Bitcoin search volume hits new annual low

According to Ki Young Ju, CEO of CryptoQuant, Bitcoin’s Google search volume has now hit another yearly low.

As U.Today reports, the leading cryptocurrency is now on track to record its longest sideways trading cycle during a halving year.

After reaching its current all-time high of around $74,000 in March, the leading cryptocurrency has so far failed to record another significant rally.

The Bitcoin halving event that took place in April attracted significant search interest, surpassing the previous high for this period recorded in May 2020. Since then, however, there has been no other major catalyst for Bitcoin that could have sparked a revival in search interest.

Bitcoin experienced several periods of volatility and broke below $51,000 in early August. However, so far it has failed to generate enough excitement to attract the general public.

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DonAlt, one of the most popular pseudonymous cryptocurrency traders, recently opined that the leading cryptocurrency by market cap could finally escape the “endless beat” if it reclaims the crucial $65,000 mark.

Currently, the price of the leading cryptocurrency is just 15% below its record high. Therefore, this complete lack of enthusiasm may seem confusing to some market watchers.

Meanwhile, Google search volume for meme cryptocurrencies is expected to hit a new record high this week. Currently, this emerging sector of the cryptocurrency market seems to be in the spotlight. Even though most major meme coins are well below their all-time highs, there are some newcomers that are generating more and more buzz.