More people are interested in learning about cryptocurrencies
The cryptocurrency market sustained huge losses this week, with Bitcoin's price dropping to the $30k region two days ago. However, the crypto sector continues to get attention as more people show interest in learning about the emerging market.Data from Google Trend shows that weekly search volume on the search engine for the topic "cryptocurrency" reached an all-time high in the United States and globally. According to the data, the crypto search volume peaked in the week of May 9 - 15, when the leading cryptocurrency was still trading above $50,000.
Since then, Bitcoin's price has massively underperformed, reaching a low of $30,000 on several cryptocurrency exchanges earlier this week. In the week of May 9-15, crypto-related topics had a Google Trend ranking of 100, implying that people have been searching crypto-related terms. However, this figure has dropped to 73 this week.
Crypto prices continue to underperform
It has been a bearish week for the cryptocurrency space as Bitcoin, and other top altcoins recorded huge losses. Ether, the second-largest cryptocurrency by market cap, declined from its recent all-time high above $4,700 to currently trade below $2,800 on crypto exchanges. Binance Coin, XRP and Dogecoin also lost more than 20% of their values each.Due to the recent crash, the cryptocurrency market lost billions of dollars. The total cryptocurrency market cap dropped below the $2 trillion mark for the first time in weeks.
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