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Ethereum ranks the second largest search volume in a year amidst the crypto bear market conditions. The popularity and demand for Ethereum seem to be catching up with that of Bitcoin. However, the sudden curiosity among users to search for Ethereum is still unclear.
#ethereum second highest search volume in a year. pic.twitter.com/sqU5ilfeF8
— Lark Davis (@TheCryptoLark) June 21, 2022
One of the reasons might be the launch of the Beacon Chain testnet. The Sepolia testnet Beacon Chain went live yesterday, marking Ethereum’s journey towards the next phase in its journey a step closer. The event will provide a Merge rehearsal for the developers and give necessary insights about the Merge.
After the trial Merge, the Sepolia testnet will transit to proof-of-stake from proof-of-work. This will give a vague idea of what will happen once the mainnet Ethereum Merge happens. The much-awaited Merge is said to reduce the energy consumption of Ethereum by 99%.
In other news, Google seems to be trending with the “Bitcoin Dead” search. Concerned about the current bear market, consumers have begun searching for “Bitcoin dead” on Google. Since the collapse of Terra, one of the most well-known cryptocurrencies, which dropped to zero in a matter of days, speculations about Bitcoin and other cryptocurrencies have increased.
Ethereum’s Merge is likely to take place in August. Notably, the transition to Ethereum Merge might put miners in a challenging position as the ecosystem will shift away from proof-of-work.
The bear market has proven challenging for crypto companies, investors, and employees. Multiple crypto companies laid off hundreds of employees on short notice, citing extreme and harsh market conditions. Currently, the future of the market seems unclear.