But the exact same process can be used to identify consumer enthusiasm for various cryptocurrencies.
So today, I’m going to answer the three most important questions in the crypto space:
How is Bitcoin doing with consumers?
Very well. As you can see in the chart below, consumer interest in purchasing Bitcoin has risen quickly and steadily since late last year and shows no signs of tapering off.
We’re seeing more and more evidence that consumers see Bitcoin as a store of value more so than an actual currency, at least for now.
But this could change quickly if more companies decide to follow Elon Musk’s lead, now that you can buy a Tesla with your Bitcoin.
Compared with its peers, Bitcoin remains clearly dominant from a consumer-interest perspective.
Speaking of which…
What are the top non-Bitcoin currencies to watch?
Ethereum and Cardano are definitely the two top-tier standouts among “alternative” cryptocurrencies.
Ethereum’s (ETH/USD) rise in 2021 has been nothing short of remarkable, fueled in part by its role in the Non-Fungible Token (NFT) craze.
Cardano (ADA/USD) has seen even more impressive growth in 2021, with Year over Year consumer mentions up by a whopping 5,673%.
It’s worth noting that both Cardano and Ethereum have eclipsed consumer demand levels established in 2017.On the other hand, you have Litecoin (LTC/USD), which has not revived the interest levels it enjoyed during the first “bubble” wave:
How is overall consumer interest in cryptos holding up?
Overall, crypto interest is booming.
All consumer macro behaviors tracked (investing in, trading, and selling cryptocurrency) have recorded triple-digit growth YoY.
Part of this is because the prices of cryptocurrencies have rallied significantly this year, but another part is the actual utilization and use-cases of the coins.
Consumer interest in crypto in 2021 has surpassed levels recorded in 2017/2018.
Mentions of investing in cryptocurrency (the strongest consumer trend) were 75% higher at their peak in February 2021 vs. prior peak in January 2018.
Of course, this doesn’t mean that crypto prices will necessarily continue higher, or even maintain the lofty levels they’ve reached this year.
But it does tell me that consumer adoption of cryptocurrency use-cases (either as a store of value or a utility) will continue to rise.
That means big opportunities on the horizon for sharp investors who understand consumer trends — and which companies and currencies are taking advantage of this massive tailwind.