Bitcoin is not king in India.
Interest in cryptocurrency has not diminished whatsoever. Over in India there has always been a vibrant Bitcoin ecosystem. It now seems the focus is slowly shifting to Ethereum for some reason. It has been the most searched cryptocurrency in the country over the past five months.
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.
Another interesting highlight was that Ethereum’s popularity over Bitcoin grew over time, where Ethereum searches were twice that of Bitcoin during last week of February.
India currently has around 10 cryptocurrency exchanges with 5 million users and monthly volumes of Rs 10,000 crore ($1.5 billion), according to industry estimates from early January.
The revelation by Jana comes at a time when the governments around the world are tightening their noose on cryptocurrencies and India is not far behind.
Last November, a government panel had even recommended closing down cryptocurrency exchanges.
“The government recommending shutting down exchanges and limiting currencies altogether, coupled with the decline in prices, has lead to the feverish pitch waning away dramatically,” said Eagle. “There are still quite a lot of searches but maybe we’re getting closer to what a true steady state should look like.”