Bitcoin has been at the merciless hands of the media and the internet of late, looking at the markets shows that it has had a great impact on both the value and the reputation of the coin.
Yesterday did look as if a recovery for Bitcoin was underway however, once again the value of Bitcoin is down, only marginally, but in a market where Bitcoins closest rivals Ethereum and Ripple are up, it’s a very negative outlook for Bitcoin and its investors.
Most shockingly, according to the International Business Times, Ethereum has officially overtaken Bitcoin as the most popular cryptocurrency in India. According to research by internet service provider ‘Jana’ Ethereum has surpassed Bitcoin in taking 35% of the share with regards to cryptocurrency searching online, Bitcoin currently sits at 30%.
India currently has several live exchanges with over 5 million users, meaning that this is not an insignificant finding. In a country with such a high interest in cryptocurrency, any negative news for Bitcoin is very bad news.
Jana, have put this lapse of interest in Bitcoin down to the Indian government tightening up regulations around cryptocurrency, perhaps in light of this people have been searching for Ethereum more in an attempt to educate themselves about what to do if the government ban cryptocurrencies altogether.
According to the International Business Times, Nathan Eagle the CEO of Jana has said:
“Our data shows that despite growing interest in cryptocurrencies as of late last year, recent confusion and questionable nature of crypto as legal tender in India has had a noticeable chilling effect.”
Obviously, these findings can not be generalised internationally and of course, Bitcoin still dominates the overall market cap by a huge amount, but when interest in the worlds most popular cryptocurrency starts to diminish to a point that India, one of the bigger crypto-savvy populations starts searching for Ethereum more frequently, one has to wonder how Bitcoin can rectify this.
The battle between Bitcoin, government and the rest of the world is starting to show some scars on the surface of Bitcoin, maybe it’s not time for investors to start to worry yet, but events and reports like these really do need to be studied in order to determine where Bitcoin is going in the future and how it’s rivals are sharpening up, ready to perhaps one day, take the lead globally.