Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
Over the past two years, Bitcoin has rapidly increased in both trading volume and value as the world has turned to alternative assets to hedge against the threat of inflation in traditional finance. While Bitcoin remains the leading cryptocurrency, data shows that it is not the most searched for cryptocurrency in the industry in the United States. To investigate this, we researched which cryptocurrencies receive the highest search volumes across the US.
Which cryptocurrencies are people most interested in?
Analysing Google Trends and search volumes in the United States, we explored which cryptocurrencies are being searched. According to our research, Dogecoin (DOGE) stands as the cryptocurrency that has received the highest search volumes across nearly 50% of the states in the US searching for the token. Hailed as the original meme coin in the industry, Dogecoin has received a massive amount of attention as a result of Tesla CEO Elon Musk’s outward ‘advocacy’ of the token. Also part of the “Doge Army”, Snoop Dogg has taken to tweeting and posting about the cryptocurrency suggesting to fans – whether ironically or not – that Dogecoin is the cryptocurrency to watch. As a result of the celebrity attention, Dogecoin’s popularity has experienced rapid rises, leading to more attention with short-term investors looking to make a profit from the popular token. As it stands, Dogecoin is the 12th leading cryptocurrency in terms of trading volume.
Following Dogecoin, Bitcoin (BTC) stands as the second most researched cryptocurrency. As per data and search trends, our research found that ten of the United States – including Connecticut, Alaska, Mississippi, and New Hampshire – are searching for Bitcoin and Bitcoin-related terms the most. As the leading cryptocurrency in the market, Bitcoin taking a position as one of the most researched tokens is unsurprising, especially given how much attention as an alternative asset it has received amidst the global pandemic.
In third place as the most researched cryptocurrency in the United States, Ethereum (ETH) sits as the top-most searched cryptocurrency in eight of the states in the United States with South Eastern states taking interest in the utility token. The states of Georgia, Louisiana, Virginia and Ohio are interested in Ethereum and are searching for the second-leading cryptocurrency and top altcoin in the cryptocurrency market.
Altcoins making waves in the United States
Dogecoin’s top memecoin contender, Shiba Inu (SHIB) was launched in August of 2020 and has quickly risen in trading volume in the market. Currently, Shiba Inu is the 15th most traded token across the market, looking at a massive rise in 2021 around the same time that Dogecoin saw massive attention from Musk’s advocacy. With the rapid rise in popularity and significant surge in trading value over the past two years, Shiba Inu and terms related to the dog-inspired memecoin stands as the fourth most-searched token in the United States. Innovative and tech-drivers in the States including New York and California are among those that have searched Shiba Inu most in the country.
Cardano (ADA) was most searched in Colorado. Founder of Cardano Charles Hoskinson currently operates between Zug in Switzerland and Boulder in Colorado. As a Colorado-based tech entrepreneur and well-known for his work in launching Ethereum, Hoskinson has a wealth of influence in the market – a factor which might lead investors and tech enthusiasts in Colorado to researching Cardano, as led by Hoskinson. At the time of writing, Cardano is the ninth leading cryptocurrency in terms of trading volume.
On the results, one of our analysts commented:
“The rise in cryptocurrencies has been enormous in recent years, with more and more people looking to invest in them. This study offers incredible insight into where these investments are coming from across the US, with Dogecoin surpassing Bitcoin as the most popular cryptocurrency on the internet. With more than 6,500 cryptocurrencies available globally, it is fascinating to see currencies that may not be the most valuable are still the most sought after.”