India shifts from Bitcoin to Ethereum
Despite increasing regulatory pressures, interest in cryptocurrency in India has not diminished whatsoever.
There has always been a vigorous Bitcoin ecosystem.
Now, it seems the focus is shifting to Ethereum in India.
In the last five months, it has been the country’s most searched cryptocurrency.
Ethereum’s rise in India
Although it dominates the cryptocurrency industry, there’s a lot more to the market than just Bitcoin.
Various altcoins are rising in the ranks and making a big impact on the cryosphere too.
The number two cryptocurrency, Ethereum, is the biggest contender in this regard.
The general public in India now seems to be more interested in this popular crypto than Bitcoin, according to new statistics.
The shift seems to have materialized over the last few months and isn’t showing signs of slowing down.
Searches for Bitcoin in India represent 29.9 percent of all searches, whereas Ethereum accounts for 34.4%.
While the difference may be small, it represents a shift in sentiment in India.
Outside of the top two cryptocurrencies, other digital assets are not so popular.
The next popular currency was BuyUCoin (NEM) with a 21.2% share.
Dash comes in fourth place with 5.3 percent of all searches.
The Future of Cryptocurrency
In the midst of regulation toughening in India, the future for cryptocurrency in the country remains uncertain.
Last November, a government panel had even recommended closing down cryptocurrency exchanges.
Nathan Eagle, CEO of internet provider Jana, who compiled the search data, said in a statement:
“The government recommending shutting down exchanges and limiting currencies altogether, coupled with the decline in prices, has led to the feverish pitch waning away dramatically.
“There are still quite a lot of searches but maybe we’re getting closer to what a true steady state should look like.”
There’s no official deadline for when these new policies will be rolled out, or exactly how the government plans to handle digital currencies.
India is not alone in its appreciation for Ethereum though, as it’s rise in popularity is global.
With the surging interest in Ethereum, only time will tell if it can truly give Bitcoin a run for its money as the dominant force in crypto.