The continued decline in prices of digital assets in 2022 has also led to a decline in United States interest in cryptocurrencies.
In March 2022, interest in cryptocurrencies in the United States fell to its lowest levels. Data from Google Trends shows that in 2022, the interest in cryptocurrencies in the United States is declining.
The term ‘cryptocurrency’ appears to have peaked in Google searches in May 2021. During this period, Ethereum and Bitcoin reached all-time highs.
Ethereum (ETH) trade volume in May 2021 was approximately $1.51 trillion. During the same period, Bitcoin (BTC) also recorded an impressive $1.97 trillion in trading volume.
Why Has Interest In Cryptocurrency Dropped In 2022?
It can be said that the reflection of the falling trade volume on market prices led to a decrease in interest in cryptocurrency in 2022.
In January 2021, Bitcoin’s trading volume was approximately $2.15 trillion. In February 2021, it rose 5% to approximately $2.26 trillion. This was positively reflected in the Bitcoin price. BTC started at $28,994.01 on January 1, 2021 and rose to $45,137.77 on February 28, 2021. Within two months, it experienced a 55% increase.
Compared to 2022, Bitcoin’s trading volume in January 2022 was approximately $923 billion. BTC trading volume fell 27% in 28 days to $671 billion in February.
This greatly affected the BTC price. Bitcoin opened on January 1, 2022 at $46,311.74. Russia’s invasion of Ukraine towards the end of February had a negative impact on the crypto market, and there was a big drop in the market. As a result, BTC fell 6% to $43,193.23 on the opening day of the year’s price on February 28, 2022.
The decline of Bitcoin, the largest cryptocurrency with market value, also affected other altcoins, especially Ethereum.
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