Another crash followed by a bounce? What the world doesn’t know about cryptocurrencies


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Another crash followed by a bounce?  What the world doesn't know about cryptocurrenciesLast year, cryptocurrencies achieved a status that few analysts could predict. More and more people bought, sold and invested in the most popular cryptocurrencies, and searched even more intensively for information on whether such an investment decision would be profitable for them.

In the article you will learn, among other things:

Cryptocurrencies have changed their face many times over the years

Saxo analyzed this data to find out what questions nationals of each country are asking about the cryptocurrency market in 2022 and which currencies are of greatest interest. This study was conducted prior to the cryptocurrency market crash, which marked the spring of 2022, and continued market turmoil is likely to affect the future behavior of global investors.

In which countries is the interest in cryptocurrencies the greatest?

First of all, it is worth checking the inhabitants of which countries – relative to population size – have most often entered cryptocurrency-related queries into their search engines. The US and the UK are the leaders here: out of these two countries, 8.21% and 8.1% of all cryptocurrency queries were made, respectively. Given that these countries are home to some of the largest cryptocurrency exchanges in the world and major institutional investors, this should come as no surprise to anyone.

Which currencies are the most popular?

Which currencies are the most popular? Based on the data from global search results, you can see considerable variation between countries and regions. For example, Australians are definitely the query leaders on cardano and XRP – the cryptocurrencies that have been among the most popular in 2021, although in 2022 both have so far seen significant declines and supported.

In turn, information about Ethereum – the mainstay of the cryptocurrency market – was most often searched for in Canada, the United States and Nigeria. The best countries for cryptocurrencies in this regard also include a number of smaller countries that have received a lot of inquiries, such as Kosovo, Singapore, and the Netherlands.

Cryptocurrency Keywords in 2022

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If you look at it from a broader perspective, you can get some interesting insights into the most popular terms around the world. Those related to Dogecoin were by far the most searched – up to 18.65% of all searches were for the popular cryptocurrency meme.

Some of them are probably related to Dogecoin’s impressive but short-lived price spike in May 2021 after ElonMusk tweeted about it, making many people aware that such a meme currency exists. . At the same time, the second most popular group of queries (15.74% of searches) was for NFT. Subsequently, research was done for the latest cryptocurrencies, including shiba, XRP, and solana.

Where to buy the most popular cryptocurrencies?

If you look at it from a broader perspective, you can get some interesting insights into the most popular terms around the world. Those related to Dogecoin were by far the most searched – up to 18.65% of all searches were for the popular cryptocurrency meme.

Some of them are probably related to Dogecoin’s impressive but short-lived price spike in May 2021 after ElonMusk tweeted about it, making many people aware that such a meme currency exists. . At the same time, the second most popular group of queries (15.74% of searches) was for NFT. Subsequently, research was done for the latest cryptocurrencies, including shiba, XRP, and solana.

Where to buy the most popular cryptocurrencies?

In the world of cryptocurrencies, everything depends on the price. It makes sense that cryptocurrency holders seek out expertly crafted price predictions to get an idea of ​​what the fate of a given investment may be. We have therefore analyzed the requests for different price predictions by country with relatively surprising results.

In Kosovo, price predictions for the shibainu cryptocurrency meme garnered the most interest, while people in Cyprus excelled in investigating the future price of brine. Interestingly, the Irish were more often looking for cardano price predictions, while the British were more interested in the future price of tether.

Cryptocurrency security

Cryptocurrencies are an emerging asset class that is inherently volatile and difficult to monitor. It is therefore understandable that questions about the security and protection of cryptocurrencies are an important subject of scams.

We saw a lot of inquiries about whether bitcoin could be ‘hacked’ from the US and UK, while people in Nigeria, Kenya and South Africa were the most common questions. frequently asked questions about whether bitcoin is legal.

Some were more interested in answering questions about recent events – residents of Britain, Nigeria and India were at the forefront of investigations into what caused bitcoin to crash, most likely following a drop significant in the price of this cryptocurrency in November. 2021. Of course, the recent drop in the bitcoin exchange rate could trigger a new wave of similar demands from around the world.

Which countries are most interested in NFT?

2021 was marked by the NFT. Around the world, the number of requests for non-tradable tokens increased sharply after reports of the most expensive transactions appeared in the media. The “bursting” of the NFT-related speculative bubble in early 2022 has also likely sparked increased interest in this little-known new asset.

While some were quick to recognize NFT as a passing trend, some countries have shown particularly strong interest in these assets. Singapore, the United States, Australia and New Zealand wanted to know more about them, asking questions such as “what does NFT mean” and “how does NFT work”.

Moreover, these countries were mostly interested in going further by asking how NFTs can be purchased. It is somewhat surprising that UK cryptocurrency enthusiasts showed much less interest in NFT.

The NFT carbon footprint

Today, a new generation of ethical investments is driven by environmental, social responsibility and corporate governance (ESG) issues. With the development of ESG and just after the COP26 summit, we saw considerable interest in the environmental impact of NFT.

In the United States, Great Britain and the Philippines, terms such as “the environmental impact of NFTs” and “harmful to the environment” were searched for more frequently than in other countries. This likely reflects growing awareness of the large carbon footprint of many cryptocurrencies and a desire to avoid contributing to it via NFT.

As keen market watchers already know, cryptocurrency mining is incredibly damaging to the environment – the carbon footprint of bitcoin mining alone is greater than the carbon footprint of all of Nova Scotia. Zeeland.

What about cryptocurrency funds?

Based on the data obtained from our clients, it can be seen that the interest in the cryptocurrency market goes beyond the buying and selling of cryptocurrencies. We’ve looked at some of the most popular cryptocurrency monitoring products offered by Saxo Bank, including ETNs, ETFs, and ETCs, allowing you to speculate on cryptocurrency prices without having to buy currency. Of these, ETN is the most popular.

Based on our customer data, you can see that the interest in the cryptocurrency market goes beyond buying and selling cryptocurrencies. We’ve looked at some of the most popular cryptocurrency monitoring products offered by Saxo Bank, including ETNs, ETFs, and ETCs, allowing you to speculate on cryptocurrency prices without having to buy currency. Of these, ETN is the most popular.

The most popular cryptocurrency pairs

At Saxo Bank, we offer crypto-forex trading in pairs combining three cryptocurrencies (bitcoin, litecoin and ethereum) with three fiat currencies (USD, EUR, JPY). Several currency pairs have proven particularly popular with our floating currency clients.

The largest of these is the bitcoin/USD pair, which accounted for 40.82% of the cryptocurrency trading volume on our platforms.

Ethereum/USD and Litecoin/USD followed, accounting for 35% and 10% of trading volume respectively. On the other hand, cryptocurrency pairs using other lesser fiat currencies constituted a minority of total transactions.

Authors: Saxo Bank Analysis Team

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