It is clear to almost everyone that interest in cryptocurrencies has increased significantly in recent years, but it is all the more interesting to observe how the market has developed in specific countries and also in numbers.
A closer look and extensive analysis was provided by Chainalysis, which published data from their Global Crypto Adoption Index.
The first graph that confirms the rocket growth of cryptocurrency adoption is shown below, which looked at up to 154 countries around the world, from Q3 2019 to Q2 2021.
The index score was calculated on the basis of the following items, namely:
- On-chain cryptocurrency value received, weighted by purchasing power parity (PPP) per capita
- On-chain retail value transferred, weighted by PPP per capita
- Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users
As you can see, the adoption has started to increase especially since Q2 2020, with the interest in crypto literally exploding in Q4 2020. To a large extent, as you know, this was due to a major announcement by PayPal when it first announced that it will allow its customers to use cryptocurrencies.
It is extremely interesting to monitor developments during individual periods. At the end of Q2 2021, the total score was 24, which means that global adoption has increased by more than 2300% since Q3 2019. Last year, the adoption of cryptocurrencies increased by more than 881% worldwide.
But let's also look at specific countries and their results.
In the table above you can see the top 20 countries, which according to the Global Crypto Adoption Index are the places where the highest rate of increased cryptocurrency adoption was recorded.