Quartz reported that Ethereum kept a 34.4% share of cryptocurrency search opposite 29.9% for Bitcoin when analyzing seeking requests between October 2017 and February 2018. By the end of February, alongside the tightening regulation in India, the interest in Ethereum had relatively risen twice than the one in Bitcoin.
Cryptocurrencies have been greatly demanded in India over the past year, sometimes Bitcoin was trading at a 30% bonus. The reason can be watched back to 2016, when the Reserve Bank of India removed high-value bills from circulation in a move that shocked the nation. It accentuated the value of a currency that isn’t controlled by a central official – the principal that determined the creation of Bitcoin more than 10 years ago.
Nevertheless, following previews from other central banks including the UK and the US, India’s central bank has been using regulatory impact on its local cryptocurrency exchanges and national banks. Ultimately, it has been declared that trading volumes on India’s popular bitcoin trading platforms have collapsed by 90%.
This decrease in trading volumes could illustrate that traders in India are moving away from centralized trading platforms. The might of cryptocurrencies is that they can be exchanged peer to peer. According CryptoCompare`s analysis, two-thirds of Indian Rupee transactions now take place on LocalBitcoins – a person to person bitcoin trading site that doesn’t rely on a centralized exchange in order to convert into fiat.
Growing interest in Ethereum reflects a general trend relatively to diversifying crypto-assets, it is the currency of choice for investing in Initial Coin Offerings. In a rigid market, traders have been searching for these crypto-startups in order to find returns. According to co-founder and CEO of Unocoin Sathvik Vishwanath, an Indian bitcoin exchange and as reported by Quartz, “The market is very, very dull,” as regulation and tax is weighing on people’s minds.
Probably the interest in Ethereum revealed by Jana simply reflects Sathvik’s spirits. The market has relived a difficult few months, Ethereum’s promise of decentralized apps and its ERC-20 based-ICOs offer the Indian market a more positive future in a bearish market.