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UK Sees Highest Global Adoption Ranking for ETH, BTC Still Remains on Top

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·2-min read
In this article:
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The last quarter of 2021 was a dramatically volatile time for the cryptocurrency market and saw the larger market’s sentiment swing from one extreme to another.

Amid the many sell-offs and overheated market spells, British cryptocurrency users were seen taking measured steps. 

A recent survey highlighted that while globally, crypto ownership jumped from 11.2% in October to 15.5% in December last year, some countries saw stunted growth in these terms.

The United Kingdom was among the few countries with the lowest growth rates in crypto ownership between the two surveys, with ownership rising merely by 1% in that time period from 5.2% to 6.1%. 

The Numbers are Perplexing 

The ongoing survey of Internet users in 27 countries found out that the crypto ownership rate in the United Kingdom is way lower than the global average of 15.5%.

In November 2021, it was noted that the United Kingdom ranked 23rd out of 23 countries in regard to positivity (positive sentiment) around cryptocurrencies, with merely 17% of respondents claiming they think cryptocurrency is a good investment.

Seemingly, a larger bearish sentiment swept over British crypto users which fell in line with the larger market’s bearish trajectory and consolidation for the most part of November and December 2021.

Bitcoin’s price after recording the all-time high of $69,000 on November 10, last year, made lower lows and lower highs as the crypto sentiment turned bearish from time to time. 

In hindsight, it is also worth noting that the total crypto market cap after reaching $3 trillion in November lost close to 30% value by the end of last year painting a bearish picture for the larger market.

Thus, UK’s declining crypto enthusiasm seemed to pretty much follow the larger market trend. However, there were some interesting findings regarding cryptocurrency adoption in the UK that instilled hope for Ethereum’s larger narrative.  

Ethereum Leading the Way

While everything else in terms of interest and adoption took a backseat, confidence in Ethereum seemed to be reignited in UK’s crypto crowds. ETH ranked as the UK’s second choice for crypto with 32.9% of crypto owners holding Ethereum, which is above the global average of 24.4% and places the UK third for ETH ownership.

While ETH statistics glimmered, Bitcoin still remained king and came out as the most popular cryptocurrency with 42.8% of crypto owners owning BTC. Ripple came in third with 17.4% owning XRP, while Solana’s ownership climbed to 15% and Dogecoin made a mere 1% gain.

This article was originally posted on FX Empire

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