The number of Google searches for “on-chain” is at an all-time high. This indicates that the concept of blockchain is known to more and more people. Where previously it was mainly assignments such as “What is Bitcoin” and “What is Ethereum”, we now see that people are delving more into depth.
The learning phase is over
CryptoQuant CEO Ki Young Ju comes to the same conclusion: “The learning phase is over. A new era is coming,” he says.
Over the past five years, the number of searches for “on-chain” was 25/100 with a brief peak to 30/100 in March. However, between May 26 and June 1, interest in this search term skyrocketed to 100 on the index.
“What was once tech jargon is now known to everyone. The next step is to put everything on the blockchain. The learning phase is over. A new era is coming,” Ki Young Ju wrote on Twitter.
It is striking that Nigeria is the country where searching for crypto on Google is the most popular. Followed by Afghanistan and Ethiopia. These are countries where people are looking for new opportunities to make something of their lives, which makes it logical that this type of technology is popular there.
Rosy on-chain picture for Bitcoin
Many on-chain indicators are bullish for Bitcoin at the moment, noted analyst ELI5 or TLDR. He saw that five of the seven indicators he selected currently indicate that Bitcoin’s bull run has only just begun.
To do this, he used, among other things, the Bitcoin MVRV Z-score, the Puell Multiple and the market dominance of the largest coin on the market.
A few days later, Glassnode analysts also noted that Bitcoin is preparing for a bigger price explosion. Unfortunately, we don’t see that reflected in the race yet.
The Bitcoin price is currently clocking in at $69,000 and is struggling to leave the all-time high of November 2021 and reach the March 14 high of $73,800 again.
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Source: https://newsbit.nl/aantal-google-zoekopdrachten-naar-on-chain-op-een-all-time-high/
