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Crypto mania: Is not Bitcoin but Ethereum making the most noise? - CityAM
Cryptocurrency is one of the most talked-about investment spaces in recent months and one of the digital coins making the most noise is Ether.
Unlike its closest crypto rival Bitcoin, people can build applications on top of Ethereum, namely the open source blockchain technology behind Ether, which makes it fairly attractive for crypto and tech investors.
With the digital currency hitting a record high of over $4,000 per Ether this month, crypto platform Invezz utilised online analytics tool Ahrefs to establish which countries in the world are most interested in Ether.
UK and US
In the UK, there are an average 230,000 online searches each month from Brits checking the latest developments surrounding Ether.
When it comes to the price of Ether, there is an average of 366,800 online searches a month from Brits specifically checking the price of Ether.
Read more: Search interest for cryptocurrency hits new high amid market crash
It places Britain in the sixth spot worldwide because the research found that the U.S. is in the number one spot with a substantial average of 1,116,000 online searches a month for Ether. That is the equivalent of 36,000 online searches per day.
In second place is Germany, as there is an average of 736,300 online searches every month from Germans regarding Ether. Turkey is in third position with an average 408,500 online searches a month from Turks curious about Ether.
Read more: Ethereum founder Vitalik Buterin donates $1.2 billion of Doge doppelgangers to India’s Covid effort
Rank Country Average Monthly Online Searches for ‘Ether’ Average Monthly Online Searches for ‘Ether’ Per 1,000 Internet Users 1. United States 1,116,000 3.57 2. Germany 736,300 9.46 3. Turkey 408,500 6.58 4. Brazil 259,600 1.62 5. France 247,100 4.25 6. United Kingdom 230,000 3.53 7. Canada 203,000 5.97 8. India 192,000 0.25 9. Australia 124,000 5.86 10. Poland 105,300 3.03 11. Spain 93,900 2.21 12. Switzerland 93,700 11.79 13. Italy 71,800 1.97 14. Netherlands 68,900 4.33 15. Sweden 68,100 7.12 16. Vietnam 43,200 0.63 17. Nigeria 42,900 0.31 18. Indonesia 40,800 0.19 19. Argentina 39,100 1.16 20. Austria 37,700 4.90
Source: Invezz
Brazil (259,600), France (247,100) and Canada (203,000) are among the other countries where there are more than 200,000 searches a month from their respective citizens monitoring Ether online, respectively ranking fourth, fifth and seventh.
“Ether exploded in value over the past year and these days we are noticing high levels of interest from wealthier investors,” said Invezz analyst Jayson Derrick.
Read more: Ethereum volatility increases as FUD continues to pour in
“These investors tend to be more cautious in how they manage their life savings: they own physical gold bars and have taken advantage of IBM’s dividend reinvestment program for decades,” he told City A.M. today.
“These investors tend to be more sophisticated and will pay for professional investment advice to maximize their return. They are not interested in “meme” cryptos like Dogecoin. Rather, they are interested in Ethereum and other large-scale coins because of their real life use,” Derrick explained.
Read more: HSBC rules out move into crypto market over volatility concerns
Ethereum extends gains to rise 8%; bitcoin firms
A representation of virtual currency Ethereum is seen in front of a stock graph in this illustration taken February 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
Cryptocurrency Ethereum extended gains to rise more than 8% on Monday to $2,587 but remained 40% below a record high of above $4,300 hit earlier this month.
At 1153 GMT, it was trading up 7.4% at $2,565.69.
Larger rival Bitcoin also gained in its wake with the world’s biggest and best-known cryptocurrency rising 3.7% to $36,977 in quiet trading with London and U.S. markets shut for holidays.
Bitcoin has been less volatile in recent days but is down by more than 35% this month, weighed by growing regulatory pressures on the sector.
Latest positioning data for the week ended May. 25 confirmed the trend with net short positions nearly doubling from the previous week, which was the smallest net short since late March last year.
In the latest salvo against the cryptocurrency, Bank of Japan Governor Haruhiko Kuroda said much of the trading was speculative. His remarks followed China’s recent efforts to crack down on mining activities. read more
It is currently trading at levels last seen in February and at roughly half its peak value of $65,000 seen in April.
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