Despite the "crypto winter," the adoption of cryptocurrencies, like Bitcoin BTC/USD and Ethereum ETH/USD has slowed down less than anticipated, and developing countries are at the forefront of crypto adoption, according to a report.
Adoption is still higher than it was in 2019 before the bull market, despite the bear market, the sharp decline of major cryptocurrencies, and the recent failure of a number of high-profile initiatives like crypto lender Celsius CEL/USD and algorithmic stablecoin TerraUSD, according to blockchain data firm Chainalysis.
In a report titled “The 2022 Global Crypto Adoption Index,” Chainalysis claimed to have examined site traffic, on-chain data, and millions of crypto transactions across the world, to identify the top adopting nations.
154 nations analyzed in the report
According to key trade parameters determined by centralized exchanges, DeFi protocols, and peer-to-peer trading volume, the research rates 154 nations and examines what Chainalysis calls grassroots adoption or the locations where the majority of individuals are investing their money in cryptocurrencies.
From Southeast Asia to Eastern Europe to Latin America, the statistics demonstrate widespread worldwide usage, with the United States also improving from the previous year.
Vietnam and Philippines lead the way
The findings indicate that emerging markets are leading the way in adopting cryptocurrencies.
Lower-middle-income nations like Vietnam, the Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia are among the top 20 nations in terms of the total index score, with Vietnam taking the top slot.
Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador are also on the list of upper-middle-income nations, whereas the United States and the United Kingdom are the only high-income nations included in the index.
Adoption level greater than 2020 bull run
Aside from the adoption rankings, the survey also demonstrated that adoption levels are greater now than they were prior to the 2020 bull run, even if adoption slowed down during the downturn market.
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