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Despite the global slump in cryptocurrency usage, India has emerged as the top country embracing digital currency, a recent Chainalysis report reveals. The nation is followed closely by Nigeria and Vietnam in crypto adoption. However, when it comes to the value received by cryptocurrency exchanges, North America steals the show, contributing almost a quarter, with the United States as its foremost contributor.
Chainalysis gathered web traffic data spanning 13 billion visits to gauge the extent of adoption. This data was used to assess five distinct cryptocurrency activity categories, all adjusted according to the purchasing power parity per capita. This methodology ensures a clear representation of cryptocurrency penetration among the general public.
Interestingly, global cryptocurrency adoption has seen a decline, but countries classified as lower-middle income (LMI) like India, Nigeria, and Ukraine, ranked fifth, are exceptions. These nations have witnessed increased crypto usage, especially since the second half of 2022 when global adoption began its decline. These countries signify potential growth areas for the cryptocurrency sector, given their burgeoning industries and populations.
In terms of the source of transaction value received, three regions stand out: Southern Asia with Oceania, Northern and Western Europe, and North America.
Although North America held a significant portion of the crypto market based on volume, there was a noticeable dip in institutional transaction volume starting April 2022. Similarly, the volume of stablecoin transactions saw a decline from 70% in February to 49% by June. Transactions in the realm of decentralized finance (DeFi) also decreased from 75% in August 2022 to under 50% by July 2023.
Within Europe, Central, Northern, and Western regions contributed 17.6% to the global crypto value received. Impressively, the United Kingdom outperformed other nations, with its volume being double that of Germany, though it stood 14th in global adoption. However, France recorded the most significant growth in the DeFi sector.
As for Central and Southern Asia combined with Oceania, they contributed 19.3% of the value received by crypto exchanges. In this category, India stood distinctly ahead of Vietnam by almost 100%.
Eastern Asia saw a decline in transaction volumes, primarily due to regulatory bans in China from 2020. However, China still managed to generate a commendable $75 billion in value received by exchanges over a year ending in June, with the majority being centralized exchanges.
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