The enthusiasm for Ethereum is far from fading, as Google Trends reveals that the number of searches is increasing
Ethereum’s recent – impressive – performance was reflected by an increase in Google searches that are rapidly approaching levels not seen since 2018.
The popularity of cryptocurrency on the Internet has reached an annual peak in the United States, thanks to searches in California, New York and Washington.
The situation is no different in other regions of the world. This tremendous growth in November has already exceeded the levels recorded in the past two years. The top four cities with the highest density of these Google searches are San Francisco, Singapore, Toronto and Vienna.
Graph showing the trend of searches for ‘Ethereum’ worldwide. Source: Google Trends
It is not surprising that interest in Ethereum is growing
There are some factors that may be driving the increase. To begin with, Ethereum prices have skyrocketed lately, which may explain the trend seen on Google. ETH prices are rising and closing at the levels last recorded in 2018.
The growing interest in Ethereum on Google may also be a result of the growing exaggeration following the adoption of institutional clients. Global payment services company PayPal recently confirmed support for cryptocurrency, including Ethereum on its platform.
The next release of Ethereum 2.0 may be another reason for the increase in popularity. Ethereum 2.0 is arguably the hottest topic of crypto-verse at the moment. The long-awaited update is scheduled to be released on December 1st.
Does interest affect the price of cryptocurrency?
The question of $ 64 million at the moment is whether the increase in interest rates impacts the price of ETH or whether it is purely coincidental.
There is no solid argument to explain the relationship between the two factors. However, the figures presented give the impression that there is at least some correlation. In the past, an increase in price used to align with an increase in Google searches and vice versa.
That said, it is almost impossible to make a concrete comparison at this stage. It is not yet clear whether increased interest is the cause or effect of the upward trend.