Ethereum: Is the ETH course following the high Google search queries?
Ethereum (ETH) Mining will soon no longer be necessary: The Ethereum block chain will switch from PoW to PoS and will no longer need miners to verify blocks. The picture shows an Ethereum coin on a circuit board.
Ethereum was considered one of the big winners in the crypto world this year. From the perspective of the course, the ETH prize has developed from 130 US dollars at the beginning of the year to an annual high by Bitcoin Era of almost 620 US dollars. Also from a technical perspective, the project lays the foundation for Ethereum 2.0 with the upcoming start of the Beacon Chain on 01.12.2020.
Currently, the general interest in the project also seems to be increasing. We take a look at the figures for this.
Ethereum search queries: highlight since Feb. 2018
Our article is based on current data from The Block. Google Trends was used as a basis for this.
Accordingly, the scale of interest ranges from 0 to 100. 100 represents the maximum interest in the given period. In other words: 100 is the highest measured search volume to date.
In the chart above we can see that although we have reached a peak since February 2018, we are still far from the peak. The current value of searches for Ethereum is only 33.
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From the graph we can conclude without a doubt that many private persons have been looking for Ethereum in the last days and weeks. The interest after the project reaches an annual high.
On the other hand, we can also see that the search volume is still well below the peak of 2017. One of the reasons we can explain this is that so-called smart money is flowing into Ethereum.
Institutions but also wealthy private investors are increasingly investing in the crypto currency. It can be assumed that such investors do not use Google as their primary source of information and/or are informed by other means.
Even though we can see a slight increase in search volume, it is unlikely that this increase will lead to another peak in the ETH share price.