By Nathan Ferguson
The market crash of cryptocurrency in April witnessed a decline of up to 60% in the majority of the crypto tokens’ valuation, paving the way toward a general slump in the trading operations, venture capital-related investment, as well the interest of the investors in the respective market. In a unique study, the elevating interest, as well as curiosity of some countries in the crypto sector, has been emphasized following the collapse of April.
Nigeria Tops Crypto Obsession in the Latest Study
The basis of the respective study was the data taken from Google Trends regarding those searched crypto terms that frequently indicate growing attention toward the crypto industry. The selected countries’ search history was compiled afterward to provide the general statistics of the search. The countries which occupied the prominent position within the list seem to be more enthusiastic to purchase the dip.
The research conducted by CoinGecko pointed out a considerable escalation in crypto interest among Nigerians following the market downturn of April. The population of Nigeria frequently searched the subject crypto to invest in this sector and purchase cryptocurrency in up to fifteen countries included in the research and 370 was the cumulative search score in this respect. The search frequency for this topic has been similar in Nigeria even after the collapse of April, whereas the search frequency all across the globe witnessed a continuous drop.
Crypto Interest in the United States Drops Considerably
The increasing interest of Nigerian people in the crypto industry is powered by inappropriate financial services that prevailed across the country, providing the chief cause for the progressive adoption of cryptocurrency throughout Africa. In April, it was reported that almost 17.36M (or up to 52% of the people in Nigeria) are crypto investors, allocating more than 50% of their funds for crypto assets. As per Nigerians, crypto utilization is a precious substitute to transfer as well as store assets.
The second position is secured by the United Arab Emirates (UAE) with 270 as its search score. The respective place has been obtained after the recent jump by the UAE in crypto adoption. The 3rd position is taken by Singapore and its search score is 260, whereas the rank of the United States is 12th and 157 is its search score. The total number of countries selected for the study was 15.