Nigeria burgeoning interest in cryptocurrencies is being spurred by the lack of competent financial services in the nation
According to Google Trends information on the most popular search phrases in 15 countries, “Ethereum” searches outnumbered “Bitcoin” searches in 14 of them.
Most cryptocurrencies lost more than 60% of their value from their peak valuation during the April cryptocurrency market crash, which resulted in a general decline in trading activity, investor interest, and venture capital investment. Following the April crash, a fresh study has revealed the increased interest and curiosity in cryptocurrencies worldwide.
The study was based on information from Google Trends about popular crypto search phrases, which frequently indicate rising interest in the crypto industry. The results of each country’s search history were then combined to provide an overall search score. The top-ranked nations on the list seem most willing to purchase the dip.
Following the April cryptocurrency market slump, curiosity among Nigerians has increased, according to Coingecko research. 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 statistics for “invest in crypto” searches in Nigeria in comparison to the rest of the globe are displayed in the next two Google trend charts. Following the April collapse in Nigeria, the search density for the phrase has increased at the same rate, while the search density globally has been steadily declining in contrast.
Nigeria’s burgeoning interest in cryptocurrencies is being spurred by the lack of competent financial services in the nation, which has been a major driver of crypto adoption throughout Africa. Nearly 17.36 million Nigerian cryptocurrency investors (or 52% as of April) had more than half of their assets invested in cryptocurrencies. Cryptocurrency became a popular alternative for Nigerians to store and transfer assets.
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 cryptocurrency acceptance. 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. In 14 of the 15 nations, Ethereum (ETH) searches scored higher than Bitcoin (BTC), with Singapore topping the list with a score of 59. The planned Merge to the proof-of-stake network, scheduled for the third week of September, may also be to blame for the increase in interest in ETH over BTC.
