Data Shows Middle-Income Countries Driving Global Crypto Adoption | bitcoinist.com

[ad_1]

Crypto adoption across the globe has accelerated over the past two years due to multiple bull rallies. With the recent bear market, there has been a drop in the adoption rate, and it has stabilized over the past couple of months. However, there are some parts of the world where the adoption rate continues to increase. A recent report by Chainalysis examines the global adoption trend, which found middle-income countries are driving adoption.

Middle-income countries take the lead

The Chainalysis report found that of the top 20 countries driving crypto adoption across the globe, the vast majority were middle-income countries. Now, to put that into perspective, the World Bank classifies countries by income levels, and they currently have four income levels; high income, upper middle income, lower middle income and low income. Both of these category averages have proven to be a hotbed for crypto adoption.

The 2022 Chainalysis Global Crypto Adoption Index saw Vietnam land 1st place in adoption. The Philippines placed 2nd, while Ukraine, India and the United States rounded out the top 5 respectively.

Total Crypto Market Cap Chart from TradingView.com

Market cap falls to $932 billion | Source: Crypto Total Market Cap on TradingView.com

Further down the list, a total of 10 of the top 20 countries, namely; Vietnam, the Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia were all lower middle income countries. Eight others, including Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia and Ecuador, were all upper-middle-income countries. Only two of the top 29 countries were high-income countries, namely the United States and the United Kingdom.

Crypto adoption is not over

Even though crypto adoption has slowed in the bear market, it is still maintaining good levels at this point. Even after stabilizing in 2022, the overall crypto index score still puts the adoption rate higher than it was before the recent bull run.

Global Crypto Adoption Index

Cryotop adoption levels out | Source: Chainalysis

This shows that the interest still remains high despite the drop in prices in the market. However, this is a far cry from the record highs seen in the second quarter of 2021. What this shows is that more investors are entering the market when prices are rising, which is hardly a surprise. But the numbers, even during the bear market, show that the investor retention rate is much higher than in previous bear markets.

Adoption rates in continents like Africa and Asia are also the most promising. Nigeria has become the country with the highest percentage of the population that uses or owns cryptocurrencies at 32%. At the same time, Vietnam is the second highest with 21%.

Brazil, which came 7th on the global adoption rate list, now has the largest crypto market in Latin America. The United States has moved up three places compared to 2021, from 8th position last year to 5th position this year.

Featured image from Tekedia, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…



[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 16,574.53
ethereum
Ethereum (ETH) $ 1,219.38
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 313.14
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.403828
dogecoin
Dogecoin (DOGE) $ 0.09489
cardano
Cardano (ADA) $ 0.316625
matic-network
Polygon (MATIC) $ 0.855025
polkadot
Polkadot (DOT) $ 5.38
staked-ether
Lido Staked Ether (STETH) $ 1,196.36
litecoin
Litecoin (LTC) $ 76.43
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.21
dai
Dai (DAI) $ 0.999759
solana
Solana (SOL) $ 14.34
tron
TRON (TRX) $ 0.053507
uniswap
Uniswap (UNI) $ 5.56
leo-token
LEO Token (LEO) $ 4.19
avalanche-2
Avalanche (AVAX) $ 12.93
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,476.66
chainlink
Chainlink (LINK) $ 7.15
cosmos
Cosmos Hub (ATOM) $ 10.19
ethereum-classic
Ethereum Classic (ETC) $ 20.08
the-open-network
The Open Network (TON) $ 1.71
monero
Monero (XMR) $ 137.86
stellar
Stellar (XLM) $ 0.089475
bitcoin-cash
Bitcoin Cash (BCH) $ 112.67
quant-network
Quant (QNT) $ 120.77
algorand
Algorand (ALGO) $ 0.245263
crypto-com-chain
Cronos (CRO) $ 0.064961
filecoin
Filecoin (FIL) $ 4.46
vechain
VeChain (VET) $ 0.01904
apecoin
ApeCoin (APE) $ 3.76
near
NEAR Protocol (NEAR) $ 1.62
hedera-hashgraph
Hedera (HBAR) $ 0.049846
flow
Flow (FLOW) $ 1.14
frax
Frax (FRAX) $ 0.998676
internet-computer
Internet Computer (ICP) $ 4.00
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 44.06
eos
EOS (EOS) $ 0.937317
terra-luna
Terra Luna Classic (LUNC) $ 0.000162
huobi-token
Huobi (HT) $ 7.11
theta-token
Theta Network (THETA) $ 0.932558
chiliz
Chiliz (CHZ) $ 0.174128
chain-2
Chain (XCN) $ 0.042886
paxos-standard
Pax Dollar (USDP) $ 1.00
tezos
Tezos (XTZ) $ 0.991335
the-sandbox
The Sandbox (SAND) $ 0.575369
aave
Aave (AAVE) $ 62.33
lido-dao
Lido DAO (LDO) $ 1.10
trust-wallet-token
Trust Wallet (TWT) $ 1.95
true-usd
TrueUSD (TUSD) $ 1.00
bitcoin-sv
Bitcoin SV (BSV) $ 40.17
axie-infinity
Axie Infinity (AXS) $ 6.69
decentraland
Decentraland (MANA) $ 0.403566
usdd
USDD (USDD) $ 0.993239
kucoin-shares
KuCoin (KCS) $ 6.94
bittorrent
BitTorrent (BTT) $ 0.00000068700807
aptos
Aptos (APT) $ 4.72
pancakeswap-token
PancakeSwap (CAKE) $ 4.03
gemini-dollar
Gemini Dollar (GUSD) $ 0.999679
tokenize-xchange
Tokenize Xchange (TKX) $ 7.55
iota
IOTA (MIOTA) $ 0.216468
whitebit
WhiteBIT Token (WBT) $ 4.92
maker
Maker (MKR) $ 652.24
compound-usd-coin
cUSDC (CUSDC) $ 0.022701
ecash
eCash (XEC) $ 0.00003
klay-token
Klaytn (KLAY) $ 0.183601
zcash
Zcash (ZEC) $ 41.80
gatechain-token
Gate (GT) $ 3.66
osmosis
Osmosis (OSMO) $ 1.03
neo
NEO (NEO) $ 6.96
btse-token
BTSE Token (BTSE) $ 3.03
fantom
Fantom (FTM) $ 0.188544
pax-gold
PAX Gold (PAXG) $ 1,753.84
the-graph
The Graph (GRT) $ 0.064106
arweave
Arweave (AR) $ 9.43
curve-dao-token
Curve DAO (CRV) $ 0.706013
dash
Dash (DASH) $ 41.38
cdai
cDAI (CDAI) $ 0.022121
compound-ether
cETH (CETH) $ 24.52
tether-gold
Tether Gold (XAUT) $ 1,720.92
mina-protocol
Mina Protocol (MINA) $ 0.551346
havven
Synthetix Network (SNX) $ 1.68
nexo
NEXO (NEXO) $ 0.719878
binaryx
BinaryX (BNX) $ 148.22
gmx
GMX (GMX) $ 45.09
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.42
thorchain
THORChain (RUNE) $ 1.20
radix
Radix (XRD) $ 0.035959
basic-attention-token
Basic Attention (BAT) $ 0.230535
zilliqa
Zilliqa (ZIL) $ 0.022743
ethereum-name-service
Ethereum Name Service (ENS) $ 13.09
helium
Helium (HNT) $ 2.50
frax-share
Frax Share (FXS) $ 4.62
xdce-crowd-sale
XDC Network (XDC) $ 0.023869
rocket-pool
Rocket Pool (RPL) $ 17.19
casper-network
Casper Network (CSPR) $ 0.030793