The buzz around DeFi seems to be slowly subsiding after Google Trends showed that searches for the word are decreasing
Google remains the largest search engine today and its data shows a drop in searches for Bitcoin and decentralized finance. Google search terms and phrases are given numerical values that are used as a popularity metric. Google Trends data is then used to describe areas of interest based on the number and frequency of searches.
When Bitcoin’s last halving took place in May, Bitcoin had a popularity score of 100. Interest in search volume generally correlates with price drops in the crypto space. During the first week of September, Bitcoin scored 51/100 in terms of popularity on Google compared to its popularity last year. The cryptocurrency registered a popularity score of 41 when Bitcoin prices plummeted at the beginning of last month.
The level of interest has since remained close to that value, even with the bitcoin price stabilizing. Interest in DeFi, on the other hand, increased in late March. It was around this time that the Bitcoin market crashed and prices fell to around $ 6,000 due to the COVID-19 pandemic.
Interest began to decline gradually thereafter until the beginning of September, when it jumped to 99. From the second week of September onwards, the buzz around DeFi started to fall and is currently at 65/100. DeFi’s buzz peaked in March, when investors rushed to inject funds into the “Next big news” in the blockchain and crypto industry.
Bitcoin is currently trading at $ 11,376, while Ethereum, whose network powers most DeFi projects, is trading at around $ 373.