Ethereum has reached historical highs in Google searches and also in its mining difficulty.
Historically, these are the main price indicators for cryptocurrencies.
Ethereum appears to be holding up as Bitcoin declines from its all-time high.
Bitcoin may have started to calm down after hitting its all-time high of over $ 40,000, but it looks like Ethereum isn’t ready to give up its own race just yet.
Two overwhelmingly positive metrics representing network health, Ethereum’s operating difficulties and Google search trends for “Ethereum” have reached all-time highs. In particular, Google search trends for Ethereum hit their all-time high during the bull run of 2017. This resurgence represents another significant increase in interest in the world’s leading smart contract platform.
Google Trends Highlight Ethereum User Interest
Ethereum is the second largest crypto platform, but much of its interest is still generated by speculation. ETH has a long way to go before reaching its maximum dominance in the development and use of applications . Indeed, the platform is still relatively slow to process transactions and charges high fees.
Nonetheless, Ethereum continues to grow. The explosion of the DeFi sector, which relies mainly on the ETH network, is fueling this growth. The increased exposure of the platform, mixed with the sharp increase in Bitcoin’s growth , has sparked renewed interest from potential investors.
Google search numbers show the increase in the number of people seeking to learn more about the platform. In addition, the previous record for searches reflected the last high price of Ethereum. This measurement could therefore be an indicator of what the general public expects from Ethereum.
Increased mining difficulty means more struggle to earn Ether
Ethereum is in the process of moving from ETH 1.0 to ETH 2.0. This major update changes Ethereum’s method of verifying transactions from Proof of Work to Proof of Stake . The transition is underway, and users have staked millions of Ether into the ETH 2.0 contract . However, Ethereum still uses proof of work for verification.
Proof of work requires specialized computer equipment and significant energy expenditure. So it is difficult for many of minors to get involved, unlike the PoS check. However, this increase in the difficulty of mining on the network means that more users than ever are checking the platform. The more the number of validators, or miners, increases in the sphere, the more the mining difficulty increases proportionally. The mining process therefore remains fair as validation capacities increase. This also represents an increased interest in the network and the ether gain.
Both of these measures are extremely positive for Ethereum, and may be an indicator of the direction the price of ether will take in the near future.