Google searches for Ethereum have skyrocketed along with the asset’s price recently. ETH is now less than 20% away from its all-time high.
Interest in Ethereum is at record levels, at least according to Google Trends search data. Google searches for ‘Ethereum’ are now higher than they were in 2017 when the asset took off for its first moonshot.
Ethereum was largely unknown in 2017, starting the year priced below $10 and skyrocketing to over $1,400 twelve months later. The surge was largely driven by a blockchain and initial coin offering boom and the resulting FOMO that followed.
2021 Very Different for Ethereum
Three years later and the scene is very different for the world’s second-largest digital asset. ICOs are no longer a driver of markets as they were regulated into the ground in 2018, and Ethereum, which metrics suggest could still be undervalued, has diversified.
Today, Ethereum is so much more; powering DeFi, providing staking opportunities, and fueling dApps and smart contracts. It’s a multi-purpose foundation for a decentralized financial economy, not just a token for selling ICOs.
‘DCinvestor’, a public sector management consultant, predicted that Ethereum will go mainstream in this market cycle;
“This is the cycle Ethereum & $ETH go mainstream and enter the zeitgeist. Every Boomer & Gen X fund manager on Wall Street eyeing Bitcoin now will know and understand (conceptually) what Ethereum is by the end of 2021.”
The current bull market is largely being driven by institutions that clearly want a slice of the pie, in addition to Bitcoin. Grayscale for example currently holds $3.3 billion in its Ethereum Trust and has been aggressively buying up even more. To put this into perspective, this is more ETH than has currently been staked in the Beacon Chain deposit contract.
The surge in Google searches is an indication that retail traders and the mainstream are finally showing some interest as Ethereum barrels towards its all-time high.
19% Off All-Time High
The ETH bulls have driven prices to a new three year high of $1,220 during the morning’s Asian trading session. Its market capitalization is now almost $140 billion.
It has added a further 10% on the day and is the highest price Ethereum has seen since mid-January 2018. At current prices, it’s just 19% away from its all-time high which was around $1,450 on Jan. 13, 2018.