The United States has the biggest cryptocurrency market by far, driving up cryptocurrency transaction values through widespread DeFi platform adoption. However, the use of cryptocurrency as a medium of exchange rather than a replacement for traditional investment strategies and grassroots crypto acceptance has since declined. The total value of crypto transactions received between July 2020 and June 2021 was $756 billion.Ī Chainalysis study also discovered that the volume of transactions increased by 1,000% between July 2020 and May 2021. North AmericaĬompared to the rest of the world, North America has the highest value of cryptocurrency received (18% of the total). This section outlines, in descending order, the countries with the biggest cryptocurrency markets in 2022. Countries With the Largest Cryptocurrency Markets This article highlights the countries with the highest cryptocurrency transactions in 2022. In other words, the phenomenon of decentralized finance is being driven by the countries that account for most of the institutional and business-related cryptocurrency transactions. While some markets (notably in more developed nations with an extensive institutional investment infrastructure) invest in cryptocurrencies as a high-risk and speculative investment tool, others, such as some African and Latin American countries, are known for using cryptocurrency for global peer-to-peer payment.Ī significant branch of crypto called DeFi (decentralized finance) has taken off most noticeably in industrialized nations, with the United States setting the pace for DeFi businesses and DeFi adoption. New aspects and applications are constantly emerging, playing various roles and attracting different end users. The Chainalysis 2021 Global Crypto Adoption Index provides a thorough analysis of which nations are leading the way in crypto adoption and why.Īlso, providing a reliable ranking of the size of the cryptocurrency markets in different countries can be challenging as the industry is relatively nascent. It can be difficult to determine which country has the largest crypto market. The majority of them got there by founding successful centralized exchanges.įrom big institutional investors to small retail investors, from users looking for high payouts to people looking for safer, less expensive alternatives to bank transfers, the crypto industry has seen an extraordinary increase in consumers worldwide. In 2021, 12 crypto entrepreneurs were on Forbes’ list of the world’s billionaires. The cryptocurrency industry is also proving to be very profitable. Chainalysis’s 2021 Global Crypto Adoption Index shows that the number of people using cryptocurrencies around the world increased by more than nine times in the year preceding June 2021 and by 24 times since the third quarter of 2019.Īccording to CoinMarketCap, the market capitalization of all cryptocurrencies was more than $1.7 trillion as of May 2022, underlining the industry’s record-breaking growth. The popularity and mass adoption of cryptocurrencies have skyrocketed over the past few years.
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