In the global landscape of cryptocurrency, 2024 presents a unique and vibrant picture. According to the Global Crypto Adoption Index report, the Central and South Asia and Oceania (CSAO) region leads the world in cryptocurrency adoption. India, Nigeria, and Indonesia stand out as the top three countries in this ranking
. This achievement is backed by a rigorous and comprehensive evaluation system. The report assesses 151 countries using four sub-indexes: centralized service on-chain value, retail centralized service on-chain value, DeFi protocol on-chain value, and retail DeFi protocol on-chain value. The data is sourced from vast amounts of web traffic data and incorporates insights from local experts, enhancing the authority and credibility of the evaluation results
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Different regions exhibit diverse characteristics in their cryptocurrency development. In North America, cryptocurrency development is primarily driven by institutions, with frequent large transfers. About 70% of crypto activities involve transactions exceeding $1 million. The introduction of Bitcoin ETFs in the United States has significantly boosted global Bitcoin prices, propelling the market into a bullish trend. From July 2023 to June 2024, the region's on-chain value reached $1.3 trillion, accounting for 22.5% of the global total
. In Latin America, economic instability has led to high inflation and currency devaluation, making stablecoins popular as a tool for hedging against economic risks and preserving asset value. The region's cryptocurrency adoption rate grew by 42.5% annually, with stablecoin transactions in countries like Argentina reaching 61.8%
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Europe has seen rapid growth in stablecoins and DeFi, with Central, Northern, and Western Europe achieving an on-chain value of $987.25 billion, or 21.7% of the global total. Eastern Europe, affected by conflicts, has seen increased cryptocurrency usage for fund transfers, with an on-chain value of $499.14 billion and nearly 40% growth in DeFi
. The Middle East and Africa have developed an orderly cryptocurrency market under improving regulations, with an on-chain value of $338.7 billion, accounting for 7.5% of the global total. Sub-Saharan Africa has widely adopted DeFi and stablecoins, with stablecoins making up 43% of total transactions, paving new paths for financial inclusion. Although the region's on-chain value is relatively low at $12.5 billion, its innovations in finance are significant
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Globally, the period from the fourth quarter of 2023 to the first quarter of 2024 has been a golden era for cryptocurrency development. The total value of global cryptocurrency activities has surged, surpassing the levels of the 2021 crypto bull market. Cryptocurrency adoption rates have risen across countries of all income levels, although high-income countries have seen a slight decline since early 2024. Following the launch of Bitcoin ETFs in the United States, the total value of global Bitcoin activities has increased significantly year-over-year. Stablecoins have also shown notable growth in both retail and professional trading, indicating the expanding influence of cryptocurrencies worldwide. They are increasingly permeating investment domains and everyday transaction scenarios, continuously altering financial behaviors and concepts
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