YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

British interest in crypto down 82% this year

October 6, 2022
in Crypto News
Reading Time: 3 mins read
A A
British interest in crypto down 82% this year
ShareShareShareShareShare

Key Takeaways

  • Crypto interest lowest of the year in the UK, down 82% from last last year
  • On the other hand, 30% of Brits have bought, or know somebody who has bought, crypto
  • This number is continuing to rise steadily – it is the highest since recording of results began in 2019 
  • Correlation between Bitcoin’s price and Google search interest in crypto is extremely high at 0.72 (1 denotes a perfect correlation, 0 denotes no correlation)
  • Data suggest interest will lull until positive Bitcoin price action returns, but mainstream adoption is increasing all the same

Bear markets crush prices, we all know that. 

But have plummeting returns also suffocated interest in crypto? We looked into cryptocurrency interest in the UK to see if we could uncover any patterns. 

You might also like

NFT Collection Turf Plots Price, Stats, and Review

NFT Collection Turf Plots Price, Stats, and Review

January 28, 2023
Despite Recent Market Revival, These Crypto Companies Dismissed More Employees

Despite Recent Market Revival, These Crypto Companies Dismissed More Employees

January 28, 2023

Crypto interest at lowest all year

As crypto has collapsed in the last year from an all-time high of close to $69,000 to where it now sits just below $20,000, interest has followed. 

In fact, looking at Google search trends, interest within the UK continues to drip, down to it’s lowest since 2020. 

Search volume, as shown in the below chart, has dipped 82% since the all-time high last November. Adding to the worry is the gradual reduction aside from a couple of peaks – recent numbers suggest that this trend may well continue to fall off. 

        
    

British crypto owners on the rise

On a more positive note, the number of Brits either owning crypto or who know somebody who owns crypto is at an all-time high, coming in at 30%. 

This reflects the long-term trend of crypto gaining adoption and moving more into mainstream consciousness. It could also be as a result of the crash being so severe that it has generated lots of headlines, with more people aware of those around them who have bought crypto (and hence are likely nursing heavy losses). 

        
    

British crypto interest is highly correlated to Bitcoin’s price

It draws the obvious question – quite how correlated is Bitcoin’s price to the overall level of interest in crypto?

The answer is…very correlated. In fact, mathematically speaking the correlation between the two variables comes in at 0.72 over the last year, which considering 1 is a perfect “100%” correlation, is quite remarkable. 

I plotted the Bitcoin price against Google search volume on the below chart, which shows this strong correlation in a visual manner. 

        
    

Final thoughts

In conclusion, the final graph shows – if it was not obvious – why the interest in crypto has plummeted this year.  

Bitcoin’s price is down 72% from last November, with the interest in crypto down 82% according to Google. It’s not a coincidence – everybody loves a bull market, and once easy money stops being made, those in it for the speculation disappear. 

On the other hand, that data showing that ownership of crypto and general awareness remains on the rise is testament to the fact that, despite the horrendous price action and recent dropoff in interest, crypto continues to move more into the mainstream.


Share this article

Categories

Tags

Credit: Source link

Related Stories

NFT Collection Turf Plots Price, Stats, and Review
Crypto News

NFT Collection Turf Plots Price, Stats, and Review

January 28, 2023
Despite Recent Market Revival, These Crypto Companies Dismissed More Employees
Crypto News

Despite Recent Market Revival, These Crypto Companies Dismissed More Employees

January 28, 2023
Mashida (MSHD) Is Now Available on LBank Exchange
Crypto News

Mashida (MSHD) Is Now Available on LBank Exchange

January 28, 2023
NFT project Azuki’s Twitter account hacked, posts fake mint
Crypto News

NFT project Azuki’s Twitter account hacked, posts fake mint

January 28, 2023
Next Post

This Ethereum-based altcoin is going to explode in the next days

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bitcoin surpasses $22k as 20k BTC pulled off exchanges

Bitcoin is acting as a liquidity indicator for central bank balance sheets

January 24, 2023
Crypto market liquidation tops $200M in 24 hours

Crypto market liquidation tops $200M in 24 hours

January 25, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,033.00 0.53%
    • ethereumEthereum (ETH) $ 1,569.26 2.13%
    • tetherTether (USDT) $ 1.00 0.11%
    • usd-coinUSD Coin (USDC) $ 1.00 0.09%
    • bnbBNB (BNB) $ 305.40 0.68%
    • xrpXRP (XRP) $ 0.409264 0.92%
    • binance-usdBinance USD (BUSD) $ 1.00 0.15%
    • cardanoCardano (ADA) $ 0.383292 0.92%
    • dogecoinDogecoin (DOGE) $ 0.087956 0.23%
    • matic-networkPolygon (MATIC) $ 1.14 2.85%
    • okbOKB (OKB) $ 38.87 7.27%
    • solanaSolana (SOL) $ 23.95 2.11%
    • staked-etherLido Staked Ether (STETH) $ 1,566.71 2.12%
    • polkadotPolkadot (DOT) $ 6.36 2.52%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 0.14%
    • avalanche-2Avalanche (AVAX) $ 20.58 3.5%
    • litecoinLitecoin (LTC) $ 88.71 0.4%
    • tronTRON (TRX) $ 0.062960 1.31%
    • daiDai (DAI) $ 1.00 0%
    • uniswapUniswap (UNI) $ 6.60 3.79%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 22,986.00 0.48%
    • cosmosCosmos Hub (ATOM) $ 13.11 1.85%
    • the-open-networkToncoin (TON) $ 2.49 0.51%
    • chainlinkChainlink (LINK) $ 7.17 3.58%
    • leo-tokenLEO Token (LEO) $ 3.77 1.78%
    • moneroMonero (XMR) $ 184.73 2.77%
    • ethereum-classicEthereum Classic (ETC) $ 21.69 1.39%
    • aptosAptos (APT) $ 18.15 1.13%
    • bitcoin-cashBitcoin Cash (BCH) $ 131.57 2.23%
    • stellarStellar (XLM) $ 0.092722 0.12%
    • apecoinApeCoin (APE) $ 6.02 3.88%
    • quant-networkQuant (QNT) $ 148.87 2.64%
    • nearNEAR Protocol (NEAR) $ 2.46 3.63%
    • crypto-com-chainCronos (CRO) $ 0.081237 0.44%
    • filecoinFilecoin (FIL) $ 5.23 2.91%
    • lido-daoLido DAO (LDO) $ 2.24 8.22%
    • algorandAlgorand (ALGO) $ 0.255568 0.11%
    • vechainVeChain (VET) $ 0.024002 3.66%
    • internet-computerInternet Computer (ICP) $ 6.02 0.63%
    • hedera-hashgraphHedera (HBAR) $ 0.067051 5.64%
    • axie-infinityAxie Infinity (AXS) $ 11.31 2.5%
    • decentralandDecentraland (MANA) $ 0.699773 2.12%
    • aaveAave (AAVE) $ 83.82 4.19%
    • eosEOS (EOS) $ 1.09 2.8%
    • the-sandboxThe Sandbox (SAND) $ 0.739349 1.57%
    • fantomFantom (FTM) $ 0.448312 4.6%
    • elrond-erd-2MultiversX (EGLD) $ 44.39 0.91%
    • flowFlow (FLOW) $ 1.05 3.01%
    • theta-tokenTheta Network (THETA) $ 1.07 4.64%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000173 0.38%