Google searches for ‘alt season’ drop over 50% in one week

Google search interest for “alt season” fell from 100 to 45 between August 13 and August 19, marking a decline of more than 50% in just six days. The drop happened as Bitcoin and major altcoins retreated from recent highs.

The search activity peaked one day before Bitcoin reached nearly $124,128 on August 13. Since then, the crypto market has experienced a broad pullback that continues into this week.

Major altcoins lost ground during the same period. Dogecoin and XRP had each gained roughly 19% in the two weeks leading up to August 13. Both coins then gave back most of those gains, falling about 11% over the past seven days.

Market analysts disagree about what the search trends reveal. Coinbase Institutional’s August report suggested “current market conditions now suggest a potential shift towards a full-scale altcoin season as we approach September.” The report noted that Bitcoin’s market dominance dropped from about 65% in May to around 59% in August. However, CoinMarketCap’s Altcoin Season Index stayed in the low 40s, below the 75 level typically used to define alt seasons.

Economist Alex Krüger questioned whether last week’s search spike was genuine. “I’m wondering if that data is correct, as the spike is dramatic and brief,” Krüger wrote on X. Other traders argued that the term “alt season” may be losing relevance as investors gain crypto exposure through Bitcoin and Ether ETFs and public companies.

The recent search activity reflected broader crypto interest. Google searches for “altcoin” reached their highest levels since 2021 last week, while “Ethereum” searches hit a two-year peak before cooling off.

According to Coinbase’s definition, altcoin season occurs when at least 75% of the top 50 altcoins outperform Bitcoin over 90 days. By mid-August, the index remained below this threshold despite a 50% increase in total altcoin market cap since early July.

The total altcoin market cap has risen significantly since July, but the traditional metrics for declaring an alt season have not been met.