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The crypto market downturn in April sent the prices of Bitcoin (BTC), Ether (ETH), and other coins plunging to around a third of their November 2021 all-time highs. However, a new study revealed a surge in crypto-related online searches in some countries such as Nigeria, which suggest that its residents are increasingly interested in buying digital currencies to take advantage of their current low prices.
In a study conducted by CoinGecko, interest in crypto rose significantly among Nigerians after the crypto market downturn in April, Cointelegraph reported. The research was based on Google Trends data of popular crypto-related search terms such as ”cryptocurrency,” “invest in crypto” and “buy crypto” as well as searches for popular cryptos such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
The study involved Google Trends data for the popular search terms in 15 counties. The search history for each country was compiled and given an overall search score, with those countries at the top of the list appearing to be the most eager to buy the dip.
With a score of 371, Nigeria emerged as the clear winner and is 101 points ahead of the second-ranked country, the United Arab Emirates, which has a score of 270. Singapore ranked third with a score of 261 followed by Australia (218 points – fourth place), and the United Kingdom (198 points – fifth place) where Bitcoin (BTC), Ether (ETH), and polygon became the trending searches in the country, according to Bitcoin.com.
“Nigeria topped the list for its population having the highest search levels for the phrases ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide,” CoinGecko wrote. “Additionally, the population of Nigeria search for the cryptocurrency ‘Solana’ the third most worldwide.”
With a score of 143, Kenya ranked 15th and is the next highest ranked African country, Meanwhile, the United States ranked twelfth with a score of 157.
“This year, we see a major correction from previous bull cycle highs, which have resulted in significant price drawdowns in an unforgiving macroeconomic environment,” CoinGecko co-founder and COO Bobby Ong said. “This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks.”
Ethereum appears to be gaining interest among crypto investors. In fact, “Ethereum” searches outscored “Bitcoin” in 14 of the 15 countries included in the study.
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