ETHEREUM (ETH) cryptocurrency; silver ethereum coin on the background of the chart (Source: ShutterStock)
The cryptocurrency market has been making noise by scaling new highs and lows in recent times. Ether is one such digital currency among the many that has intrigued the market players across the world, including India.
With the Ether recording a new high this month, online searches for the digital coin have increased. The United States reported an average of 1,116,000 online searches a month or about 36,000 every day for Ether, the most, followed by Germany (736,300) and Turkey (408,500), according to Invezz.com.
India ranks eighth in average monthly online searches (192,000) for Ether, above countries like, Australia, Spain, Switzerland and Italy. While Indian’s add to an average of 282,250 online searches a month specifically checking the price of Ether.
In terms of average monthly online searches per 1,000 internet users for Ether, Switzerland (11.79) tops the game among the 20 most interested countries listed by Invezz.com. Germany is next, followed by Sweden, Turkey and Canada. India stands at 19th position just above Indonesia.
“Ether exploded in value over the past year and likely generated life-changing returns for early investors who truly understood the concept from day one,” Jayson Derrick from Invezz.com said.
Ether’s market cap scaled as high as US$ 483 billion this month, according to coinmarketcap data. While the market price recorded an all time high of over US$ 4,300 recently.
“These days we are noticing high levels of interest from wealthier investors (i.e. those with at least $1 million in assets) who want exposure to cryptocurrencies,” says Derrick. “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.”
By 2030, the world of finance will not resemble what it appears like today, according to Derrick. “The extent that Ethereum will play in terms of financial transactions and smart contracts will be exponentially higher over the coming years,” he adds.