A new Study reveals that the United Kingdom is closely ranked after the TOP 10 crypto countries in Europe.
The Netherlands turns up as the European country with the highest number of crypto-related searches per capita (0.13), followed by Slovenia (0.12), Switzerland (0.09) and UK (0.06) on the 11th position.
The research offers unique insights into the most popular cryptocurrencies and tokens across 46 European countries, with Bitcoin taking the top spot in many nations.
Investors and cryptocurrency enthusiasts are taken by surprise by the fact that Dogecoin has claimed the second spot as the most favoured cryptocurrency in more than half of European countries, with Shiba Inu following closely behind as the third most favoured.
Cryptocurrencies have been gaining popularity in recent years, and the research conducted by dua.com has revealed some interesting new insights into the European market.
The study analysed over 40 million search queries across 191 selected keywords related to cryptocurrencies, including “invest in crypto,” “buy crypto,” “sell crypto,” and “cryptocurrency,” to determine the most popular cryptocurrencies and tokens in each European country.
The findings of this research have not only reshuffled the rankings of European countries based on their adaptiveness, placing the Netherlands at the top, but have also caused a shift in the hierarchy of favourite cryptocurrencies in the market. As a result, Ethereum now holds only the fourth place in the list of most favoured cryptocurrencies.
Slovenia and Switzerland came in second and third place, respectively, with Bitcoin being the preferred cryptocurrency in these countries.
Interestingly, the study found that Dogecoin, the favourite coin of Elon Musk, is the most popular cryptocurrency in Ireland, Estonia and Lithuania, as well as four other countries.
Andorra stands out as the only country where PancakeSwap is the favourite cryptocurrency, due to its compliance with the legal and regulated landscape.
The United Kingdom is ranked closely behind the top 10 crypto countries in Europe, with Bitcoin being the favoured cryptocurrency, followed by Shiba Inu and Ethereum.
Conclusion
In conclusion, the results of the dua.com study have revealed that the Netherlands is the European country with the most crypto-related searches per capita. Bitcoin remains the most popular cryptocurrency across 67% of European countries, but other digital assets, such as Dogecoin & Shiba Inu have surpassed the second-largest cryptocurrency Ethereum in popularity.
The European Crypto Index is available on Crypto Index 2023 as a publicly-accessible repository which will be regularly updated.
Data Deep Dive: The Methodology Behind the Crypto Index
The study used Ahrefs Keyword Explorer, to analyse the frequency of these search queries on Google. The popularity and frequency of the study’s selected keywords were thoroughly analysed for each country across the European continent. The study ranked the most commonly searched queries and identified the most popular cryptocurrency in each country. The study also incorporated the country-specific population statistics from the global leader in market and consumer data, Statista.
To ensure the accuracy and relevance of the study’s findings, the research team removed keywords with identical names and acronyms to well-known crypto technologies, as well as misleading keywords. In contrast to the approach of other crypto research sites, the study calculated a coefficient by analysing the search volume of the selected keywords along with the population of each country. This coefficient was then used to rank the countries based on their level of interest in cryptocurrencies.