Nigeria and the UAE remain the most cryptocurrency-obsessed markets, CoinGecko’s new study said based on Google Trends search data. Analysts suggest that top-list countries seem more interested in buying the dip, reflecting their long-term outlook for cryptocurrencies.
CoinGecko, the leading cryptocurrency tracker, has compiled a ranking of countries by interest concerning digital currencies via Google Trends data since April 2022.
The score is based on a total search score of a combination of specific keywords, including ‘cryptocurrency’, ‘invest in crypto’, ‘buy crypto’, ‘Bitcoin (BTC)’, ‘Ethereum (ETH)’, and ‘Solana (SOL)’.
According to the study findings published on August 3, Nigeria got first place with a score of 371, surpassing by 101 the second-ranked United Arab Emirates (UAE) with a score of 270, and third-placed Singapore with 261.
Following the fourth-ranked Australis, the United Kingdom goes in the fifth rank (198), with BTC, ETH, and Polygon as trending cryptocurrencies, the report said. The United States – one of the world’s biggest cryptocurrency markets – is ranked twelfth with a score of 157.
“This study provides interesting insight into which countries remain most interested in cryptocurrency despite market pullbacks,” Bobby Ong, COO and co-founder of CoinGecko, noted in a press release, adding: “The countries at the top of this list appear to be keen to buy the dip and highlight their long-term outlook for cryptocurrencies.”
The Top-15 countries most interested in cryptocurrency since April 2022 look following:
- United Kingdom
- New Zealand
- Trinidad & Tobago
- United States
The sustained interest in digital currencies amid the bear market can be attributed to the widespread notion that the market will rise again. Notably, that there was some relief in the market across July, with an asset like Bitcoin and Ethereum recording minor gains.
Analysts like Bloomberg Intelligence commodity strategist Mike McGlone have maintained that the market will rally in the second half of the year, placing Bitcoin’s next all-time high at $100,000.