Data from Google Trends (U.S.) suggests that searches for Ethereum are skyrocketing as its price remains in the four-figure territory. The surge in interest is even predicted to eclipse levels in 2017 when the asset exploded onto the crypto scene, driven by the ICO boom.
In 2017, ETH prices surged 9,600% from around $8 on New Year’s Day to end the year at $775 before its push to that all-time high of $1,400 two weeks later.
Public sector management consultant ‘DCinvestor’ commented that this is the cycle in which Ethereum goes mainstream, just like Bitcoin did in 2017/18.
By the end of the previous bull market, everyone knew what Bitcoin was due to its coverage in mainstream media, making the asset a household name. The same did not happen with Ethereum, which largely remained under the radar for the masses, and definitely for institutions.
Fast forward to 2021, and things are very different. The institutions have arrived, but the mainstream retail traders have largely stayed away. The investor added that things are still very early for Ethereum;
“And before everyone freaks out and starts calling ‘that’s the sign of a top,’ recognize that Ethereum had only a fraction of the market awareness Bitcoin had in 2017.”
This is especially evident when comparing the two search terms;
Things are likely to really heat up for Ethereum when ETH 2.0 is properly launched, which is still at least a year away. Phase 1.5 will merge the two blockchains, and those early adopters that have staked on Beacon Chain long before then will reap the rewards.
At current prices, there is approximately $2.5 billion worth of Ethereum locked in the deposit contract. Compared to Bitcoin’s market capitalization of $640 billion, this is a tiny fraction, and compared to gold’s $12 trillion market cap, it doesn’t even register.
Ethereum prices are back in the bullish territory following yesterday’s brief market cool down. During today’s Asian trading session, ETH prices touched $1,150 once again, equaling their previous high.
Another leg up could meet resistance at $1,230, where previous weekly candles closed in early 2018. At current levels, Ethereum is just under 22% away from a new all-time high.