Ethereum searches reach new heights since 2018
Even thought the Crypto news will be dominated by Bitcoin and its current price which is $19,056 at the time of writing and painstakingly close to beating its all-time high set in 2017, Ethereum has slowly been covering its own important ground as well. Experts, Enthusiasts and traders alike eagerly await the launch of ETH 2.0 and what it can bring to the table and more and more individuals have started to join in the promoters. Just this week or two days ago, the price suddenly took off from high $400’s to cross $622 which can only be described as a huge jump for Ethereum. Experts claim that it can either be because of Bitcoin and the general law that applies to all Cryptocurrencies. That being when $BTC goes up, so does everything else. But some sources claim that it is because the interest of the general public in Ethereum is increasing and these statements have been backed up by facts.
According to statistics on Google trends, searches for Ethereum have gone through the roof and numbers like these have not been seen since the All time High days back in 2017. Started in October 2020, this trend has slowly been growing in USA with states such as Washington, New York and California leading the charge. With all the commotion about who will win the US election and what that will entail for Cryptocurrencies, there were also discussions on how Blockchain could be used to verify the winner. But even though there still has not been a solid conclusion, Cryptocurrencies have not been affected and they are growing stronger all over the board. Altcoins are gaining value and Crypto’s such as $XRP (Ripple) and $XLM (Stellar) have both seen monumental growth in this time frame as well. Coming back to Ethereum and its searches, the rest of the world isn’t far behind. The numbers have overtaken those of 2019 and first half of 2020 in this recent period and the trend is not showing signs of slowing down any time soon. Bitcoins and Altcoins are showing up on Google trends as well.
Coming back to the reasons for the spike in Google searches for the second highest valued Crypto in terms of market cap, the main reason will be the price. With it reaching levels that have not been seen since 2018, it is going on a bullish run right now and gaining traction despite still being so far behind its All time High. The second reason is the launch of ETH 2.0 which is said to decongest the network and make it more scalable. Seeing the success of the initial version, we can only assume that this will indeed be better with all the hype coming out. Thirdly is just the general adoption rates of Cryptocurrencies. With PayPal announcing its support for Ethereum transactions, this might have increased awareness about it.
It is not clear whether the raise in value is the cause for these increased searches or maybe it is the other way around. There is no solid fact that the price rises when the searches go up but logic would have us think that it definitely is linked in some way. It could even be used as an indicator in the future for traders to buy before the price goes up by looking at trending Cryptocurrencies. So, what are your thoughts on this? Did you search for Ethereum recently? Will it go even higher? What do you think about ETH 2.0? Keep a lookout for current Crypto prices on Tyslin Exchange. Share your opinions and ideas with us in the comments below and we would love to feature you on our platform. Stay Safe and Keep Trading!