Towards the end of 2020 when the cryptocurrency industry started to blossom, crypto adoption rose tremendously on a global scale.
The adoption level for cryptocurrencies continued rising throughout the first half of 2021 until things went south. It was towards the end of 2021 when something completely opposite to the year 2020 ended up happening with cryptocurrencies.
As the year 2021 came to a close, the cryptocurrency sector was moving downhill. The situation of the cryptocurrency sector continued deteriorating and as a result, many investors started to leave the sector.
Especially, the investors aiming to gain short-term profits and benefits from the industry were the ones to leave the earliest.
Since the end of 2021, the cryptocurrency adoption level has continued to drop. Due to the constant downtrend recorded within the crypto-verse, the participation level of investors is declining in cryptocurrencies.
The Irish are Losing Interest
A recent data collection and research carried out by Finder.com has made an alarming discovery in regard to the declining interest of Irish people in cryptocurrencies.
The data shows that in the year 2021, the adoption level of cryptocurrencies among the people of Ireland has continued to decline. The slight decrease in the adoption level is an indication that the people in Ireland are losing their interest in cryptocurrencies.
The recent research by Finder.com for Ireland surrounding cryptocurrencies has revealed that cryptocurrency adoption in Ireland has dropped by 16.6% in the past year.
The data shows that in the year 2021, only 10% of the total number of internet users in Ireland owned cryptocurrencies. However, for the year 2020, Finder.com established that the number of crypto owners in 2020 was 12%.
This shows that a 2% drop has been recorded in cryptocurrency owners in Ireland in the year 2021.
The Drop was Obvious
James Edwards, the cryptocurrency specialist from Finder.com has shared his views on the collected data from Ireland.
Edwards stated that it was towards the end of 2021 when the crypto sector suffered a huge decline in valuation and demand. Due to the constant plummeting, the overall cryptocurrency market became bearish.
Over the course of months, the continuous bearish trend has pushed many investors out of the cryptocurrency industry. Similarly, the people from Ireland have also left the crypto sector due to the same trend.
Most Preferred Cryptocurrencies in Ireland
Among the people in Ireland, the most preferred and adopted cryptocurrencies are Bitcoin, Dogecoin, and Ethereum.
The data collected shows that 35% of the total Irish crypto investors prefer Bitcoin, 26% prefer Dogecoin, and the rest (23%) prefer holding Ether.