Facebook’s Libra, though not yet launched, is overshadowing every single cryptocurrency in the market except Bitcoin, in terms of public interest.
Bitcoin’s main competitors, such as Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) [covered in the umbrella term, ‘altcoins’] have been around for several years now. For instance, Ripple launched in 2012, compared to Bitcoin’s 2009. Nevertheless, all the altcoins rank below Libra in the public’s consciousness.
Studies have shown that there is a significant public interest in the project, with Google Trends indicating souring searches for Libra, especially compared to altcoins. Despite scepticism over the project, more people are familiar with Libra than ETH, XRP or LTC.
Libra has dominated the crypto news cycle ever since Facebook announced it, and has even affected the price of other currencies. Bitcoin’s value increased substantially along with global interest in Libra and started fluctuating when regulators expressed their concerns over the project.
Politicians’ comments, including those of President Donald Trump regarding cryptocurrency in the wake of Libra’s announcement, have sparked renewed global interest in cryptos.
Brokerage firm eToro found that 58% of US adults have heard of Bitcoin, while 16% know about Libra. This is in contrast to just 12% knowing about Ethereum, which is the second-largest cryptocurrency.
The managing director of eToro, Guy Hirsch stated,
“We believe that crypto and the blockchain technology that underpins it will be essential to tomorrow’s economy…By introducing the concept to a new audience, Libra could play a vital role in the evolution of decentralized and more democratized finance.”