Vietnam, the Philippines, and Ukraine are the top three economies driving global cryptocurrency adoption.
According to Chainalysis' 2022 Global Cryptocurrency Adoption Index, the number of individual and non-professional cryptocurrency investors has grown significantly in countries such as Vietnam, the Philippines, and Ukraine.
The blockchain analytics company has ranked these countries as the top three emerging economies in the world that are driving the use and adoption of cryptocurrencies. In your report, Chainalysis details that People in these countries are increasingly interested in crypto assets, which has grown its number of individual and non-professional investors in the crypto industry this year.
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Vietnam, Philippines and Ukraine lead crypto adoption
Vietnam earned an overall score of 1,00, on a scale of 0 to 1 on Chainalysis' Global Cryptocurrency Adoption Index, while the Philippines and Ukraine scored 0,75 and 0,69, respectively.
The global adoption of cryptocurrencies has also seen strong growth in 2022 in other countries such as India and the United States, which occupy fourth and fifth place in the Index prepared by the blockchain analysis company.
Source: Chainalysis
The goal of this annual report is to measure where the majority of people are putting their money within the crypto industry. According to Chainalysis, the data was obtained through five subindices created to identify the different types of cryptocurrency services and people's preference for each of these.
Chainalysis also analyzed the overall volume of cryptoasset transactions in the countries in the report. Likewise, the company evaluated the transaction volumes of cryptoassets individually, within centralized services platforms, P2P trading and DeFi.
Has the market crash influenced the global adoption of cryptocurrencies?
The crypto market crash has meant a significant correction for the price of Bitcoin and the industry's main assets.
The bearish cycle that cryptocurrencies are seeing this year has demotivated many investors. However, even with the price drop, interest in cryptocurrencies continues to be higher than seen in previous years, noted the firm.
According to Chainalysis, current data suggests that global cryptocurrency adoption has stabilized over the past year.
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