Central and South Asia and Oceania (CSAO) have taken the top positions in this year’s global cryptocurrency adoption ranking, according to Chainalysis’ The 2024 Global Adoption Index report. These regions have become leaders due to the high level of activity on local cryptocurrency exchanges, widespread use of cryptocurrencies, and a significant volume of transactions in the decentralized finance (DeFi) sector.
TOP-6 countries by the overall rating of cryptocurrency adoption
- India (Central and South Asia) is the undisputed leader of the ranking, ranking first in centralized services and retail DeFi transactions.
- Nigeria (Sub-Saharan Africa) is the 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) was ranked fourth due to strong growth in centralized services.
- Vietnam (Central and South Asia) – is among the top 5 in several categories, including retail centralized operations and DeFi services received.
- Ukraine (Eastern Europe) was ranked 6th in the global ranking, retaining its leading position in Eastern Europe thanks to its active participation in the DeFi sector and retail operations.
Growth in global crypto activity exceeds 2021 figures
Between the fourth quarter of 2023 and the first quarter of 2024, total global crypto activity increased significantly, exceeding the levels of 2021, when the cryptocurrency market was at its peak. This trend shows a steady increase in activity across 151 countries during 2021-2024.
While in 2023, growth was concentrated mainly in lower- and middle-income countries, in 2024, crypto activity increased in countries of all income levels. Interestingly, however, high-income countries have seen a marked decline in activity since the beginning of 2024.
Impact of the Bitcoin ETF launch
The launch of the Bitcoin ETF in the United States has led to an increase in the value of bitcoin transactions in all regions, especially in high-income countries such as North America and Western Europe. At the same time, the use of stablecoins continues to grow among retail and corporate users, especially in low- and middle-income countries (Sub-Saharan Africa and Latin America).
Where has the DeFi sector grown the most?
A significant increase in DeFi activity was recorded in sub-Saharan Africa, Latin America, and Eastern Europe. This also stimulated the growth of altcoins, which is reflected in the overall increase in cryptocurrency transactions.
Comparison of 2024 and 2023
- Indonesia, which was ranked 7th in 2023, moved up to 3rd place in 2024, which is a big jump, especially in terms of DeFi transactions and retail services.
- India retains the top position, demonstrating strong leadership in cryptocurrency activity, particularly in centralized services and DeFi.
- Nigeria also remains in 2nd place, but is growing in terms of DeFi activity, ranking second in 2024 (compared to 4th place in 2023).
- Vietnamwhich was ranked 3rd in 2023, dropped to 5th in 2024.
- Ukraine fell to 6th place in 2024 from 5th place in 2023, although it remains the leader in Eastern Europe.
- In 2023, the overall global adoption of cryptocurrencies declined after the peak of 2021, in particular due to FTX crash at the end of 2022. However, in 2024, global activity increased significantly, exceeding the levels of 2021.
- In 2023, the growth of the cryptocurrency market was concentrated mainly in lower middle-income (LMI) countries such as India, Nigeria, and Ukraine. In 2024, activity increased in all categories of countries, but especially in high-income countries such as the United States and Western Europe, thanks to the launch of Bitcoin ETF.
- DeFi became an important driver of cryptocurrency activity in 2024. In 2023, DeFi was especially popular in sub-Saharan Africa and Latin America, and in 2024, its activity increased significantly in Eastern Europe.
- In 2024, there was an increase in institutional activity, in particular due to the launch of a Bitcoin ETF in the United States. This stimulated a significant increase in transaction volume, especially in highly developed regions.
- In 2024, cryptocurrencies will become an important 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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