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The blockchain data analytics company Chainalysis has presented the results of its 2024 Geography of Cryptocurrency Report, which contains the fifth edition of the Global Crypto Adoption Index. This latest index reveals a clear trend in cryptocurrency adoption among 151 countries, with India, Nigeria, and Indonesia leading the charge.
The analysis is based on the data on chain activity connected to CeFi and DeFi platforms. The approach to this year’s index has been revised, including the removal of peer-to-peer exchange trade volume to DeFi activities. These changes are in line with the changing trend of global crypto transactions.
The report also notes that the regions with relatively low economic development, including the Central & Southern Asia and Oceania (CSAO), show the highest rates of crypto adoption. In this year’s index, seven out of the top twenty countries are from the CSAO region, showing the growing role of cryptocurrency in these economies.
India and Nigeria have been at the forefront of countries with the highest crypto usage, especially at the basic level. India continued to lead the way in 2024, possibly due to the government’s implicit approval of cryptocurrencies through the registration of prominent offshore trading platforms such as Binance and KuCoin. This has given more legitimacy to the crypto sphere in the country and therefore, more people in the country are likely to participate.
At the same time, Indonesia has become the most dynamically developing crypto market, moving to the third place with almost 200% growth in year-on-year crypto transactions. This rise is not so much a function of new regulation but of active trading opportunities and the use of cryptocurrencies as a means of making quick profits via other investment opportunities like meme coins.
The Indonesian market also has a relatively higher share of DEX and DeFi activities than its peers in the region and the global market, indicating active participation in the new crypto ecosystem.
The 2024 index shows a global increase in crypto adoption, especially with the launch of Bitcoin ETFs in the US, boosting institutional and retail investor participation. This trend is widespread across all income levels, with some moderation in HICs since early 2024.
In addition, the application and adoption of crypto technologies remain ongoing, as can be seen by large transactions and the tactics being taken by many countries in regulating the industry. For example, the US continues to hold its position in the fourth rank in the global crypto market, while Vietnam has slightly dropped to the fifth rank from the third position of the previous year.
