Bitcoin may have declined after breaking its all-time high price of over $ 40,000, but the popular altcoin Ethereum (ETH) seems not ready to give up.According to the news in Beincrypto, two extremely positive metrics representing network health, the Ethereum mining difficulty and the Google searches for "Ethereum" reached all-time highs. Google search trends specifically for Ethereum set an all-time high during the latest 2017 bull run. This resurgence indicates a new and massive increase in interest in the world's leading smart contract platform.
Google Trends emphasizes user interest
Ethereum is the second largest cryptocurrency platform, but most of its interest is still generated by speculation. Ethereum should continue until it reaches peak dominance in application development and use. Because the platform is still relatively slow in transactions and charges high fees.
Still, Ethereum continues to grow. The explosion of the DeFi industry, built primarily on ETH, is fueling this growth. The increased exposure of the platform mixed with the massive surge in Bitcoin growth has renewed interest from potential investors.
Google search numbers show the increase in sales of people who want to learn more about the platform. Moreover, the previous all-time high in searches reflected the latest ATH price for ETH. Therefore, this metric can be an indicator of what the public largely expects from ETH.
Increasing mining difficulty means more challenge for altcoin
Ethereum is in the process of transition from ETH 1.0 to ETH 2.0. This major update changes ETH's transaction verification method from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The transition continues and users locked millions of ETH into the ETH 2.0 contract. However, the chain still uses PoW for verification.Ethereum is in the process of transition from ETH 1.0 to ETH 2.0. This major update changes ETH's transaction verification method from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The transition continues and users locked millions of ETH into the ETH 2.0 contract. However, the chain still uses PoW for verification.
PoW requires specialized computing equipment and a large energy consumption. This makes it difficult for many to get involved compared to PoS verification. However, this increase in mining difficulty on the network means more users than ever verify the platform. As more validators and miners enter the field; mining difficulty also increases proportionally. This keeps the mining process fair as its verification capabilities grow. It also represents an increased interest in the network.
According to the news source, both of these metrics are extremely positive for ETH and could be a leading indicator of where ETH's price will head in the near future.
