Google search interest for the largest altcoin, Ethereum, dropped to a near three-year low as Google Trends data shows searches for the keyword “Ethereum” are at a 6 out of 100 in their index, a level seen in early 2017.
In late 2017, when ether was close to its $1,400 all-time high, search interest for ETH hit a high of 100, but started dropping along with the cryptocurrency’s price. Search interest recovered slightly earlier this year, hitting a high of 30 in July at the time of launch of the Grayscale Ethereum Trust (ETHE) on over-the-counter (OTC) markets. Similarly, at the time Ethereum’s daily transactions surpassed one million.
Etherscan data now shows between 600,000 and 700,000 transactions are processed on the Ethereum blockchain on a daily basis. Cryptocurrency analysts look at search interest as it’s often seen as a potential indicator for a cryptocurrency, with one study published in 2017 by search engine marketing firm SEMRush finding bitcoin’s price had a 91% correlation with crypto search interest on Google at the time.
The correlation may, however, no longer be there or apply to altcoins. Moreover, while search interest for ETH has dropped to a near three-year low some projects running on the Ethereum blockchain, like the Brave browser, have seen search interest for them surge.
