Crypto Winter Analysis: Nigeria Takes the Lead as the Most Active Country Since Bitcoin ATH

An analysis of Google Trends search scores for various transactional cryptocurrency terms such as “Buy Bitcoin”, “Trade Crypto”, and “How to Buy Bitcoin?” sheds light on the countries that have been most actively engaged during this crypto recession.

  • Despite the crypto winter, Nigeria consistently displayed the highest levels of interest across all three search terms, indicating a strong and resilient cryptocurrency community. Nigerians remained actively engaged in buying, trading, and seeking information about Bitcoin.
  • The data reveals that countries such as Singapore, Lebanon, the United Arab Emirates, and Kenya maintained notable activity in crypto trading during the current “crypto winter”.
  • Several factors contribute to the sustained interest and activity levels observed during the crypto winter such as financial gains, the overall need for digital assets, regulatory frameworks, and the level of awareness and education about cryptocurrencies in each country.

As the cryptocurrency market faced a tumultuous period known as the “crypto winter,” characterized by a significant and prolonged decline in prices after Bitcoin’s record high of $66,953 on November 10th, 2021, market participants worldwide adapted differently to the changing landscape.

Most of the year 2022 was reflected in declining prices, however, some countries remained strong and kept on buying, trading, and learning about cryptocurrency.

Despite Bitcoin’s significant price decline, a report by Morning Consult reveals that Nigeria and Turkey have over 50% monthly active adult crypto traders, making them the leading countries among the 40 surveyed.

South Africa, Russia, and India also rank in the top ten, showcasing continued interest in cryptocurrencies.

Nigeria’s surge in crypto adoption can be attributed to its young population, remittance challenges, and the rise of local crypto exchanges according to QZ.

Buy Bitocin search score
Source: Google Trends (11/10/2021 – 08/06/2023)

The Google Trends search scores for the term “Buy Bitcoin” shows that Nigeria had the highest level of interest, scoring a perfect 100.

This suggests that despite the prevailing crypto winter, Nigerians exhibited a strong inclination to purchase Bitcoin even though prices have kept on falling.

The presence of Kamerun, S:t Helena, Ghana, and Cypern on the list signifies these countries’ ongoing involvement, albeit to a lesser extent.

The remarkable surge in interest in cryptocurrencies in Nigeria can be attributed to the country’s rapidly growing population. Nigeria has been identified as one of the eight nations projected to experience substantial population growth by 2050, according to Axios’ latest 2022 projections.

In contrast to the high adoption rates in African regions, more developed countries such as the UK, Germany, France, Japan, and China have relatively low percentages of active crypto traders among their adult populations, with approximately 10% QZ reports.

Trade Crypto search score
Source: Google Trends (11/10/2021 – 08/06/2023)

Regarding the search term “Trade Crypto,” Nigeria again takes the lead with a score of 100 which shows that Nigerians are inclined to both buy and trade digital currencies.

Singapore, Lebanon, the United Arab Emirates, and Kenya also showed impressive activity during these months with mostly declining prices.

These countries maintained active crypto trading despite the market downturn, emphasizing a continued burning interest in digital assets.

Despite significant growth in transaction volumes in Africa, governments in the region are considering central bank digital currencies as a means to dissuade citizens from using and holding cryptocurrencies.

This indicates that adoption rates may be affected by regulatory actions and the availability of alternative digital financial solutions.

How to Buy Bitcoin search score
Source: Google Trends (11/10/2021 – 08/06/2023)

The search term “How to buy Bitcoin”, which has educational intent, shows Nigeria securing the highest score of 100, once again highlighting its sustained interest in learning more about the ever-evolving cryptocurrency market.

Cameroon, Ghana, St. Helena, and Cyprus round out the list, demonstrating that these countries also actively sought information on purchasing Bitcoin during the crypto winter.


The Google Trends data for transactional cryptocurrency search terms during the prevailing crypto recession provides several noteworthy insights which give hope for a turning market in the months to come.

Nigeria emerges as a consistently active country across all three search terms, highlighting the country’s increasing appetite for alternative financial solutions. Despite the market downturn and increased volatility, Nigerians remained eager to buy, trade, and learn about Bitcoin.

Other countries that have also remained active during this recession are Singapore, Lebanon, the United Arab Emirates, and Kenya. These regions demonstrated their commitment to crypto trading, defying the challenging market conditions.

Anton Palovaara
Anton Palovaara

Anton Palovaara is an expert leverage trader with decades of experience trading stocks and forex through proprietary software. After shifting over to leveraged crypto trading in derivatives and futures contracts he has become an influential figure in the cryptocurrency industry. Anton's trading strategies have helped numerous investors achieve significant returns on their crypto investments. With a keen eye for market trends and a deep understanding of technical analysis, Anton has developed a reputation as a shrewd trader who is not afraid to take calculated risks. He has a track record of predicting market movements accurately, and his insights are highly sought after by crypto traders and investors alike.

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