A new study has unveiled the cryptocurrencies that Americans are most interested in selling Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) leading the pack.
The research, conducted by crypto-gambling experts at Cryptogambling.tv, utilized Google Trends data to identify the cryptocurrencies that U.S. residents are most eager to sell.
The study considered the 24 largest cryptocurrencies by market cap and calculated an average weekly search volume for the interest in selling each cryptocurrency.
The highest number of searches for ‘sell bitcoin’ occurred at the end of July, both in the U.S. and globally.
The primary reason for wanting to sell Bitcoin is the current financial and economic strain many countries are experiencing, leading people to cash out and minimize their losses.
Last year, the price of Bitcoin fell below $16,000, a significant drop, and with Bitcoin’s value being purely speculative, it can be a tough call for those unsure whether to hold or sell.
The highest number of searches for ‘sell Ethereum’ occurred in September worldwide.
“This study offers an interesting insight into which crypto coins Americans currently want to sell, with Bitcoin being the most popular to sell,” said a Cryptogambling.tv spokesperson.
Despite Ethereum owning approximately 20% of the global crypto market and being considered one of the safest long-term coins, its current price of $1,458 and the upcoming shift from Proof of Work (PoW) to Proof of Stake (PoS) may reduce its supply, prompting some to sell.
- Ripple (CRYPTO: XRP) ranks third on the list of cryptocurrencies Americans want to sell the most. Predictions suggest that its price will be near $0.198 by the end of this year. The ongoing lawsuit with the SEC has significantly decreased interest in the currency, prompting investors to sell.
- Dogecoin (CRYPTO: DOGE) is the fourth cryptocurrency Americans are most interested in selling. Despite its significant rise in 2021, its price volatility, unlimited supply, and limited acceptance compared to other coins make it a less attractive investment, leading many to sell.
- Shiba Inu (CRYPTO: SHIB) rounds out the top five cryptocurrencies that Americans are looking to sell. Despite its popularity, it is not considered a good long-term investment. The coin’s value has dropped almost 92% since 2021, but many investors are hopeful that it will rise over time.
“The cryptocurrency market is forever fluctuating, and with the increase in economic stress worldwide, it can be an uncertain and nerve-racking time for those hoping to make sound investments in the crypto world,” said the Cryptogambling.tv spokesperson.
Produced in association with Benzinga
Edited by Eunice Anyango Oyule and Judy J. Rotich