Ethereum is the most searched cryptocurrency in India, surpassing Bitcoin

In the past six months, crypto enthusiasts in India have been more interested in searching for Ethereum (ETH) than Bitcoin (BTC) on search engines. At the end of February, researchers confirmed that the search volume for ETH may be twice that of BTC. As the second most populous country in the world, will this situation have an impact on Bitcoin, the world's most popular cryptocurrency?

Ethereum searches on the rise in India, researchers say

According to Jana, an Indian free internet provider, “Ethereum has become the most searched cryptocurrency in India over the past five months, accounting for 34.4% of total cryptocurrency searches, while Bitcoin accounts for 29.9%.” The findings were published in a Jana research report, which also claimed that “the next most searched cryptocurrency is Buyucoin (NEM), accounting for 21.2%, while the rest account for 5% or less.”

"The government's proposal to shut down cryptocurrency exchanges, completely restrict cryptocurrencies, and the drop in prices have caused the enthusiasm for cryptocurrencies to subside significantly," said Nathan Eagle, CEO of Jana. "But there is still a considerable amount of related searches, so perhaps we are approaching a true steady state." Ironically, part of the problem may be the success of Bitcoin. When people's concerns about cryptocurrencies rise, it tends to attract a lot of attention. In recent months, the Indian government and regulators have proposed that any cryptocurrency is illegal and are preparing to shut down related exchanges.

Ethereum replaces Bitcoin as the most searched cryptocurrency in India

Jana used its Mcent browser to collect searches for cryptocurrencies and related exchanges between October last year and February 2018. According to Quartz India, “In the last week of February, searches for Ethereum were twice as high as those for Bitcoin.”

30% of searches during this period occurred during the Bitcoin bull run in December last year. There seems to be an almost inverse relationship between Ethereum searches and Bitcoin’s price: more of one means less of the other. Eagle explained, “Search volume is the main indicator of momentum. It doesn’t mean more people are buying Ethereum, but it certainly means people are more interested in Ethereum,” he told Quartz India.

(In February 2018, Ethereum searches were twice as many as Bitcoin)

Entanglement with Cryptocurrency

What’s clear is that India’s attitude toward cryptocurrencies, especially Bitcoin, is volatile. While Jana’s research points to waning enthusiasm for Bitcoin, there are also signs of a warming reception. As we explained, companies “trying to gain a foothold in the crypto space and raise funds through cryptocurrencies are increasingly turning to India…outsourcing advertising and marketing to Indian agencies is now a cheaper alternative for startups.”

(Changes in the number of cryptocurrency-related web page loads in India from October 2017 to February 2018)

While the Indian government is hostile to cryptocurrencies, non-governmental organizations are welcoming them. "The Indian Chamber of Commerce is running a Bitcoin mining training program in 30 cities across India," News.Bitcoin.com reported. "Our goal is to teach young people about Bitcoin and other cryptocurrencies and related blockchain technologies, and encourage rural populations to start their own businesses." There is even a new initiative that is attracting new investors. Bitcoin is becoming increasingly popular as a gift in India's IT hub, Hyderabad. More and more Indians prefer the low entry price and low risk of entering the cryptocurrency field. "Bitcoin price at time of posting: ￥43750.43