Google searches containing the word 'altseason' collapsed by 50% over the week

#Google -queries containing the word 'altseason' collapsed by 50% in just a week. Interest in the search dropped from peak levels to 45 points on Tuesday compared to a maximum of 100 points recorded on August 13 — a day before Bitcoin reached a new high of $124,128.

A week ago, the number of search queries for the term 'altcoin' reached its highest level since 2021, while interest in 'Ethereum' rose to a two-year peak. This coincided with the rise of Dogecoin $DOGE and $XRP by about 19% in the two weeks leading up to August 13, but then both coins lost much of those gains, dropping by 11% over the last seven days.

Economist Alex Krueger questioned the short-term spike in search popularity, asking his followers on social media X on Tuesday whether it was 'organic or artificially created by bots.' 'It is interesting whether this data is correct, as the spike was dramatic and brief,' noted Krueger.

Traders often track search trends for terms like 'altseason' and 'bitcoin' to gauge retail investor interest and potential #FOMO . These trends sometimes indicate an approach to a local market peak.

The influence of major exchanges on search activity

Crypto analyst Cristian Chifoi suggested on Tuesday that the term 'altseason' has recently been actively promoted by major crypto exchanges like Coinbase, which may have led to the spike in search queries.

On Thursday, Coinbase Institutional's Head of Global Research David Duong wrote in a monthly report: 'We believe that current market conditions now indicate a potential transition to a full-fledged altcoin season as September approaches.'

However, Chifoi expressed doubts about the relevance of this indicator as a measure of market conditions. 'In my opinion, this is not the best way to assess the state of the cryptocurrency cycle,' he stated.

Other traders supported these doubts, pointing out that with the emergence of spot Bitcoin and Ethereum ETFs, as well as publicly traded companies holding cryptocurrencies, investors now have alternative ways to gain exposure to the market.