- The last time such a downturn was followed by a bullish rally
- But now AI inquiries are growing in parallel
- And that means many investors are moving into a new field
Cryptocurrencies have been of low interest among Google users lately. The number of such requests fell to levels last seen in 2020.
Record demand for crypto topics was seen during the bull market of 2021. That interest lasted until 2022, but then the bear market came in, and the requests began to fall.
In 2023, the weakening continued. This was not helped even by the strong growth of BTC and ETH in January.
Interestingly, the level of searches for information about cryptocurrency in the Google browser has dropped to levels last seen in 2020.
At the time, cryptoassets were on the cusp of a huge rally. Whether history repeats itself this time, time will tell.
Is in the spotlight
It is possible that interest in cryptocurrencies “stole” the hype around artificial intelligence.
The popularity of queries with the words OpenAI and ChatGPT is steadily increasing. Especially after the company made the app freely available for public use.
This suggests that the attention of some investors has shifted from cryptocurrencies to projects related to artificial intelligence.
OpenAI yesterday created a fund that will sponsor AI startups. They have allocated $175 million for this.
Meanwhile, private investors are more likely to invest in neural network-related tokens.