Ethereum Wins The Favor Of Indians
The Bitcoin craze ended in India but has been replaced by an Ethereum mania which is now the most popular cryptocurrency among web surfers, as reported by a company called Jana which specializes in providing mobile advertising and free internet.
The government of India focuses on Bitcoin, but Jana discovered that an astonishing 34.4% of local searches over the past 5 months had to do with Ethereum, according to Quartz.
Ultimately, Bitcoin showed up in 29.9% of searches, which still places it not too far behind. The next in line was BuyUCoin (an exchange in India) with 21.4% of searches. Dash was number four, accounting for 5.3% of queries.
Among all the cryptocurrencies tracked, Monero was the least popular, getting only 0.3% of the search volume.
If we view the statistics chronologically, we’ll notice how far ahead of Bitcoin Ethereum has pulled in India. In the last week of February, Jana discovered that searches for Ethereum were twice as numerous as those for Bitcoin.
Searches in general for any cryptocurrency also dropped greatly in number at the beginning of the year, probably as a result of regulatory threats.
“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,” said Jana CEO Nathan Eagle.
In November last year, a local media organization reported on a committee that supposedly told Indian government to begin a crackdown on “cryptocurrency dealers” in the country.
The reports may have been a little faulty but there’s confirmation of regulatory issues when two Indian crypto exchanges closed down their operations at the start of last month.
It seems that many people are starting to turn their backs on cryptocurrency amid the uncertainty, at least for the time being.