Following the April cryptocurrency market crash, which saw the majority of cryptocurrencies lose more than 60% of their value from the peak, trading volume, investor interest, and venture capital investment all decreased. After the April crash, a recent study showed how interest in cryptocurrencies has grown across the world.
Google Trends data on popular crypto search terms, which frequently indicate rising interest in the crypto market, served as the foundation for this study. In order to generate an overall search score, the search histories of each country were then combined. It seems that the top-ranked nations are most eager to purchase the dip.
After the April crypto market collapse, curiosity among Nigerians significantly increased, according to the CoinGecko study. Of the 15 nations included in the study, Nigerians searched the terms “cryptocurrency,” “invest in crypto,” and “purchase crypto” the most, with a total search score of 370. The search volume for the phrase “invest in crypto” has increased at a similar rate, although the search volume globally has been steadily declining.
The lack of competent financial services in Nigeria, which has been a major factor in the growth of cryptocurrencies throughout Africa, is fueling the country’s strong interest in cryptocurrencies. Over half of Nigerian cryptocurrency investors (or 17.36 million, or 52 percent) invested more than half of their assets in cryptocurrencies in April. In order to store and transfer assets, Nigerians began utilising cryptocurrencies as a practical substitute.
Many people weren’t surprised that the United Arab Emirates (UAE), with a search score of 270, came in second considering the nation’s recent drive for crypto usage. The United States was placed 12th with a search score of 157, while Singapore came in third with a score of 260.
Some of the top cryptocurrencies that individuals in these 15 countries looked for were also highlighted by the search score data. Surprisingly, in 14 of the 15 nations, Ethereum searches outperformed Bitcoin searches, with Singapore dominating the table with a score of 59. The forthcoming Merge to the proof-of-stake (PoS) network, scheduled for the third week of September, may also be the reason for the increase in interest in ETH over BTC.