Google Trends, an online tool that analyzes the popularity of search terms on the platform, shows that the volume of inquires related to Ethereum has gone parabolic.
With all the continued talk about the growth of Bitcoin and it’s long term investment potential, many in the blockchain space seem to be overlooking the rise of Ethereum.
Ethereum, known as the premier altcoin, or alternative cryptocurrency to Bitcoin, might be comparatively less talked about, but that doesn’t mean it is being ignored.
Advancements in the Ethereum Network
Besides the overall increase the entire cryptocurrency market has seen throughout 2020, there are many reasons that could lead to this exponential growth of Ethereum searches in the last few months.
The first factor that needs to be considered is the rise in the price of major cryptocurrencies like Bitcoin and XRP.
When looking at Ethereum’s price chart throughout the last 12 months we can see a steady increase in price that has resulted in over 4x growth throughout the year.
On top of this, Ethereum just released a massive update to its network by launching the Beacon Chain of ETH 2.0, a project Vitalik Buterin and other Ethereum leaders and engineers have been working on for years.
This newly updated chain switches the transaction verification mechanism from a proof-of-work (PoW) to a proof-of-stake (PoS) model with the goal to make Ethereum transactions faster and more cost-efficient.
Either of these factors alone could justify parabolic interest in the Ethereum network, but when you pair them together, it’s no surprise to see a rise in Ethereum’s market capitalization.
Other Significant Factors
It doesn’t just stop there though, there are many other factors that could lead to this parabolic rise in search terms.
One such factor is the implementation of cryptocurrency usage by PayPal and the recent adoption and partnership of Visa with USDT, a stablecoin pegged to the U.S dollar that is built on the Ethereum network.
Ethereum, and the entire cryptocurrency space as a whole, seems to continue to receive more and more news pointing to long-term, mainstream adoption, and it does not seem like this will be changing any time soon.
Another interesting point was brought up by Twitter user @iamDCinvestor, who compared the Google Trends chart of both Ethereum and Etherium — the latter being a misspelling of the proper word “Ethereum.”
DCinvestor noticed that there has also been a parabolic search increase on the term ”Etherium,” pointing out that newcomers who might be unaware of the proper spelling are interested and searching for more information relating to the blockchain network.
As the Ethereum network continues to grow and improve, it will be interesting to see if this interest stays long-term or is mainly interested in short-term price increases.
When you take a broader look at the Google Trend history and expand the search chart from one to five years, it can be clearly seen that peak interest in Ethereum occurred doing the meteoric rise of cryptocurrencies during late 2017 and early 2018.