The Cryptocurrency market has evolved over the years, with new trends and innovations being discovered with each passing day. However, despite the huge growth that the industry has witnessed in recent times, it still remains very speculative, thanks to the volatile nature of Cryptocurrency. Though it’s a possibility that in the near future, Crypto can become more of an investment and less of a speculation. If anything, the events of 2022 in the crypto space are enough pointers to why every potential investor needs to be educated.
The essence of this piece is to focus on the behavior of people with respect to crypto research.
What is Being Researched?
The questions people ask most often reveals or provides insights into their fears, interests or emotions about the topic in question. And this can be traced to their searches on Google. Whether it’s in a Bear cycle or a Bull market, investor sentiment is usually revealed by what is Googled about Cryptocurrencies. Recently, research was made to find out the top 10 Google searches related to cryptocurrencies, and the results showed a high level of curiosity among investors and the masses.
Here are the top 3 searches with their respective global search volumes (GV);
What is Cryptocurrency? – 256,000
What is Crypto? – 54,000
How to Invest in Cryptocurrency – 44,000
Fig 1.0: Image Showing the top 10 crypto-related searches according to Google.
These questions highlight the need for education among the masses about cryptocurrencies, revealing a huge gap in knowledge about Cryptocurrencies and the underlying technology. These signals indicate an ever-increasing need for proper education and research in this sector, where new investors are given the right information needed to navigate through an ever-evolving industry.
Who is Researching?
Now that we have seen the top searches or questions that are frequently asked about Crypto. Another facet of this is to look into those who are asking those questions. According to reports, the countries that top the list in terms of Crypto-curiosity are Nigeria, United Arab Emirates (UAE) and Singapore respectively.
This research was carried out by CoinGecko, the world’s largest independent Crypto aggregator. They examined Google trends data of frequently searched terms by people interested in cryptocurrency. And the study revealed that Nigeria ranks highest as the most curious nation about cryptocurrency since April this year. It’s interesting to also note that Nigeria has become a stand-out crypto powerhouse in the last few years. So, it’s no surprise that they are top of the list.
The United Arab Emirates (UAE) ranks second on the list of the most crypto-curious countries worldwide, with a total search score of 270. Apparently, this can be attributed to the crypto-friendly architecture put in place by the government. Thus, the nation has become the preferred destination for top-tier exchanges and web3 start ups.
What’s Commonly Researched?
Among the different terms and concepts that are commonly researched in the crypto space, let’s examine how various crypto terms have been searched in recent times according to Google Trends.
Metaverse and NFTs
According to new data by Google Trend, the NFT and metaverse hype has started to dwindle. Global search for ‘NFT’ and ‘metaverse’ has begun to decline this year, with search queries for NFT falling steeply in the first quarter of 2022.
In the last 12 months searches for ‘metaverse’ and ‘NFT’ gained huge traction from October to December 2021. However, since the beginning of 2022, the search interest has dropped massively, hitting its lowest point in March. A key factor attributing to this decline is the market crash, resulting from the collapse of the Terra Ecosystem.
Without doubt, Google search results have reflected peak anxiety for the cryptocurrency market after weeks of relentless selling in the price of this asset. The downslide in the price action of Bitcoin (BTC) in the past few months reignited fresh speculation about the demise of the market leading cryptocurrency.
With Google searches for the keyword “Bitcoin dead” reaching its highest level on 18th June, recording a score of 100. The last time a search query scored 100 was in December 2017 or thereabouts.
One thing that is glaring from this analysis is the fact that interest in crypto assets is burgeoning in particular among investors in Africa, the middle east and Asia, heralding interesting developments and shifts in the crypto market in these regions.
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