The search interest in the term Ethereum can be felt strongly in some Latin American countries, after its growing explosion in prices to near USD 500 levels recently.
In Mexico, it can be seen that, according to data from Google Trends, last August the citizens of that country were keen to get information in the browser about the most important altcoins in the ecosystem.
According to the Google browser trending tool, the growing interest in Ethereum peaked in the week of August 2-8, 2020 when the price of Ethereum saw a bullish rally into the key zone of $ 400, a minimum of 361 to a minimum Maximum of 404 in this period.
Ethereum has a trend in Mexico that joins the rest of the world, with an interest rate value close to the value of 74 in the period ending September 5th. This fits in perfectly with the world values, which averaged 69 over the same period.
In the Aztec country, according to Google Trends, the tourism state of Quintana Roo is the one with the best position in the national ranking for the term Ethereum with a score of 100 out of 100, followed by Campeche, Yucatán, Culima and Michoacán.
Additionally, in Mexico, interest in the preferred cryptocurrency for the development of ecosystems such as decentralized applications for gaming, betting and DeFi in general is being protected by an economic crisis that seems to be on the horizon due to the devastation of the COVID pandemic -19 and the im Country implemented economic measures that have accelerated its deterioration.
Given the increasing devaluation of its local currency, the Mexican peso is “MXN”The residents of the Latin country seem interested in other ways to protect themselves from inflation. This is also reflected in the support for searches related to the term Ethereum and its impact on the conversion through Mexican pesos as seen in the search results.
On the flip side, Bitcoin appears to be seeing a general decline among residents of the Aztec land after, for example, search interest dominated on Ethereum-related topics.
With an explosion of decentralized finance use cases and great ROIs for DeFi protocols It is not surprising that given the economic climate due to the decline in economic activity due to the pandemis caused by COVID-19, Mexicans are looking for alternatives to face the crisis. and with it the growing interest in Ethereum over the past 12 months, even through Bitcoin.
Cuba and Colombia top the Latin American rankings
In the world rankings, Latvia and Nigeria led the search for search terms related to Ethereum last year, followed by Benin, Namibia and Andorra.
However, It is noticeable that Cuba appears in the top ten of the general ranking for Google Trends. This is not surprising given the difficult economic situation on the Caribbean island due to the economic embargoes that make access to traditional financial products impossible.
With the power of blockchain and decentralized financing «DeFi», Residents of the Caribbean country can find an escape route to opt for traditional financial products such as loans and savings. with blockchain consent, without worrying about the restrictions the island has suffered from for four decades.
Colombia appears as the first country in South America in the general ranking of Google Trends for the term Ethereumat position 25, while Venezuela appears in position 32 and Panama in field 42 to complete the only countries in the region that appear in the top 50 of the general ranking.
Also, Colombia It has shown a growing interest not only in the cryptocurrency but also in its price.
According to Google Trends, interest in the price of Ethereum for the past 12 months has been dominated by Colombia with the perfect score of “100”, followed by Venezuela “69” and Spain with 59 units in third place. The remaining five countries that dominate this trend are Latin Americans, with Panama and Peru completing the roll of honor.
In the last days Interest in Ethereum in Coffee Country was even higher than historical interest in the price of Bitcoin. although the latter has remained the leader in the South American country for the past twelve months.
It’s not the first time Latin American countries have dominated some cryptocurrency-related trends. Last June, the data showed that Brazil ranked second on a new world map of Bitcoin searches for that time.
Brazil was the Latin American country with the highest number of searches for the term Bitcoin, with a 92.6% share this month. followed by Chile and Ecuador in a ranking that is led by the African country Kenya.
Overall, the South American subcontinent with four countries in the top ten appeared to be the “Bitcoin maximalist” in the June report with Google Trends data.
Currently the market has made a sharp price correction and the price of Ethereum is not escaping it after falling 13 percent in the past few hours.
This sudden drop has also affected interest in the data shown on Google Trends, although a possible rebound is forecast for the end of the current week.that could logically benefit from a general market price recovery.
Despite the decline in Ethereum prices, sentiment remains optimistic for many investors who view the spike of $ 500 as an upper limit that can be covered at any time, which could certainly increase interest not only in Mexico but in many regions on Ethereum.