Quick Google Analytics and trading traffic indicate a decline in consumer dealer demand as cryptocurrency companies look for the upcoming big flash to drive new cash into the industry.
Another key story of optimism for bitcoin entrepreneurs is that there will be a significant shift in public opinion, resulting in a fresh surge of cash from personal and organizational traders.
Regrettably, for these bullish investors, data shows that the reverse has been happening for about a year, as indicated by the dropping rate of queries for the keyword Bitcoin (BTC) on Google.
A similar trend can be seen by checking research activity for the premier cryptographic protocol system Ethereum (ETH), which peaked in the midweek of May 2021 and has now been on the slide. Ethereum searching traffic is presently at its lowest point till December 2020.
On this database, it may be necessary for bitcoin traders to reconsider what the next massive boost to the marketplace will originate from, as it is evident that significant price changes heavily influence consumers’ interest.
Exchange volume is low.
Checking at overall interchange world trade on key exchanges provides additional proof of the decline in demand for bitcoins. This statistic was at $165.8 billion on April 19, as per Blockchain.com data, its lowest point since October 2020.
According to Dune Analytics statistics, development in the decentralized finance (DeFi) industry and decentralized exchanges (DEXes) has also slowed.
As demonstrated in the figure above, DEX traffic is substantially lower than it was in January 2021, when the bull market was just beginning, and the DeFi industry itself was topping out.
NFTs become hot
The non-fungible token (NFT) industry, which has started to show a recovery in daily world trade at OpenSea, the biggest NFT platform, after dropping out in early March, is one symbol of encouragement across the crypto world, as per the Dune Analytics data.
As participation in the NFT marketplaces picks up, so does the floor pricing of a few of the biggest deals, indicating that the NFT industry is gaining traction. This could be attributed, in part, to the general press’s interest in ventures like Bored Ape Yacht Club and its newly unveiled ApeCoin (APE).
It needs to be seen whether the buzz and anticipation produced in the NFT industry will translate into larger inputs to the crypto world overall or if the fledgling industry will fizzle out like the ICO boom/collapse/ collapse scenario in 2017–2018.
In the front of mainstream attention, crypto traders are still seeking that game-changing DApp or even using applications that would kick-start the next wave of mass inflows into the sector.
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