It is in the news almost every day and a big talk seems to be everywhere we land.
But how big is Cryptocurrency?
And how many consumers really understand what it is?
In this article we will look at some important Cryptocurrency statistics to find out.
Do Most People Know What Cryptocurrency Is?
Short answer - no.
60.4% of people do not understand what Cryptocurrency is.
We surveyed 1000 people from the USA to find out how many consumers in one of the largest economies in the world really understand what Cryptocurrency is. The results show that two-thirds of the people do not know, and only one-third say they understand Crypto.
The majority of respondents who said they understood Cryptocurrency were men (59.1%).
Which Cryptocurrency
the most sought after in the world?
The most searched Cryptocurrency online is Bitcoin, with an average of almost 5 million searches per month.
To find out, we used a tool called Keyword Finder, which allows us to see the number of searches for different types of Cryptocurrencies per month.
In this study, we looked at the volume of searches for 5 of the most well-known, most widely used Cryptocurrencies: Bitcoin, XRP (Ripple), Litecoin, Ethereum and Bitcoin Cash.
The results show that the most popular type of Cryptocurrency currently searched around the world is Bitcoin, which generates approximately two-thirds of searches. This was followed by Bitcoin Cash, XRP (Ripple), Litecoin and Ethereum.
Cryptocurrency Average number of
monthly
searches
(in the whole world)
Bitcoin 4,977,598
XRP (Ripple) 673,000
Litecoin 368,000
Ethereum 301,481
Bitcoin Cash 1,333,571
Which Country Is Most Wanted
For Different Types of Cryptocurrencies?
The country most frequently searched for all types of Cryptocurrencies is the USA.
We looked at search volume data from 10 of the countries with the most people living to discover which types of Cryptocurrencies are most searched.
The charts below show the number of searches for each type of Cryptocurrency from various countries.
The vertical axis number refers to the average number of searches per month performed for each particular keyword in the past year.
As you can see, the most searched country for ‘Bitcoin’ is the United States, with an average of 1.2 million searches per term per month. The next highest number of searches for Bitcoin comes from Brazil, with nearly half a million searches per month. Germany will soon be followed by 370,000 monthly searches for Bitcoin.
Next, we focus on searches for ‘XRP’ (also known as Ripple). Again, the country with the most searches is the USA, with an average of approximately 17,000 searches per term per month. Japan's interest in XRP is also significant, with 6,600 monthly searches.
More searches for ‘Litecoin’ came from the USA than any other country included in our study, with an average number of monthly searches from the States of over 200,000. There are fewer searches for this term than other types of Cryptocurrency, with 14,800 searches from Brazil and only 12,100 from India.
The volume of searches for another type of Cryptocurrency, ‘Ethereum’, comes mainly from the USA with 74,000 searches per month. It is interesting to note that it also seems that India searches for ‘Ethereum’ quite often, with 27,100 searches per month.
Bitcoin cash is one of the less popular types of Cryptocurrency on this list. Like the currencies above, the USA makes up the vast majority (43,214) in searches for ‘Bitcoin cash’ per month.
The Social Popularity of the various Cryptocurrencies
The most used hashtag of all the Cryptocurrencies on Instagram is Bitcoin
This chart shows the proportion of cryptocurrency hashtags used on Instagram. As you can see, Bitcoin has the largest proportion, as #Bitcoin has been used more than 8.5 million times. The next most popular is Ethereum, followed by Litecoin, Bitcoin Cash and XRP.
But why is Bitcoin so popular?
One of the clearest findings of this investigation is the popularity of Bitcoin, and the growing interest of the population in this type of Cryptocurrency.
But why are more people interested in Bitcoin compared to other types of currency?
To find out, we consulted with Bobby Ong, the co-founder of the cryptocurrency review site CoinGecko and curator of the newsletter about Cryptocurrency, the weekly Altcoin.
"This [Bitcoin] is the first decentralized cryptocurrency and has the biggest impact on the network," said Bobby.
The first altcoin, Ripple (XRP), was launched just two years after Bitcoin was created which is one of the many reasons why all other Cryptocurrencies are not as popular or as valuable as Bitcoin.
Bitcoin is a relatively de facto reserve currency for all Cryptocurrencies, which increases its value even more. ”
Notes on Our Research
There are some important limitations to consider from our investigations. The first of these is the meaning behind the search terms we investigated. It is possible that the purpose of some of the data searches we have collected may be unrelated to Cryptocurrencies, as the names of some of the Cryptocurrencies may override unrelated searches.
It is also important to note that there are some considerations in this investigation that are not considered.
These include:
1Population of each country
2Population of these countries with internet access
3If Google is the main search engine used in each particular country
We did not include Iran from this study because the data on the volume of searches of their population is currently unavailable. In addition, it should be noted that Google is not the main search engine of China, and unfortunately, we did not get the numbers from their main search engine Baidu. Therefore, our dataset for the number of searches for this country had to be removed from this study.
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