The 2024 Global Crypto Adoption Index has revealed that Central & Southern Asia and Oceania (CSAO) are leading the world in cryptocurrency adoption. This ranking looks at key crypto activities in each country. Let’s explore the details behind this trend.
The index ranks countries using four main factors: total crypto value received by centralized services, retail crypto transactions under $10,000, DeFi transaction volume, and retail DeFi activity. Impressively, seven out of the top 20 countries are from the CSAO region, showing its strength in crypto.
According to the Chainalysis report, this region is highly active in local crypto exchanges, merchant services, and decentralized finance (DeFi).
India tops the index, ranking first in both centralized service value received and retail centralized service value received. Nigeria follows in second place, performing well in both retail centralized services and DeFi activity. Indonesia ranks third, standing out in DeFi value received and retail DeFi transactions.
The seven CSAO countries in the top 20 are India, Indonesia, Vietnam, the Philippines, Pakistan, Thailand, and Cambodia. Other notable countries include Nigeria, the US, Ukraine, Russia, Brazil, Turkey, the UK, Venezuela, Mexico, Canada, South Korea, and China.
Surprising Standings: US and China
The United States holds fourth place overall, though it ranks lower in retail centralized service value. China, while ranked twentieth overall, remains a key player in the global crypto space.
In conclusion, the 2024 Global Crypto Adoption Index shows a clear trend: developing economies are ahead of developed countries in cryptocurrency adoption, marking a major shift in global finance.
Also Read: Why Crypto Market is Up Today? Could a FED Rate Cut Spark a Massive Crypto Rally?
The 2024 Global Crypto Adoption Index has painted a fascinating picture of the industry’s growth. Where will the next crypto revolution originate?
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