European Crypto Index 2023
A research study analysing 40,512,430 Google search queries across Europe was conducted to create the European Crypto Index. The study focused on 191 of the most significant keywords in the cryptocurrency domain.
European Crypto Index Infographic
The study analysed over 40 million search queries across 191 selected keywords
Crypto Index Ranking
The 🇳🇱Netherlands is the European country with the highest number of crypto-related searches per capita, followed by Slovenia and Switzerland.
Bitcoin is the most popular cryptocurrency across all European countries, dominating the first place in 35 out of 46 Countries.
Dogecoin has claimed the second spot as the most favored cryptocurrency in more than half of European countries, with Shiba Inu following closely behind as the third most favored. As a result, Ethereum now holds only the fourth place in the list of most favored cryptocurrencies.
Bitcoin is the most popular cryptocurrency across all European countries, dominating the first place in 35 out of 46 Countries.
Dogecoin has claimed the second spot as the most favored cryptocurrency in more than half of European countries, with Shiba Inu following closely behind as the third most favored. As a result, Ethereum now holds only the fourth place in the list of most favored cryptocurrencies.
| Ranking | Countries | Monthly Search Volume | Population | Searches per Capita | Favourite | 2nd. | 3rd. |
|---|---|---|---|---|---|---|---|
| 1 | 🇳🇱 Netherlands | 2299540 | 17700000 | 0.1299 |  Bitcoin |  Dogecoin |  Cardano |
| 2 | 🇸🇮 Slovenia | 247990 | 2100000 | 0.1181 | Bitcoin | Dogecoin |  Ethereum |
| 3 | 🇨🇭 Switzerland | 781090 | 8800000 | 0.0888 | Bitcoin | Dogecoin | Ethereum |
| 4 | 🇹🇷 Turkey | 7149980 | 84600000 | 0.0845 | Bitcoin | Dogecoin | Ethereum |
| 5 | 🇫🇮 Finland | 442490 | 5600000 | 0.0790 | Bitcoin | Dogecoin | Ethereum |
| 6 | 🇩🇪 Germany | 6372660 | 83300000 | 0.0765 | Bitcoin | Dogecoin | Ethereum |
| 7 | 🇳🇴 Norway | 384490 | 5400000 | 0.0712 | Bitcoin | Dogecoin | Ethereum |
| 8 | 🇧🇪 Belgium | 794780 | 11600000 | 0.0685 | Bitcoin | Dogecoin | Ethereum |
| 9 | 🇸🇪 Sweden | 694260 | 10500000 | 0.0661 | Bitcoin | Dogecoin | Ethereum |
| 10 | 🇨🇿 Czech Republic | 676860 | 10500000 | 0.0645 | Bitcoin | Dogecoin | Ethereum |
| 11 | 🇬🇧 United Kingdom | 4196020 | 67600000 | 0.0621 | Bitcoin |  Shiba Inu | Ethereum |
| 12 | 🇲🇹 Malta | 29750 | 500000 | 0.0595 | Bitcoin | Shiba Inu | Dogecoin |
| 13 | 🇪🇸 Spain | 2766270 | 47400000 | 0.0584 | Bitcoin | Shiba Inu | Ethereum |
| 14 | 🇭🇷 Croatia | 221630 | 3800000 | 0.0583 | Bitcoin | Dogecoin | Shiba Inu |
| 15 | 🇩🇰 Denmark | 343270 | 5900000 | 0.0582 | Bitcoin | Dogecoin | Shiba Inu |
| 16 | 🇮🇪 Ireland | 286980 | 5100000 | 0.0563 | Dogecoin | Bitcoin | Ethereum |
| 17 | 🇵🇹 Portugal | 556430 | 10300000 | 0.0540 | Bitcoin | Dogecoin | Ethereum |
| 18 | 🇫🇷 France | 3503530 | 65800000 | 0.0532 | Bitcoin | Shiba Inu | Dogecoin |
| 19 | 🇮🇸 Iceland | 21000 | 400000 | 0.0525 | Bitcoin | Dogecoin |  Luna |
| 20 | 🇸🇰 Slovakia | 263820 | 5400000 | 0.0489 | Bitcoin | Dogecoin | Shiba Inu |
| 21 | 🇱🇺 Luxembourg | 33850 | 700000 | 0.0484 | Bitcoin | Dogecoin | Ethereum |
| 22 | 🇮🇹 Italy | 2747380 | 58900000 | 0.0466 | Bitcoin | Dogecoin | Shiba Inu |
| 23 | 🇵🇱 Poland | 1755570 | 38000000 | 0.0462 | Bitcoin | Dogecoin | Ethereum |
| 24 | 🇪🇪 Estonia | 56620 | 1300000 | 0.0436 | Dogecoin | Shiba Inu | Bitcoin |
| 25 | 🇦🇹 Austria | 391740 | 9000000 | 0.0435 | Bitcoin | Ethereum | Shiba Inu |
| 26 | 🇭🇺 Hungary | 331480 | 9700000 | 0.0342 | Bitcoin | Dogecoin | Shiba Inu |
| 27 | 🇱🇹 Lithuania | 93900 | 2800000 | 0.0335 | Dogecoin | Bitcoin | Shiba Inu |
| 28 | 🇦🇩 Andorra | 2150 | 80000 | 0.0269 |  PancakeSwap | Bitcoin |  Axie Infinity |
| 29 | 🇱🇻 Latvia | 48320 | 1900000 | 0.0254 | Dogecoin | Bitcoin | Ethereum |
| 30 | 🇬🇷 Greece | 259540 | 10600000 | 0.0245 | Dogecoin | Ethereum | Bitcoin |
| 31 | 🇧🇬 Bulgaria | 164930 | 6800000 | 0.0243 | Bitcoin | Dogecoin | Shiba Inu |
| 32 | 🇲🇰 North Macedonia | 42920 | 1800000 | 0.0238 | Bitcoin | Dogecoin | Shiba Inu |
| 33 | 🇷🇸 Serbia | 161740 | 6800000 | 0.0238 | Bitcoin | Ethereum | Dogecoin |
| 34 | 🇱🇮 Liechtenstein | 950 | 40000 | 0.0238 | Bitcoin | Dogecoin | PancakeSwap |
| 35 | 🇷🇴 Romania | 390700 | 19000000 | 0.0206 | Dogecoin | Shiba Inu | Ethereum |
| 36 | 🇲🇪 Montenegro | 11400 | 600000 | 0.0190 | Bitcoin | Dogecoin | Shiba Inu |
| 37 | 🇸🇲 San Marino | 560 | 30000 | 0.0187 | Bitcoin | Shiba Inu |  Stellar |
| 38 | 🇺🇦 Ukraine | 479960 | 41000000 | 0.0117 | Bitcoin | Dogecoin | Ethereum |
| 39 | 🇧🇦 Bosnia and Herzegovina | 37890 | 3400000 | 0.0111 | Bitcoin | Dogecoin | Ethereum |
| 40 | 🇦🇱 Albania | 30750 | 2800000 | 0.0110 | Bitcoin | Dogecoin | Shiba Inu |
| 41 | 🇧🇾 Belarus | 43370 | 5400000 | 0.0080 | Bitcoin | Dogecoin | Ethereum |
| 42 | 🇲🇩 Moldova | 24060 | 3500000 | 0.0069 | Dogecoin | PancakeSwap | Shiba Inu |
| 43 | 🇷🇺 Russia | 724050 | 144300000 | 0.0050 | Bitcoin | Dogecoin | Ethereum |
| 44 | 🇽🇰 Kosovo | No Data | 1800000 | No Data | No Data | No Data | No Data |
| 45 | 🇲🇨 Monaco | No Data | 40000 | No Data | No Data | No Data | No Data |
| 46 | 🇻🇦 Vatikan | No Data | No Data | No Data | No Data | No Data | No Data |
Data Deep Dive
Methodology
Accuracy
Methodology
The study used Ahrefs Keyword Explorer, an industry-leading search engine optimization (SEO) platform, to analyze the frequency of these search queries on Google.
The popularity and frequency of the study’s selected keywords were thoroughly analyzed for each country across the European continent.
Online Dating & Chat App dua.com ranked the most commonly searched queries and identified the most popular cryptocurrency in each country.
The study also incorporated the country-specific population statistics from the global leader in market and consumer data, Statista.
Accuracy
The research team took measures to ensure the accuracy and relevance of the study’s findings, including removing keywords with identical names and acronyms to well-known crypto technologies and misleading keywords.
In contrast to the approach of other crypto research sites, the study calculated a coefficient by analysing the search volume of the selected keywords along with the population of each country. This coefficient was then used to rank the countries based on their level of interest in cryptocurrencies.
Additionally, the study eliminated keywords such as XRP with identical names and acronyms, as well as misleading keywords like SOL (which means “Sun” in Spain) or GMX (an email provider in some Central European countries), to further enhance the accuracy and relevance of the data.