For about half a year, India’s Crypto devotees have been favoring the digital money Ethereum (ETH) over Bitcoin (BTC). Toward the end of February, analysts affirmed that searches for Ethereum were twice higher than that of Bitcoin. Could it be that the world’s second most populated nation might be losing interest in the worlds’ most popular Cryptocurrency?
According to Jana, a free internet provider in India, “Ethereum topped Bitcoin as the most searched-for Cryptocurrency in India over the past five months, commanding a 34.4% share of currency searches overall versus Bitcoin’s 29.9%,” Quartz India reports. The results were published in Jana’s Mobile Majority study, coming in third as the “next most searched-for currency was Buyucoin (NEM) with a 21.2% share, and the rest captured 5% or less.”
Nathan Eagle, the CEO of Jana, believes, “The government recommending shutting down exchanges and limiting currencies altogether, coupled with the decline in prices, has led to the feverish pitch waning away dramatically. There are still quite a lot of searches but maybe we’re getting closer to what a true steady state should look like.”
Absurdly, part of the issue might be in favor of Bitcoin. It has a tendency to get the larger part of consideration when worries about Cryptocurrencies emerge. As of late, India’s legislature and regulators have said that cryptos were not legitimate tender and the government has even to the extent of closing some trading platforms.
From the look of things, thirty percent of all searches occurred when Bitcoin was at its peak in December last year. Presently there seems to be an opposite search trend for Ethereum and the price of Bitcoin. Mr. Eagle explained how “search volume” is a leading indicator of what has momentum and is showing signs of growth. “It may not correspond to people buying more Ethereum, but there’s certainly a lot more interest,” he told Quartz India.
What cannot be mistaken is that Indians has a shaky bond with Cryptocurrencies generally. Even though Jana goes to highlight the drop in the number of Bitcoin devotees, all hope is not lost. As he rightly explained, firms “trying to establish themselves in the Crypto sector and raise funds through Cryptocurrencies are increasingly turning to India…Outsourcing advertising and marketing operations to Indian agencies offers startups a cheaper alternative now.”