Ukraine and Russia have secured the sixth and seventh positions, respectively, in the 2024 Global Crypto Adoption Index by the analytics firm Chainalysis.
Our 2024 Global Crypto Adoption Index is here! The top 10 countries spanned 5 continents, but Central & Southern Asia and Oceania (CSAO) dominated the list. Read on to see the top 20 countries and learn about global adoption trends: https://t.co/F2nqkELtd2 pic.twitter.com/bbuG1lQ8vB
— Chainalysis (@chainalysis) September 11, 2024
The top five positions were claimed by India, Nigeria, Indonesia, the United States, and Vietnam. The Philippines, Pakistan, and Brazil also made it into the top 10.
Analysts noted a significant increase in cryptocurrency transaction volumes from the fourth quarter of 2023 to the first quarter of 2024, surpassing the figures from the bullish year of 2021.
Chainalysis attributes this to the launch of a Bitcoin ETF in the United States and the active use of stablecoins in low- and middle-income jurisdictions.
“The popularity of DeFi in Sub-Saharan Africa, Latin America, and Eastern Europe likely led to an increase in altcoin transactions in these regions,” the report’s authors added.
In the 2023 Global Crypto Adoption Index by Chainalysis, the top positions were held by India, Nigeria, Vietnam, the United States, and Ukraine.
The highest annual cryptocurrency transaction volumes were recorded in the United States ($1 trillion), India ($260 billion), and the United Kingdom (~$252.1 billion).