In the first quarter of 2023, there was little difference in the level of interest shown in different sectors and niches of cryptocurrency across various regions, according to an analysis by CoinMarketCap (CMC).
In Africa, users went to the crypto data aggregator to check mainly on bitcoin, which fits in with trends from all the regions analyzed. Bitcoin (BTC) was the most viewed cryptocurrency across all regions and dominated the rankings, also having benefitted from the crisis that followed the collapse of Silicon Valley Bank.
According to CMC, the banking crisis had a significant impact on asset flow as investors fled to safer assets.
“Fear and uncertainty caused people to withdraw from smaller cap altcoins and move towards larger, safer assets such as BTC and ETH. Normally, investors would have the option of parking their funds in stablecoins, but the depegging prompted a further rush to flee to safety,” the report indicates.
As a result, BTC prices quickly bounced back and rose by 42% and ETH prices rose by 27% in the 10 days following the event, driving the uptick in the total market cap during the second half of the month.
MemeCoins, such as Shiba Inu (SHIB) and Baby DogeCoin (BABYDOGE), were popular across all regions, while there was significant interest in SingularityNet (AGIX), part of and an overall increase in attention towards artificial intelligence (AI) coins.
$AGIX was one of the top gainers in terms of trading volume in Q1 2023, according to CoinMarket data as illustrated below:
In Africa, the following were the top most viewed coins in Q1 2023:
- Bitcoin
- Baby DogeCoin
- Shiba Inu
- CoreDAO
- WikiCat
as illustrated in the following chart.
CoreDAO gained 13.69% of views among African users.
Wiki Cat to USD Chart over last 3 monthsRegarding the global distribution of cryptocurrency users, Nigeria is the only country from Africa in the top 20 of users on CoinMarketCap in Q1 2023.
United States remained the most dominant country in the quarter with over 15% of the overall traffic coming from US-based users.
The top countries included:
- United States – 15% of overall CMC traffic
- India – 7.97% of users
- Turkey – 7.69% of users
- Germany – 7.12% of users
______________________________________
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
______________________________________
______________________________________
