Ethereum (ETH) retail wallets surge significantly as coin strengthens
- ETH wallet addresses with less than 0.1 ETH have increased to 11 million, as ETH price strengthens.
- Google trends data is a good indication of the market sentiments showing a significant up or down movement.
- The high interest of retail investors in ETH is largely due to the bull movement of the cryptocurrency.
Retail investors are gunning for Ethereum (ETH) as the crypto asset witnessed unprecedented levels of Ethereum Google searches.
The last time Google searches for ETH reached close to the current level for the week was during the 2017/2018 cryptocurrency frenzy. Even then, the numbers of searches were not as high as the present number. Another indication of a substantial interest in ETH by retail investors is the increase in the number of small ETH wallet addresses, breaking new records within the past few weeks.
Increased Google searches for ETH
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Google trends data is used as a good indicator of market sentiments of retail investors, particularly in the less popular investment assets like crypto assets. In most cases, a substantial price movement in any direction will be reflected by a substantial increase in Google searches.
For instance, during the 2017/2018 parabolic price increase for Ethereum, the number of searches for the coin increased significantly. And when the crypto-asset entered a correctional phase, the interest vanished, except on certain occasions when there is a price hike.
Presently, ETH is on a bull run, as its price hit an enviable height of $1,300 from a mere $350 only three months ago. Retail investors are now swimming to the cryptocurrency, due to its high performance in the market.
Significant increase in the number of retail wallets
Wallets that hold a modest amount of Ethereum are also increasing in numbers, which is another strong indication. Glassnode data indicates that there is a high increase in the number of ETH wallet addresses having no more than 0.2 ETH.
Addresses with not more than 0.1 ETH have risen above 11 million, as shown by the Glassnode graph. However, the majority of the increase was recorded in late last year when the ETH prices began rising speedily.
Google data also shows a significant increase in the number of Ethereum wallets with more than 0.1 ETH.