Ethereum Has Overtaken Bitcoin in 26% of Countries Worldwide


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  • 26% of countries, including the US, have more Ethereum investors than Bitcoin.
  • The Argentinian is the largest Bitcoin maxis, with 73% of crypto investors holding the coin as inflation soars in the country.
  • Mememania highest in US, with more US Dogecoin investors than any other country
  • Japan most bullish on Solana dethroning Ethereum as King of DeFi

Introduction

Once upon a time, Bitcoin was the only cryptocurrency in the world. But the industry has come a long way. Today there are over 18,000 cryptocurrencies that serve a variety of use cases.

Some are looking to compete with Bitcoin, others have little in common with it, and there are memecoins that have taken the world by storm, such as Dogecoin and Shiba. He has a booming DeFi industry, with Ethereum leading the way, but Solana has taken some ground in the last year. And in fact, we have pretty much everything in between.

We were interested in assessing which coins were most popular in which countries, so we put together the analysis below to confirm the results. We focus on big cryptocurrencies and Dogecoin, Solana and XRP. Based on data as of January 2022. finder.com Survey of 27 countries. Results are weighted using Google’s interactive ranking process to reflect the population distribution of each country.

furi penning

Flippening is a term adopted by cryptocurrency enthusiasts who predict that Ethereum will surpass Bitcoin to become the world’s largest cryptocurrency. Generally referring to market cap, $362 billion ETH would need to more than double to surpass Bitcoin’s current value of $764 billion.

However, 7 out of 27 countries surveyed seem to believe that flippenning can occur because more investors hold Ethereum than Bitcoin. This includes the United States, where 31.7% of his crypto investors hold his Vitalik Buterin creations, compared to only 22.8% of Satoshi’s brainchild. .

Also of note, neither Dogecoin, Solana nor XRP were the most popular coins in any country. This shows that there are two big things when it comes to cryptocurrencies. Holdings can be visually sorted by country by clicking on the map icon in the legend at the bottom right of the graph below.

Bitcoin Maxis in Argentina

As the chart below shows, Argentina is the largest Bitcoin Maxis, with 72.7% of investors holding the top cryptocurrency. Ethereum is the second most popular coin among investors, but only 14% of investors own it. This means that the difference of 58.7% is the highest of any country.

This is especially poignant when compared to the severe inflationary plague in Argentina. 55.1% the past year. Of course, the talk that Bitcoin is an inflation hedge is one of the biggest bullish arguments about the coin, which we hope will eventually become a store of value similar to digital gold. The data suggests that the Argentine peso’s vulnerability is causing more Argentines to flee the currency in favor of Bitcoin.

However, when looking at the on-chain activity of both Bitcoin and Ethereum, Bitcoin continues to dominate. There are approximately 600,000 active Ethereum addresses worldwide every day, compared to Bitcoin’s 850,000.

The good news for Ethereum enthusiasts is that the gap has narrowed. Looking at the graph below, we can see that the gap between Ethereum and Bitcoin active addresses has narrowed over time.

Bitcoin and Ethereum global address activity, data via IntoTheBlock

Singapore expects a reversal

At the other end of the spectrum is Singapore, which has the highest proportion of Ethereum investors compared to Bitcoin investors.

Only 28.4% of Singapore’s crypto investors hold Bitcoin, while 43.5% hold Ethereum, a gap of 15.1%, the highest of any country. As time goes on, Singapore, more than any other country, will hold its breath in hopes that prices will skyrocket once the big update rolls out.

Notably, the US is actually slightly behind, with 31.7% of investors holding ETH compared to 22.8% investing in Bitcoin. This is a data point we weren’t expecting, but it shows that Ethereum has indeed joined Bitcoin as a “good” cryptocurrency.

Other countries that favor Ethereum over Bitcoin are Vietnam (slightly), Russia, South Africa, and the United Kingdom. However, this data was taken before Russia’s invasion of Ukraine, so it would be interesting to double check whether Ethereum is more popular than Bitcoin amid the recent Russian ruble volatility.

altcoin

Forget Bitcoin and Ethereum for a moment. Discounting those two, which country prefers which cryptocurrency?

The map below shows it being relatively tight, but Dogecoin appears to be the closest challenger.

Memecoin held more dog tokens than any other altcoin in 12 of the 27 countries surveyed, making it the most heavily held altcoin in the dataset. XRP was next, most popular in 9 out of 27 countries, with Solana leading in the remaining 6. As in the previous graph, holdings can be sorted visually by country by clicking the map icon in the legend in the bottom right corner of the graph below.

US wants to send Doge to $1

As the meme campaign hopes, it is the United States that wants to “send $1 Doge” more than any other country. This means it falls short of being the most popular cryptocurrency in the country. Ethereum is #1 with 31.7%.

This is a staggering number and easily beats the 22.8% of American investors holding Bitcoin. It speaks to the meme frenzy that has swept the United States more than any other country during the pandemic, resulting in all the talk of “finky” checks pumped into Doge’s viral his campaign by Elon Musk and Robin Hood maniacs. can be clearly seen in Doge’s investor statistics.

Conversely, Japan is the least meme-friendly, with only 5.5% of investors holding Dogecoin, 7.5 times fewer than those holding Bitcoin. Perhaps all Elon memes were lost in translation?

Norway and Japan board the ETH killer story

But Japan is not just for Bitcoin investors. In fact, as the chart below shows, they are actually the most bullish on Solana dethroning Ethereum as his King of DeFi.

Solana has 10.2% more Japanese investors than Ethereum. This is the highest number of any country. Thus, the ETH killer story is alive and well in Tokyo.

Norway is also bullish on Solana’s increased transactions per second and low fees, ultimately driving capital away from Ethereum.

On a gross basis, Solana actually has the highest number of investors in Norway at 24.9% (versus Japan at 22.6%), with a larger gap to Ethereum in Japan.

Notably, 7 of the 27 countries surveyed have more Solana investors than Ethereum, with Mexico, Venezuela, the Philippines, Ghana and Colombia joining Japan and Norway. For those of you who are not good at geography, this is a collection of countries from every continent on Earth except Australia (funny enough, with the biggest gap between ETH and Solana investors, more than SOL. 34.5% more Australians hold his ETH).

Conclusion

The data paints an interesting picture of which countries around the world prefer which cryptocurrencies and how different demographics have different investment focuses.

Bitcoin dominates in Argentina, which is plagued by high inflation. On the other hand, memes have a huge impact on culture in the US, where more investors hold Dogecoin than Bitcoin.

When it comes to Ethereum, seven countries prefer it over Bitcoin, while others, including Japan and Norway, consider Solana to be the better bet among DeFi.

The world is full of wonderfully diverse people with different opinions and needs. This is also evident from the cryptocurrency investor data.


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Conor the Tech Veteran
He previously spent 6 years publishing research on tech stocks, and believes in using a combination of fundamental, technical, and quantitative analysis. Prior to a career in tech stocks journalism he was a technology and semiconductor analyst with a research team.

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