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Analysis
TABLE OF CONTENTS

Europe’s Crypto Interest Led by UK & EU Members

4.1
| by
Lim Yu Qian
-

Which Country in Europe is Most Interested in Crypto?

The United Kingdom (UK) is leading Europe’s interest in crypto at the moment, with 44.6% of the continent’s crypto interest year to date (YTD). This is on par with the 44.8% share of crypto interest held by all European Union (EU) member states, and is over 6 times the level of crypto interest shown by the next most interested European country.

The UK’s capital London has historically been an important global financial center, a role which shows signs of extending into the crypto landscape. A 2022 study found that the UK ranked #5 among the most crypto-curious countries in the world. Earlier in 2023, the UK was also one of the top 3 meme coin countries behind the PEPE-led craze.

That said, Europe’s crypto interest is more spread out beyond the UK, as compared to Africa’s crypto interest which is dominated by Nigeria. 

In total, the top 21 countries in Europe account for a majority 93.9% of the continent’s crypto interest YTD.

European Countries with Moderate Crypto Interest

European countries that have moderate interest in crypto are the Netherlands, Poland, Germany, Russia, France, Slovenia, Romania, Ukraine and Spain, which altogether represent 34.9% of the continent’s crypto interest YTD. They currently hold the second to tenth rankings in 2023, with 2.0% to 7.3% individual shares of continental crypto interest.

Some have similarly appeared in global rankings for specific areas in crypto. After FTX’s collapse, the Netherlands, France and Germany were among those most concerned about Proof of Reserves, alongside three other European countries. Meanwhile, Slovenia, the Netherlands and Romania showed strong interest in AI crypto following ChatGPT’s launch, and countries in Europe altogether represented 11 of the top 20 rankings.

European Countries with the Least Crypto Interest

The remaining 35 countries in Europe have relatively the least crypto interest, adding up to just 20.1% in total YTD. Not all countries in the continent showed interest in crypto however, with 5 countries having no share of crypto interest currently.

Notably, Switzerland and Italy only account for 1.2% of continental crypto interest each, even though Switzerland is the founding country of Ethereum, and Italy is another leading economy in Europe.

While Lithuania, Luxembourg and Estonia have only a marginal share of crypto interest, 3 of the top 30 centralized crypto exchanges are incorporated in these countries.

Overall, 16 of the 27 European Union (EU) member states rank among the continent’s 21 countries most interested in crypto, amid the EU’s increasing regulatory oversight for crypto. Including the EU, crypto interest is relatively well balanced across the 45 countries on the continent. This perhaps points to a general level of crypto awareness, even as interest in the industry is still limited to a niche audience.

Layer 1s, DeFi and GameFi tokens are the most popular crypto in Europe so far this year. The three narratives represent half of the top crypto in the continent (12 out of 24). Besides these, investors in Europe are keeping a close eye on projects tackling a variety of crypto applications.

Bitcoin (BTC) and Ethereum (ETH), which are the biggest crypto by market capitalization, only ranked in the top 3 crypto for the UK and Poland. This suggests that investors in the other 8 countries perhaps have a greater risk appetite or a more crypto-native demographic.

However, only one meme coin Optimus AI (OPTI) made it into Europe’s top crypto rankings, in contrast to the strong meme coin narrative in Africa and Southeast Asia’s top crypto. Despite the UK leading the meme coin craze in May, no meme coins ranked in the country’s top 3 crypto. In other words, investors in Europe are less likely to follow mainstream crypto trends.

In addition to ETH and OPTI, four more crypto appeared in the top 3 rankings twice: Cellframe (CELL), Saitama (SAITAMA), Kaspa (KAS) and Fuse (FUSE)

In general, the most popular crypto in European countries have a mix of narratives. Ukraine is the only exception, with DeFi tokens as 2 of its top 3 crypto. The country’s investors are watching out for perpetuals protocol ApeX (APEX) and decentralized exchange 1inch (1INCH)

Europe Top Crypto 2023

  • The United Kingdom’s most popular crypto are Bitcoin (BTC), Ethereum (ETH) and Not Financial Advice (NFAI).
  • The Netherlands’ most popular crypto are Fuse (FUSE), Bone ShibaSwap (BONE) and Cellframe (CELL).
  • Poland’s most popular crypto are Ethereum (ETH), XEN Crypto (XEN) and HEX (HEX).
  • Germany’s most popular crypto are Saitama (SAITAMA), Radix (XRD) and Optimism (OP).
  • Russia’s most popular crypto are Green Satoshi Token on Solana (GST-SOL), Optimus AI (OPTI) and Cellframe (CELL).
  • France’s most popular crypto are Conflux (CFX), Blur (BLUR) and Gala (GALA).
  • Slovenia’s most popular crypto are Optimus AI (OPTI), Kaspa (KAS) and Dimitra (DMTR).
  • Romania’s most popular crypto are MultiversX (EGLD), Saitama (SAITAMA) and STEPN (GMT).
  • Ukraine’s most popular crypto are ApeX (APEX), 1inch (1INCH) and Kaspa (KAS).
  • Spain’s most popular crypto are Fuse (FUSE), VitaDAO (VITA) and Ordi (ORDI).

Crypto Interest in Europe by Country 2023

Rank Country in Europe Crypto Interest Market Share
1 United Kingdom 44.58%
2 Netherlands 7.30%
3 Poland 6.08%
4 Germany 4.19%
5 Russia 4.05%
6 France 3.20%
7 Slovenia 2.89%
8 Romania 2.75%
9 Ukraine 2.40%
10 Spain 1.99%
11 Ireland 1.94%
12 Croatia 1.89%
13 Lithuania 1.61%
14 Sweden 1.22%
15 Italy 1.17%
16 Switzerland 1.17%
17 Greece 1.11%
18 Belgium 1.10%
19 Portugal 1.10%
20 Norway 1.07%
21 Hungary 1.05%
22 Serbia 0.83%
23 Slovakia 0.80%
24 Czechia 0.65%
25 Bulgaria 0.53%
26 Austria 0.53%
27 Finland 0.49%
28 Latvia 0.48%
29 Bosnia & Herzegovina 0.42%
30 Luxembourg 0.31%
31 Denmark 0.29%
32 Belarus 0.27%
33 Albania 0.11%
34 Montenegro 0.10%
35 Estonia 0.09%
36 Moldova 0.08%
37 North Macedonia 0.06%
38 Iceland 0.04%
39 Malta 0.03%
40 Kosovo 0.02%

The remaining 5 countries in Europe that did not record web page views during this period were: Andorra, Liechtenstein, Monaco, San Marino and the Vatican City.

Methodology

The study examined crypto interest by country in Europe, based on CoinGecko data for web page views from January 1 to July 9, 2023. Potentially inflated views were excluded to ensure representative data.

This study is an analysis of crypto markets and does not express any political opinions. ‘Europe’ here refers only to the geographical continent, while countries were included as per general recognition and dependent territories were excluded.

This study is for illustrative and informational purposes only, and is not financial advice. Always do your own research and be careful when putting your money into any crypto or financial asset.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to find out more about our previous research studies? Check out this one we did on the top web3 gaming countries.

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Lim Yu Qian
Lim Yu Qian
Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt

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