Indonesia has emerged as the fastest-growing crypto market, experiencing a remarkable surge in adoption and activity.
India maintains its top position in the global crypto adoption rankings, reflecting its strong and stable embrace of digital currencies.
Chainalysis Report: India and Nigeria Top Crypto Adoption Rankings
Nigeria follows closely behind, holding its second-place spot as the country with substantial grassroots engagement in cryptocurrencies. This consistency underscores the ongoing enthusiasm for crypto in these nations, where digital assets have become an integral part of the financial landscape.
Source: Chainalysis
Indonesia, however, has made significant strides over the past year, leaping four places to secure the third spot globally. The country is now the fastest-growing crypto market, with a staggering year-over-year growth rate of nearly 200% in the Central and Southern Asia (CSAO) region.
The report highlights that Indonesia also received the highest cryptocurrency value in the region, amounting to approximately $157.1 billion.
The Chainalysis report, which is now in its fifth year, analyzed data from 151 countries between Q3-2021 and Q2-2024. This year’s report incorporated a slight methodological shift, excluding P2P cryptocurrency exchange trade volumes and including DeFi activity. This change aims to provide a more accurate picture of the evolving crypto landscape.
In the CSAO region, seven of the top 20 countries are from this area, indicating robust growth and increasing adoption. Despite these advancements, the report notes that Indonesia’s crypto market growth is not driven by regulatory changes but by trading opportunities and alternative investment avenues, such as meme coins.
The country’s crypto activity also shows a higher engagement with decentralized exchanges (DEXs) and decentralized finance (DeFi) compared to other regional and global averages.
The U.S. maintained its fourth position from 2023, while Vietnam experienced a decline, falling from third to fifth. This shift highlights the dynamic nature of global crypto adoption and the impact of emerging markets.
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