2024 has simply been a game changer for the cryptocurrency industry. From groundbreaking Bitcoin and Ethereum Spot ETF approvals to the explosive growth of the global crypto market, this year has seen it all.
The global crypto market cap increased from $1.61 trillion to $3.17 trillion, an increase of 96.89%.
Almost all major cryptocurrencies have seen growth; Bitcoin surged 119.5%, Ethereum 46.8%, XRP 227.7%, BNB 124%, Solana 85.5%, Dogecoin 248.3%, Cardano 41.7%, TRON by 113.9%, SHIBA INU by 99.6%, Pepe by 1361%, and Stellar by 153.1%.
The last quarter of 2024 was particularly remarkable. From the change in US policy in favor of cryptocurrencies after Donald Trump’s presidential victory to Bitcoin crossing the $100,000 mark, the crypto world has seen several important events.
What does all this mean for global crypto adoption? Let’s explore.
Global Cryptocurrency Ownership: A Closer Look
A recent the report reveals that there are now at least 560 million cryptocurrency owners in the world. Men represent almost 61% of these owners, while women represent around 39%. Notably, 34% of crypto owners are young people aged 25 to 34, highlighting the growing appeal of digital assets among younger generations.
Top Countries for Crypto Adoption in 2024
India remains at the top of the global crypto adoption index for 2024. Nigeria and Indonesia follow closely, with the United States in fourth place. Other major countries in the Top 20 include Vietnam, Ukraine, Russia, Philippines, Pakistan, Brazil, Turkey, United Kingdom, Venezuela, Mexico, Argentina, Thailand, Cambodia , Canada, South Korea and China.
Understanding the Global Crypto Adoption Index
The index is based on four key sub-indexes:
- Index of cryptographic value received
- Retail Crypto Activity Index
- DeFi Adoption Index
- Retail DeFi Activity Index
Top Countries for Crypto Value Received: Ranked by Economic Impact
This subindex measures the value of cryptocurrencies received by centralized services in each country, adjusted for average income. India comes in first place, followed by the United States and Vietnam in second and third position. Pakistan, Nigeria and Indonesia complete the top six.
Top Countries Where Retail Crypto Activity Is Revenue-Adjusted
This subindex focuses on the value of cryptocurrency received in smaller retail transactions (less than $10,000) from centralized services, adjusted for the wealth of a country’s population.
Countries with significant retail transaction activity relative to the average income of their population rank highest.
India also tops this index list. Nigeria follows closely. Vietnam and Pakistan occupy the third and fourth positions respectively. Ukraine remains in fifth position on the list. Surprisingly, the United States remains in twelfth position.
Top DeFi Adoption Countries, Adjusted for Income
The subindex assesses the amount of crypto value traded via DeFi protocols in each country, while taking into account the country’s average income level.
Countries with lower average income but significant DeFi activity are ranked higher.
In this list, Indonesia occupies the first position. Nigeria and India follow. The United States remains fourth on the list. Ukraine is fifth and Vietnam seventh.
Top Countries in Income-Adjusted Retail DeFi Activity
The subindex takes into account the amount of cryptocurrency value traded via DeFi protocols in smaller transfer sizes (less than $10,000), adjusted for different countries’ income levels.
Countries with lower average income but significant retail DeFi activity are ranked higher.
In this list also, Indonesia remains in first position, India remains in second position and Nigeria in third position. The United States ranks fourth on the list. Vietnam is fifth and Ukraine sixth.
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Crypto Adoption in the United States: An Overview
Cryptocurrency adoption in the United States has seen impressive growth. From 15% in 2021, it increased to 33% in 2022, then fell slightly to 30% in 2023, to now reach 40% in 2024.
The homeownership rate among men increased from 43% to 48%, while that of women increased dramatically, from 18% to over 29%.
Cryptos popular among US owners
Bitcoin remains the most popular cryptocurrency in the United States, with 76% of crypto owners holding BTC, although this represents a 2% decline from 2023. Ethereum follows with 54%, but has seen a decline by 11% compared to 2022. Other cryptocurrencies, such as USDC, Solana, BNB, XRP, USDT and LUNA, have all gained popularity this year.
2024 has proven to be a pivotal year for the cryptocurrency industry, with significant growth in adoption and major milestones. With over 560 million crypto owners worldwide, countries like India, Nigeria, and Indonesia are leading the way. The rise of DeFi and retail crypto activity further highlights the growing role of blockchain in global financial systems.
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FAQs
India ranks first in the Crypto Adoption Index 2024, leading the world in terms of crypto value received and crypto retail activity.
Indonesia, Nigeria, and India lead the DeFi adoption rankings, showing strong retail DeFi activity adjusted for income levels.
In 2024, there are more than 560 million cryptocurrency owners worldwide, 34% of whom are between 25 and 34 years old.
