year.
After hitting its current all-time high of roughly $74,000 in March, the leading cryptocurrency has so far failed to stage another significant rally.
The Bitcoin halving event, which took place in April, managed to attract a great deal of search interest, surpassing the previous peak for this term that was recorded in May 2020. Since then, however, Bitcoin has not had another major catalyst that could revive search interest.
Bitcoin has experienced 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 the general public.
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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 “endless chop” if it were to reclaim the make-it-or-break-it $65,000 level.
For now, the price of the leading cryptocurrency is down just 15% from its record high. Hence, this complete lack of enthusiasm might seem baffling to some market observers.
In the meantime, the Google search volume for meme cryptocurrencies is expected to reach a new record high this week. For now, this burgeoning sector of the cryptocurrency market appears to be stealing the spotlight. Even though most major meme coins are down substantially from their record highs, there are some newcomers that keep generating more enthusiasm.