The crypto market crash in April saw most cryptocurrencies lose more than 60% of their value from the top, resulting in an overall decline in trading activity, investor interest, and venture capital investment. A recent study highlights countries’ growing curiosity and interest in cryptocurrencies after the April crash.
The research was based on Google Trends data for popular crypto search terms that often reflect the growing interest in the crypto market. The search history for each country was then aggregated to give a comprehensive search result. The countries that top the list seem to be the most eager to buy the dip.
Coingecko’s research has highlighted a surge in curiosity among Nigerians after the cryptocurrency market plunged in April. Nigerian residents searched for the terms “cryptocurrency”, “invest in cryptocurrency” and “buy cryptocurrency” among the 15 countries that were part of the search and got a total of 370 search points.
The following two Google Trends charts show the data for ‘invest in cryptocurrency’ searches in Nigeria compared to the world. Search intensity for the term saw similar interest rates after the April crash in Nigeria, while worldwide search intensity saw a steady decline in comparison.
Data for the search term ‘Invest in Crypto’ in Nigeria Source: Google Trends
Data for the search term “Invest in Crypto” worldwide Source: Google Trends
Nigeria’s growing interest in cryptocurrency is fueled by the country’s inadequate financial services, which has been a major reason for the adoption of cryptocurrency across Africa. As Cointelegraph reported in April, nearly 17.36 million (or 52% of Nigerian crypto investors) have allocated more than half of their assets to cryptocurrency. Nigerians have begun to use cryptocurrencies as a viable alternative to storing and transferring assets.
Related: Global Bitcoin Adoption Will Reach 10% by 2030: Blockware Report
The UAE came in second with a search score of 270, which comes as no surprise to many, given the country’s recent push towards cryptocurrency adoption. Singapore ranked third with a search result of 260, while the United States ranked 12th with a search result of 157.
The search result data also highlighted some of the top cryptocurrencies that people searched for in these 15 countries. Interestingly, Ethereum (ETH) is looking for Bitcoin (BTC) with the highest score in 14 out of 15 countries, with Singapore topping the chart with a score of 59. The rise in interest towards ETH over BTC can also be attributed to the upcoming consolidation into Evidence- Network stock scheduled for the third week of September.