Cryptocurrencies have suffered greatly in 2022 from the onslaught of an aggressive Federal Reserve and the implosions of crypto platforms FTX, Terra, Celsius Network and others.
What were the most searched cryptocurrencies in 2022?
Notably, the market valuation of all cryptocurrencies combined is down 70% year-to-date (YTD) to nearly $770 billion, meaning both traders and investors have capitulated en masse.
Declining demand has also pushed internet requests for the keyword “buy cryptocurrency” to their lowest point since February 2020, according to Google Trends.
Nevertheless, the latest Accenture’s 2022 Global Consumer Payments report shows that retail interest in cryptocurrencies remains strong despite the market crash in 2022. Reasons given by respondents include long-term investment (28%), curiosity (22% ), short-term speculation (21%).
Meanwhile, separate research by personal finance portal DollarGeek delves into the most searched cryptocurrencies of 2022 globally, providing a global view of what retail players could invest moving into 2023.
Bitcoin remains by far the most Googled
Bitcoin (BTC) emerged as the most searched cryptocurrency in 2022 in DollarGeek’s research, with 28.41 million monthly searches worldwide.
Interest remains relatively high as experts rate its quality against other crypto assets in the industry. For example, venture capital investor Tim Draper thinks weaker coins will become relics amid the ongoing crypto winter in favor of Bitcoin.
Related: Tim Draper Still Positive on $250,000 Bitcoin Price Prediction in 2023
— Tim Draper (@TimDraper) December 16, 2022
The price of BTC is down nearly 65% YTD, with some analysts predicting it to drop further to $10,000. But web searches over the past 12 months show that most people have searched for buying Bitcoin, not selling it, suggesting most people have never owned Bitcoin.
Elon Musk’s favorite Dogecoin takes the second spot
Dogecoin (DOGE) is the runner-up to Bitcoin, averaging 5.85 million monthly searches worldwide by 2022.
The cryptocurrency meme was mostly in the news due to Elon Musk buying Twitter and teasing his followers with the idea of integrating DOGE payments for in-app payments. However, it also gained traction after being listed on Robinhood, a US-based commission-free trading platform.
These events helped Dogecoin capture temporary spikes in web searches, as can be seen in the Google Trends chart below. For example, Musk’s eventual Twitter buyout at the end of October coincided with Dogecoin internet trends accumulating to a perfect 100 score.
So while the price of DOGE is down about 55% YTD, the internet search data suggests that the potential pool of buyers could be relatively larger than sellers, similar to Bitcoin.
Shiba Inu takes third but beats Dogecoin in the US
Shiba Inu’s (SHIB) monthly internet searches totaled 4.43 million worldwide. Nevertheless, the meme coin has beaten its top rival Dogecoin in the US, with 1.29 million monthly searches versus DOGE’s 729,000.
That is despite Shiba Inu’s weaker price performance in 2022 compared to Dogecoin. SHIB is down about 75% YTD, but remains in the news for its foray into the metaverse and the potential launch of Shibarium, Shiba Inu’s Ethereum layer-2 blockchain.
In addition, internet searches for Shiba Inu also spiked thanks to Crypto.com, a crypto exchange with the largest SHIB holdings as of November 2022. The market feared that Crypto.com would become insolvent, which will prompt it to sell its SHIB holdings. to sell. .
However, Crypto.com CEO Kris Marszalek clarified that their rising SHIB reserves are due to customer purchases.
Merge helps Ethereum secure fourth position
Ethereum is the fourth most Googled cryptocurrency in the world with 3.84 million monthly searches in 2022, despite the price of Ether (ETH) falling 67% YTD.
The second-largest blockchain by market capitalization remained in the news all year due to its move to proof-of-stake (PoS) from proof-of-work (PoW) via the merge. In particular, interest in the keyword “Ethereum” and related terms like “Ethereum 2.0” and “Merge” peaked in September when the PoS switch took place.
Ethereum’s web searches may also have gained traction due to concerns that it has become a security after the PoS upgrade. Recently, the crypto platform Paxful removed support for ETH for similar reasons.
Cardano pump generates the fifth highest internet inquiries
Cardano (ADA) has attracted an average of 1.47 million monthly internet searches by 2022, becoming the fifth most Googled cryptocurrency in the world.
The Cardano trend gained momentum especially in January 2022, when ADA outperformed Bitcoin and Ether in terms of price. Later, however, searches dwindled, despite the Vasil hardfork not generating a spike in interest in September.
Other honorable mentions of the most searched cryptocurrencies in 2022 include Avalanche (AVAX), Litecoin (LTC), XRP (XRP), SafeMoon (SAFEMOON), and Nexus (NXS).
This article does not contain any investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making a decision.