According to the analytics company Chainalysis, this indicates a high level of engagement in cryptocurrency operations in these countries.
The leaders of the ranking were India, Nigeria, Indonesia, the USA, and Vietnam, where cryptocurrencies continue to be actively integrated into the economy and everyday life. In addition to Ukraine and Russia, the top 10 also included the Philippines, Pakistan, and Brazil, highlighting the global nature of cryptocurrency adoption, especially in developing countries.
Chainalysis analysts recorded a sharp increase in cryptocurrency transaction volumes from the fourth quarter of 2023 to the first quarter of 2024, surpassing even the levels seen during the “bullish” 2021 when cryptocurrencies reached their peak values. Among the key factors driving this growth were the launch of a Bitcoin ETF in the United States, which made crypto assets more accessible to a broader audience, and the widespread use of stablecoins in countries with low and middle incomes. These assets are used to hedge against the volatility of national currencies and serve as an important tool in financial transactions, especially during times of economic instability.
Additionally, experts noted the growing interest in cryptocurrencies in developing countries, where they are not only becoming a means of capital preservation but also an essential part of the digital economy.
