The cryptocurrency market is known for its cyclical nature, with periods of dominance by Bitcoin (BTC) and a subsequent rise in interest for altcoins (Alt). However, recent data shows that enthusiasm for altcoin season has faded among investors. This decline is reflected in Google Trends, which reveals a significant drop in interest since August.
Interest levels in the Altcoin season were readily tracked using Google Trends, and a dramatic decrease in search queries was observed. In August, search volume reached an unprecedented high of 100. However, now it has plummeted to just 13 points, indicating that investors are shifting their focus towards Bitcoin.
This decline coincided with the record-breaking peak for BTC at $124,457.12 on August 13th, further suggesting a shift in investor sentiment.
Interestingly, the interest in altcoins was driven by specific regions and cities such as San Marino, Malta, and Singapore.
Despite the decline in interest for Altcoin season, Ethereum (ETH) has shown significant resilience. It has experienced notable price gains in the past 30 days, with a 16.26% surge, potentially indicating a future record-breaking ATH. This positive performance comes despite recent regulatory clarity for XRP following its settlement with the SEC.
Read original article on UToday