- Crypto peaked during 2021 when a majority of assets saw their all-time high.
- Meta Platforms introduced its large language model namely LLaMA this year.
Interest in the cryptocurrency market is fading. Netizens by the Google Trends’ appearance have nearly abandoned the term ‘cryptocurrency’. Data from the search queries analyzer shows search interest in crypto is currently at the lowest in the past 5 years. Meanwhile, other technologies including artificial intelligence (AI) and blockchain are a cut above.
Cryptocurrency And Blockchain Are Losing Their Charm to AI
Data from Google Trends depicts that search interest for the word was short-lived. It peaked in 2021 when a majority of assets saw their all-time high. Additionally, crypto market capitalization reached nearly $3 Trillion during the period. Since then, it has not attained even the $2 Trillion mark.
Source: Google Trends
A better part of the search came from Nigeria. Other economies include the United Arab Emirates (UAE), Singapore, and Pakistan. According to a joint study by market research organization YouGov, and blockchain company Consensys, 99% of the country’s population is aware of cryptocurrency. Moreover, it is among the few nations using central bank digital currency (CBDC).
Shiba Inu (SHIB) remains a breakout topic in the context of cryptocurrency. The asset has gained substantial recognition since its launch. Additionally, many deem the virtual as dogekiller, a term crypto community use for Dogecoin (DOGE) rivals having the potential to outshine the memecoin.
Moreover, non-fungible tokens (NFTs) were among the top five related topics. The NFT market, similar to the cryptocurrency sector, went through boom and bust. Several collections including Bored Ape Yacht Club (BAYC), Nyan Cat, CryptoPunks, and more had breakthroughs in 2021. However, the digital asset mania shortened substantially in the following year.
AI Eclipsing The Trends
The crumbling of ecosystems including the blockchain protocol Terra and crypto exchange FTX induced market fear leading to cryptowinter. Much of the investors exit their positions presuming positive gains are unlikely in the market. Bitcoin (BTC), the biggest crypto by market cap, hit a low of $17K while Ethereum (ETH), the second largest digital asset, plunged below $1K. Historically, altcoins have followed their price action, a similar scenario was visible in 2021.
Search trends regarding blockchain, the underlying technology on which crypto operates, dominate in regions including Russia, Argentina, Brazil, and more. However, the trend did not set forth a booming momentum, unlike cryptocurrency during the period. Still, mainstream organizations including IBM, Microsoft, Tencent, and more are using this technology.
Source: Google Trends
The term ‘AI’ eclipses both cryptocurrency and blockchain in context to search interest. Artificial intelligence tools like ChatGPT, Bard, Midjourney, and more are reportedly contributing to creative workflows. Meta Platforms, a multinational technology conglomerate, introduced its large language model namely LLaMA this year.
Source: Google Trends
Neither cryptocurrency nor blockchain has gone mainstream yet. Nevertheless, AI is, beyond the shadow of a doubt, breaking into the prevailing market. However, PayPal, a payments processing company, introduced its stablecoin PYUSD in August 2023.
