Most cryptocurrencies lost more than 60% of its valuation in April, which led to a general downturn in trading activity and investor interest, as well as venture capital investment. Recent research has shown that crypto is gaining interest from nations following the April crash.
This research was done using Google Trends data on popular crypto search terms, which often indicate increased interest in the market. To calculate an overall search score, we analyzed the search history for each country. The top countries on the list are the most likely to purchase the dip.
According to CoinGecko, there was a marked increase in curiosity among Nigerians following the April crypto market crash. The Nigerian population was the most interested in the terms “cryptocurrency”, “invest in crypto” or “buy crypto” among the 15 countries included in the research. This resulted to a search score of 370.
These two Google trend charts compare the data for searches on “invest in cryptocurrency” in Nigeria and the rest of the world. After the April decline in Nigeria’s search density, the interest rates for this term have been similar to the global search density.
Data from “Invest in Crypto” search phrase in Nigeria Source: Google Trends
Data for “Invest in Crypto” search term worldwide Source: Google Trends
Inadequate financial services in Nigeria are a major reason why Nigerians are becoming more interested in crypto. Cointelegraph reported that nearly 17.36million Nigerian crypto investors have allocated more than half of their assets to cryptocurrency. Nigerians have been using crypto to store and transfer their assets.
Related: Global Bitcoin adoption will reach 10% by 2030: The Blockware report
With a search score of 277, the United Arab Emirates (UAE), came in second. This is not surprising considering the recent push by for crypto adoption. With a search score 260, Singapore was third. The United States came in 12th place with a score of 157.
Some of the most popular cryptocurrencies searched in these 15 countries were also highlighted by the search score data. It was interesting to note that Ethereum searches outscored Bitcoin across 14 of 15 countries. Singapore topped the charts with a score in the range of 59. The popularity of ETH searches over Bitcoin could be attributed to the upcoming Merge To the Proof-of-Stake (PoS network ) scheduled for the third week in September. Singapore is the leader with a score of 59.
