Did Bitcoin Top Yet? Declining Interest Signals Crypto Euphoria May Be Delayed
Alphractal, a crypto analytics firm, has highlighted key indicators suggesting a low level of public enthusiasm for digital assets.
The firm believes that the expected excitement for this market cycle is still absent.
One notable observation is the ongoing decline in Google search interest. Compared to past market peaks, search trends for cryptocurrencies are noticeably lower, indicating a drop in curiosity from the general public.
Wikipedia searches related to cryptocurrencies also tell a similar story. These searches haven’t hit previous cycle highs and have even started to decrease in recent months.
4 metrics that indicate crypto euphoria may not have happened yet in this cycle!
The lack of public interest can have several explanations: global macroeconomic factors, sentiment towards the crypto market, or simply the fact that the long-awaited euphoria hasn’t happened yet.… pic.twitter.com/roBjHfnuEN
— Alphractal (@Alphractal) March 31, 2025
Engagement in crypto discussions on platforms like Reddit is another telling sign. Conversations there are much weaker than during the 2021 crypto frenzy, showing less widespread interest.
Finally, 4Chan, once a central hub for crypto-related chatter, has seen a decline in activity. The forum’s reduced involvement further underscores the lack of excitement around the space.
Alphractal raises an important question: Is the public now well-versed in cryptocurrency, or is interest simply fading? The firm suggests that the latter is more likely. Although cryptocurrencies have gained more recognition, many people remain unfamiliar with their complexities.
The firm concludes with two key insights. First, the level of public interest in 2024 is far less intense than previous cycles. Second, the anticipated market euphoria may still be on its way. Alphractal believes that with Bitcoin dominance high and many altcoins undervalued, a rally could still ignite interest, potentially driving more public engagement in 2025.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a "detective-like" mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
