Explore the 2024 Global Crypto Adoption Index by Chainalysis, highlighting the top countries and emerging trends in decentralized finance and cryptocurrency usage.
The 2024 Global Crypto Adoption Index by Chainalysis highlights the evolution of cryptocurrency adoption across 151 countries. This index evaluates four key metrics, including transaction volume through centralized and decentralized services, retail transaction volumes, and value received by decentralized finance (DeFi) protocols, all weighted by GDP per capita.
Countries in Central & Southern Asia, Oceania, and Sub-Saharan Africa have risen to the top of the rankings, with India leading globally, followed by Nigeria and Indonesia. These countries are adopting cryptocurrencies not only for investment but also for practical use cases like remittances, merchant payments, and decentralized finance. Additionally, the report underscores that retail transactions—particularly in DeFi—are driving adoption in countries with lower purchasing power.
Here is the list of the top 20 countries for crypto adoption in 2024:
- India
- Nigeria
- Indonesia
- Vietnam
- Turkey
- Ukraine
- Kenya
- Philippines
- Pakistan
- Thailand
- Brazil
- Russia
- United States
- China
- South Africa
- Argentina
- Colombia
- Morocco
- Mexico
- Bangladesh
Significant changes were made to the 2024 methodology, particularly regarding the measurement of DeFi activity. Chainalysis now excludes intermediary steps in smart contract executions, providing a more accurate reflection of actual user activity. This adjustment, along with the removal of peer-to-peer (P2P) exchange volumes, marks a more precise analysis of crypto adoption across the globe.
Furthermore, the report shows that global cryptocurrency activity has surpassed levels seen in 2021, driven in part by institutional adoption and the launch of Bitcoin ETFs. However, the growing adoption in lower-income countries stands out, particularly in regions like Sub-Saharan Africa, where stablecoins and altcoins are playing a pivotal role in real-world applications. This trend reflects a shift from speculative trading to practical uses of cryptocurrency for everyday transactions.
In conclusion, the 2024 Global Crypto Adoption Index reveals a broadening of cryptocurrency’s appeal and usability, especially in regions with developing economies. The decentralized financial sector continues to flourish, with DeFi and stablecoin usage on the rise, making crypto an integral part of financial systems in many parts of the world.
