The idea of correlation between the dynamics of crypto-related web traffic and token prices isn’t new for experienced analysts. Here is another reliable metric for ETH
Anthony Sassano, a co-founder of the EthHub educational portal that covers all aspects of Ethereum (ETH) network progress and the host of the popular Into The Ether podcast, noticed an interesting correlation between web traffic and Ethereum (ETH) price movements.
Price increases as traffic surges
Mr. Sassano announced that he witnessed a 30% surge in traffic on the EthHub portal between April 5th and April 24th. This coincided with a 30% increase in the Ethereum (ETH) price during the same period.
Just like Bitcoin (BTC), Ethereum (ETH) has almost recovered from the tremendous price drop to double-digit waters that scared all of the holders of the second cryptocurrency on Black Thursday. At press time, it is about 83% up from the local bottom.
Eric Wall of Arcane Assets asked about the pages that contributed the most to this brilliant growth. Mr. Sassano noticed that ‘How to buy ETH‘ usually gets more popular just before a price spike.
Pre-halving traffic pump?
Typically, traffic-based indicators have proven to be accurate for Bitcoin (BTC) price dynamics. Many analysts are trying to track interest in Bitcoin (BTC) in terms of Google Trends.
If this plays out, the current situation looks amazing for Bitcoin (BTC) bulls. As reported by U.Today, the interest in the Bitcoin (BTC) halving on Google Trends one month prior to the third halving, which will occur on May 13, 2020, is outperforming the 2016 spike by a wide margin.