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World’s Onchain Crypto Activity Dominated by East Asia, while North America and Europe Trail Behind

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Sep 20, 2020
World's Onchain Crypto Activity Dominated by East Asia, while North America and Europe Trail Behind

Crypto activity carries on flourishing worldwide, according to a new cryptocurrency adoption index published by the blockchain intelligence firm Chainalysis. The researchers compile on-chain digital currency retail value transferred, on-chain crypto deposits, peer-to-peer exchange volume, and other types of methodology.

Chainalysis recently published a new report called the “2020 Geography of Crypto,” a study that examines 154 countries and the flourishing cryptocurrency adoption in these areas. The company created a crypto adoption index from the large list of nation-states and only 12 countries had very little traction compared to the rest.

Nation-states that ranked the lowest in the adoption index include Afghanistan, Algeria, Cape Verde, Chad, Fiji, Laos, Libya, and Mongolia.

The top ten countries are ranked by four individual metrics that are combined to create the official ranking. The top country, as far as on-chain value received, onchain retail value received, number of on-chain deposits, and peer-to-peer trade volume is the Ukraine.

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In the section that covers Africa, the blockchain intelligence firm says both remittances and currency devaluation is what’s driving crypto adoption throughout the large continent. The study notes that major cryptocurrency trading platforms now look at Africa as an “opportunity.”

Chainalysis details that in Africa regions like Kenya, Nigeria, and South Africa have been seeing more adoption than other areas throughout the continent. Central & Southern Asia and Oceania (CSAO) are also covered in the Chainalysis study and researchers say growth is “already strong.”

Toward the end of the report, Chainalysis touches on North America (the United States & Canada), which captures “conservative buy-and-hold” investors, and institutional investors as well. North America accounted for $52 billion sent and the same value received during the course of the 12-month span.

The 130-page study shows that crypto adoption and activity has grown exponentially in certain regions. A number of other countries and the regional bureaucrats are just becoming aware of cryptocurrency technology, and are falling behind the eight-ball in comparison.

Today in 2020, East Asia is the crowned king of crypto activity worldwide with NWE following behind the region. The report concludes with an interactive crypto index table that shows all 154 countries’ Chainalysis studied during the year.

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