According to crypto-analysis firm Chainalysis, global cryptocurrency usage among individual investors has increased dramatically in the last year.
Worldwide Crypto Adoption Increased
According to Chainalysis, worldwide cryptocurrency adoption increased by 881% in the last year. Therefore, based on variables such as peer-to-peer exchange trade volume and value received.
Institutional markets are essential to the business, but it wanted to emphasise the nations with the most cryptocurrency adoption by individual investors. Rather than trading and speculating, it concentrated on use cases involving transactions and personal savings. Vietnam, India, Pakistan, and Ukraine are the top-ranked countries.
Rise In Interest in Crypto
“Many people in emerging economies are turning to cryptocurrencies to protect their funds from currency depreciation, send and receive remittances, and conduct commercial transactions,” according to Chainalysis. It went on to say that “institutional investment has fueled adoption in North America, Western Europe, and Eastern Asia over the previous year.”
Since the outbreak of the epidemic, there has been a rise in interest in cryptocurrencies, owing to significant increases in digital tokens such as Bitcoin and Ether. In the last year, the Bloomberg Galaxy Crypto Index has increased by roughly 380%. As of 10 a.m. IST, the price of Bitcoin in India was ₹34.71 lakhs, while the cost of Ethereum was ₹2.34 lakhs.
Ranking 154 Nations
Chainalysis’ Global Crypto Adoption Index used three primary measures to rank 154 nations. China and the United States also slipped in the rankings, owing to a decrease in peer-to-peer trade volume. China was fourth last year, and the United States was sixth. The United States is ranked ninth this year, while China is ranked thirteenth.