Crypto search interest hits 2024 lows despite ‘bull market’ calls

The crypto market capitalization has expanded notably in the past couple of weeks, with its valuation reaching $2.93 trillion. This move has since brought the attention of investors back, who are now more than ever anticipating a possible crypto bull run.

Calls for a major bull run are understandable, especially as crypto market capitalization gained roughly $372 billion in the past 19 days, according to data on TradingView. Yet, the present level remains far off from the all-time high, which peaked at $4.27 trillion.

Google Trends raises questions about the rally

The early optimism is undeniable, but data shows there’s a divergence between capital flow into the crypto market and the search interest for crypto.

The Google Trends Analysis from Alphractal, which measures investors’ interest in an asset by tracking search interest for multiple cryptocurrencies across social media platforms, shows there’s been a steady decline.

In fact, the search interest has now fallen to its lowest level since 2024, suggesting low activity across the market.

Usually, during a bull market run, it’s common to see the price of these assets align with interest, as high search interest implies investors are rotating capital into the crypto market.