The latest data speaks for itself: Slovenia is the crypto enthusiast capital of the world.
This is the result of a study conducted by Marketplace Fairness, which analysed the intensity of searches for ten different cryptocurrencies, exchange platforms and blockchain technologies.Â
The aim of the study was to identify the countries where cryptocurrency excitement is strongest globally. See below for full details.
Summary
Slovenia: the crypto capital of the world, why?
As expected, Slovenia has emerged as the country with the most interest in cryptocurrencies. In particular, the two main cryptos, Bitcoin and Ethereum, generate an astonishing monthly total of over 118,000 searches.
When this figure is compared to Slovenia’s population of around 2.1 million, it becomes clear that Slovenians conduct searches at an extraordinary rate of 6,195 per 100,000 inhabitants, the highest of all the countries surveyed.
Ireland is the second country with a strong interest in cryptocurrencies, especially bitcoin, which is the subject of nearly 150,000 monthly searches.Â
With a population of five million, the Irish carry out more than 210,000 monthly searches on these terms, with a frequency of 4,193 per 100,000 inhabitants.
The United States is the third most searched country for cryptocurrencies.
Bitcoin generates an average monthly search volume of almost 10 million, while Ethereum receives around 1.2 million.Â
Overall, the total number of searches in the US reaches 12,734,750, which equates to 3,715 monthly searches per 100,000 inhabitants.
Estonia follows as the fourth most interested country in cryptocurrencies, with more than 36,000 searches per month on bitcoin. This contributes to a total of around 48,000 monthly searches, or 3,626 per 100,000 Estonians.
Other countries most active in crypto searches: Bermuda, Canada and beyond
In fifth and sixth place, Bermuda and Canada show a very similar interest in cryptocurrencies, with an average search rate of 3,402 and 3,373 per 100,000 inhabitants respectively. In both countries, as in most cases, the main searches are for bitcoin and Ethereum.
Australia ranks seventh with considerable interest, with over 610,000 monthly searches for bitcoin and almost 100,000 for Ethereum.
Overall, the average number of monthly searches on cryptocurrencies, exchanges and blockchain platforms analysed reaches 882,500, or 3,331 per 100,000 inhabitants.
The UK ranks eighth in terms of interest in cryptocurrencies, with an average of 2,211,380 searches for the terms analysed. Despite being second overall, the UK has a monthly search rate of 3,277 per 100,000 inhabitants.
Finally, Finland and Luxembourg complete the top ten with monthly searches of 2,994 and 2,981 per 100,000 inhabitants respectively.
Crypto investor buying power hits six-month high: what does it mean for the market?
An interesting development reported by on-chain data tracker Santiment concerns the accumulation of USDT, Tether’s stablecoin, by cryptocurrency investors. As Santiment points out, the total amount of USDT held on exchange platforms has recently increased significantly.
Specifically, the total percentage of USDT held on major exchanges has risen from 17.6% of the circulating stablecoin supply to a remarkable 24.7%. This 7.1% increase indicates growing investor interest in re-entering the market, suggesting the possibility of a price rally.
As is often the case, it is the big whales that have led this accumulation trend. Over the same period, the top 10 largest portfolios saw their combined holdings increase from $7.23 billion to over $9.42 billion.
The increase in stablecoin holdings by investors usually indicates their willingness to buy digital assets and reflects their current purchasing power. As the amount of USDT held on exchange platforms has reached a six-month high, this could indicate the start of a possible market rally during 2023.
Typically, after accumulating a significant amount of stablecoins, cryptocurrency investors wait for an opportune time to reinvest. This often happens in conjunction with a significant market crash that takes the entire sector into negative territory.
At this point, investors try to re-enter the markets when the currencies appear to be falling. Usually this is when the market finds support and prices start to rise again shortly afterwards.
Initially, these stablecoins are mainly allocated to major cryptocurrencies such as Bitcoin (BTC) and ethereum (ETH). Later on, when sufficient profits have been accumulated, investors tend to move to coins with a smaller market cap, which explains the typical delay of altcoins in following bitcoin’s uptrend.
