People Are Now Searching for NFT More than DeFi on Google

People Are Now Searching for NFT More than DeFi on Google

The Non-Fungible Token (NFT) mania is now outpacing decentralized finance (DeFi). The search interest for NFT gained traction in the middle of January 2021, and last week more people were busy learning about digital collectibles more than DeFi in the US, as per Google Trends.

In the US, interest in NFTs first gained more traction than DeFi briefly at the beginning of the month and then sustained this uptrend over the weekend of Feb. 13. On Feb. 19, while NFT had a reading of 100, on a 0-100 scale, the search interest in DeFi wasn’t even half of that, at 46. Qiao Wang of DeFi Alliance noted,

“A little bit surprised how fast this is happening but not really surprised either. As things *currently* stand, digital collectibles and gaming are much more appealing to the mainstream than permissionless casinos.”

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Source: Google Trends

Worldwide, NFT phenomena still had some catching up to do with the interest in the search term DeFi having a reading of 100 while NFTs have about half of that at 56.

This interest has the trading volume on NFT marketplaces skyrocketing, going from mere less than $500k in mid-January to now beyond $50 million. The most popular marketplaces are NBA TopShot, CryptoPunks, OpenSea, and Rarible, as per DappRadar.

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This makes sense given that NFT pieces are being sold for an exorbitant amount of money, in some instances more than a million dollars.

The average SuperRare piece is currently being sold for just over 3 ETH, which recently hit a new ATH above $2,000. Recently, the internet sensation Nyan Cat was sold for a whopping 300 ETH.

The primary benefit of these digital collectibles is that each NFT is unique and can be traced back to its original issuer. And because no two NFTs are identical, they cannot be exchanged with one another.

Ethereum is the popular platform for creating these NFTs, using its ERC-721 and ERC-1155 token standards. Other blockchains are now joining in, like Tron, BSC, and NEO, to capture this trend.

As we reported, major auction house Christie’s is also selling a completely digital artwork and accepting Ether for it as well.

NFTs are also gaining a lot of interest from celebrities and investors like Mark Cuban and Chamath Palihapitiya, who see them as the future and the next frontier of digital currencies.

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Author: AnTy

Interest in Buying Crypto Has Never been This High

People are just as interested in searching for “how to buy crypto” and DeFi as per Google Trends.

The cryptocurrency fever is spreading, as we have seen since last year. But in 2021, it is only getting hotter and hotter.

Besides the new user-ups, traffic, and increasing volumes on cryptocurrency exchanges, the search interest for the related terms on Google has been taking a shot to the moon as well.

Interest in the search term “buy crypto” has climbed to its highest level ever worldwide. In the US, while people are searching to ‘buy crypto’ at never seen before levels, during the last bull run, it only had a reading of 38 compared to 75, on a scale of 0-100, in the first week of 2018 worldwide.

People are just as interested in knowing “how to buy crypto,” which started seeing a small uptick in November only to gain momentum this year, going from a reading of 15 at the beginning of the year to now 100.

During the last bull run, the interest wasn’t even half what we see this time, at least in the US.

Not to mention, people on TikTok still haven’t lost their interest in sending altcoins like DOGE to the moon, to $1, while the coin has already lost more than 60% of its value since the pump last week to above $0.08.

Interest in the term “DeFi” has also beaten the 2020 summer levels on Google Trends in the US and is ready to do so worldwide.

Price-wise, DeFi is the one that is stealing the show yet again, which has the total value locked rising to above $27 billion.

Sushiswap (SUSHI) has actually rallied 30%, while Uniswap (UNI) also gained over 10%. However, despite the latest surge, the top two DEXs continue to trade at relatively low price multiples compared to their peers.

Uniswap is currently trading at 18x based on price/sales ratio, with annualized revenue of over $1 billion, while Sushiswap is trading at a mere 7x, with an annualized revenue of $ 430 million.

In 2020, so far, the notable gainers include COVER (6,151%), ALPHA (837%), BADGER (533%), CREAM (344%), 1INCH (319%), CRV (311%), UNI (297%), and AAVE (221%).

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Author: AnTy

A Ridiculously Bullish Chart, Bitcoin Google Search Interest Rise to Mid-2017 Level

A Ridiculously Bullish Chart, Bitcoin Google Search Interest Rise to Mid-2017 Level
  • Now more people searching for “Bitcoin” than during the Bitcoin bubble of 2013
  • Once FOMO hits $10k, $40,000 would be achieved in no time
  • “Striking similarity” in Bitcoin price action between 2011-2015 and 2015-2019
  • Over the Next 24-Months, Bitcoin Price to follow late 2017’s great high

Alistair Milne, the CIO of Atlanta Digital Currency Fund took to Twitter to share what he calls a “ridiculously bullish chart” that shows Bitcoin interest on Google searches rising to great levels since it was created.

As Bitcoin price turns bullish, climbing to $9,100 level in May, the interest in Bitcoin has risen as seen in google trends. The year-over-year google trends data for the leading cryptocurrency has risen for the first time in 12 months.

There are now more people searching for “Bitcoin” than during the Bitcoin bubble of 2013. Additionally, since the world’s leading cryptocurrency was created – on a log scale – the interest in Bitcoin has also risen and gone to the level that hasn’t seen since mid-2017.

Per the chart shared by Milne, the interesting aspect is the fact that event at the lowest point in 2018, we were above the early 2017 levels. The Bitcoin search levels of Bitcoin on log scale remains above 10 since first hitting that in January 2017.

This shows that as Bitcoin price makes upward moves, people’s interest in the world’s top cryptocurrency also rises. Talking about the price, currently, BTC/USD is trading at $7,745 with 24 hours loss of about 2 percent.

Once FOMO Comes, BTC would Hit $40,000 in No Time

In the short term, this month which started at a red note could see more losses, if history is any indication and if June closes in red, July will follow with reds after all. Analyst, Cane Island crypto, shares this interesting observation on Twitter.

In the mid-term, Bitcoin Bull Tom Lee sees Bitcoin going to $40,000 in a few months once we hit $10,000 which is expected to trigger FOMO and drive BTC prices to new highs.

“If bitcoin somehow manages to get to [$10,000], it’s very likely going to make a run to $40,000 within five months,” said Lee in an interview with Binance CFO Wei Zhou.

According to him, once we get to $10,000, every institution will realize we are going back to the ATH. As for the Wall Street, he says:

“if there’s a known asset class and they believe they can have an edge, they’re going to be quite interested in investing in it.” And this will be the right “tipping point,” said Lee.

Over the Next 24-Months, Bitcoin Price to follow late 2017’s Extreme high

Analyst at Canaccord Genuity also sees the history repeating as in their research note, they predicted the return of Bitcoin’s 2017’s stratospheric high over the next 24 months.

In its note, the firm noted the “striking similarity” in Bitcoin price action between 2011-2015 and 2015-2019. Bitcoin actually operates on a sort of four-year cycle as the reward halving occurs about every four years, they observed.

“Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”

It also notes how 7 million bitcoins that haven’t been active for about six months is now back to trading. The increasing interest from Wall Street in terms of Fidelity Digital Assets, Grayscale’s “Drop Gold” campaign and corporate initiatives from the likes of Nike, Facebook, and others are also noted by the authors.

“In any event, bitcoin is so far one of the best-performing assets of 2019,” wrote the firm.

Bitcoin’s price is $7,671.73 BTC/USD exchange rate today. The real-time BTC market cap of $136.17 Billion currently ranks #1 with a chart dominance at 55.84%, daily trading volume of $4.19 Billion and live coin value change of BTC -3.87 in the last 24 hours.

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Author: AnTy