Ethereum searches on Google Trends have been at their highest for a year.
In fact, since August 2019 they had definitely dropped, but since the last week of July, they have increased significantly.
After reaching a peak of 100 last week, the minimum peaks were recorded between mid-October and mid-December last year, with a volume five and a half times lower than last week.
Indeed, except for a single peak in mid-February, the last 12 months had never exceeded half the current search volumes.
From the week between July 19th and 25th, 2020, the index rose to 55, which is the new high of the last few months, but then from the following week, it rose first to 97 and then to 100.
Analyzing the last two years, i.e. from August 2018, it turns out that already by mid-July 2019 a peak similar to the current one had been reached, so the recent increase in searches, although sudden, does not seem surprising at all.
However, it turns out to be less than a third of the peak of mid-December 2017, i.e. during the speculative bubble, and probably it is due to the growth of the price. In fact, even during the 2019 peak, the price of ETH had exceeded $350, while it is now close to $400.
The last time it had been around this level was in August 2018, but at that time the price was in a long period of sharp decline.
It is also possible that the success of some DeFi protocols based on Ethereum contributed to the renewed interest in this search query, but comparing the search volume of the “DeFi” query with that of Ethereum it turns out that the DeFi search peak occurred in early April, simultaneously with a drop in Ethereum searches.
Instead, comparing Ethereum’s searches with those of Chainlink, for example, it turns out that these had a peak just before the peak of Ethereum’s searches.
Therefore it would seem that the main cause of the increase in interest in Ethereum is the increase in the value of ETH, with possibly other causes that have had a marginal impact.
It is worth noting, however, that the search volume of the “Bitcoin” query still remains five times higher than that of Ethereum, and that for Bitcoin the annual peaks occurred during the collapse of the financial markets in mid-March, and during the halving week in mid-May.