Central and South Asia, along with Oceania (CSAO), have secured leading positions in the current global cryptocurrency adoption ranking, as reported in The 2024 Global Adoption Index by Chainalysis. These regions have excelled due to high levels of activity on local cryptocurrency exchanges, widespread use of cryptocurrencies, and substantial transaction volumes in the decentralized finance (DeFi) sector.
Top 6 Countries by Overall Cryptocurrency Adoption Ranking
- India (Central and South Asia) — the undisputed leader of the ranking, taking first place in centralized services and retail DeFi transactions.
- Nigeria (Sub-Saharan Africa) — second in terms of the volume of DeFi services received.
- Indonesia (Central and South Asia) — leads in DeFi transactions and ranks sixth in centralized retail operations.
- United States (North America) — in fourth place due to significant growth in centralized services.
- Vietnam (Central and South Asia) — among the top five in several categories, including centralized retail operations and received DeFi services.
- Ukraine (Eastern Europe) has secured sixth place globally, maintaining a leading position in Eastern Europe due to active participation in the DeFi sector and retail operations.
Global Crypto Activity Growth Surpasses 2021 Levels
Between the fourth quarter of 2023 and the first quarter of 2024, global cryptocurrency activity has significantly increased, surpassing the levels seen in 2021 when the cryptocurrency market was at its peak. This trend indicates a steady rise in activity across 151 countries during the 2021-2024 period.
If in 2023 growth was primarily concentrated in low and middle-income countries, in 2024, cryptocurrency activity has risen across countries of all income levels. Interestingly, however, countries with high incomes have witnessed a noticeable decline in activity since the beginning of 2024.
Impact of Bitcoin ETF Launch
The launch of the Bitcoin ETF in the U.S. has triggered an increase in Bitcoin transaction values across all regions, particularly in high-income countries such as North America and Western Europe. Concurrently, the use of stablecoins continues to rise among both retail and corporate users, especially in low and middle-income countries (in Sub-Saharan Africa and Latin America).
Where Has the DeFi Sector Grown the Most?
Significant increases in DeFi sector activity have been recorded in Sub-Saharan Africa, Latin America, and Eastern Europe. This has also spurred growth in altcoin usage, reflected in the overall rise in cryptocurrency transaction volumes.
Comparison of 2024 and 2023
- Indonesia, which ranked 7th in 2023, has leaped to 3rd place in 2024, marking a major jump, particularly in DeFi transaction volumes and retail services.
- India retains its top position, demonstrating consistent leadership in cryptocurrency activity, especially in centralized services and DeFi.
- Nigeria also remains in 2nd place, though it is growing in DeFi activity, holding second place in 2024 (up from 4th in 2023).
- Vietnam, which was 3rd in 2023, has dropped to 5th place in 2024.
- Ukraine has fallen to 6th place in 2024 from 5th in 2023, although it remains a leader in Eastern Europe.
- In 2023, overall global cryptocurrency adoption decreased following the peak in 2021, notably due to the collapse of FTX at the end of 2022. However, in 2024, global activity has surged significantly, surpassing 2021 levels.
- In 2023, cryptocurrency market growth was primarily concentrated in low middle-income (LMI) countries like India, Nigeria, and Ukraine. In 2024, activity increased across all categories of countries but especially in high-income countries such as the U.S. and Western Europe, thanks to the launch of the Bitcoin ETF.
- DeFi has emerged as a crucial driver of cryptocurrency activity growth in 2024. In 2023, DeFi was particularly popular in Sub-Saharan Africa and Latin America, while in 2024, its activity has also significantly increased in Eastern Europe.
- 2024 has seen a rise in institutional activity, particularly propelled by the launch of the Bitcoin ETF in the U.S., which has stimulated a notable increase in transaction volumes, especially in highly developed regions.
- In 2024, cryptocurrency has become an essential part of the financial system for high-income countries.
Source: The 2024 Global Adoption Index, The 2023 Global Crypto Adoption Index
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