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Now Ethereum Is More Popular Than Bitcoin In India

Bitcoin | Ethereum | Cryptocurrency news | Cryptocurrency India | Ethereum India | Bitcoin India

Bitcoin | Ethereum | Cryptocurrency news | Cryptocurrency India | Ethereum India | Bitcoin India

While most of us Indians can only think of Bitcoin when it comes to cryptocurrencies, the graphs say it otherwise. Ethereum has 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%, free internet provider Jana found in its latest Mobile Majority report.

Jana conducted this research in the months from October 2017 to February 2018, Interestingly, Ethereum searches were double to that of bitcoin during last week of February. This can be because of the Bitcoin market taking a dip during all these months of 2018.

Bitcoin prices hit a record $20,000 in December 2017, cryptocurrency searches were also the highest, comprising of as much as 30% of all searches in the five-month period of the study. Since then, bitcoin prices have started to descend. At the same time, Ethereum, which is always known as the second biggest cryptocurrency after bitcoin, took an all-time high of $1,261 at the start of 2018.

Also Read: Surat Searched Most About Bitcoins in 2017, Reveals Google Trends

Although this may not be an indication enough that the ethereum transactions are surpassing bitcoin, however,  Nathan Eagle, CEO of Jana says:-

“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.”

It was more noticeable with the start of 2018 when a significant drop-off in interest as several news told that cryptocurrencies would not be accepted as legal tender in India, something finance minister Arun Jaitley emphasized in his budget speech in February. (Although it does not means that cryptocurrencies are banned in India). Last November, a government panel had even recommended closing down cryptocurrency exchanges. Eagle said.

“The government recommending shutting down exchanges and limiting currencies altogether, coupled with the decline in prices, has lead 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.”

With this news, it is yet to be seen how the increasing interest of Indians in cryptocurrencies, specially Ethereum, as suggested by the internet reports produced by Jana, are able to bring out government regulations regarding cryptocurrencies in India.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology,Cryptocurrencies and upcoming ICO’s.

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