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2024 has been an eventful year for the cryptocurrency industry. The approvals given to Bitcoin Spot ETFs and Ethereum Spot ETFs are the prominent ones on the list of the year’s notable events. This year, the crypto market cap has grown from 1.61T to 3.17T, marking a growth of 96.89%. Almost all the major cryptocurrencies have seen growth; Bitcoin has surged by 119.5%, Ethereum by 46.8%, XRP by 227.7%, BNB by 124%, Solana by 85.5%, Dogecoin by 248.3%, Cardano by 41.7%, TRON by 113.9%, SHIBA INU by 99.6%, Pepe by 1361%, and Stellar by 153.1%.
In particular, the final quarter of the year has been exceptional. During the period, the crypto market has witnessed several sensational events, from the sharp shift in the political climate of the US in favour of cryptos influenced by the victory of Donald Trump in the presidential election, to the accomplishment of the $100K milestone by BTC.
What is the impact that this favourable scenario has created on the global crypto adoption scenario?
As per a recent research report, there are at least 560 million cryptocurrency owners across the world. Nearly 61% of the total crypto owners are males, and around 39% are females. Notably, not less than 34% of the crypto owners are youngsters, aged between 25 and 34.
Let’s dive deeper! Ready?
Top Countries as per the 2024 Global Crypto Adoption Index
India stays in the topmost position in the 2024 Global Crypto Adoption list. Nigeria and Indonesia follow. The United States remains in the fourth position on the list. Vietnam, Ukraine, and Russia enjoy fifth, sixth and seventh positions, respectively.
Other major countries in the Top Twenty Crypto Adoption list are Philippines, Pakistan, Brazil, Turkey, the UK, Venezuela, Mexico, Argentina, Thailand, Cambodia, Canada, South Korea and China.
The global crypto adoption index is calculated by combining four prominent sub-indexes. They are: the crypto value received index, the retail crypto activity index, the DeFi adoption index and the retail DeFi activity index.
Top Countries for Crypto Value Received: Ranked by Economic Impact
This sub-index measures how much cryptocurrency value is being received by centralised services in a country, adjusted for how wealthy that country’s population is.
Countries where the received cryptocurrency value is significant compared to the average income rank higher.
India stays in the topmost position in this sub-index list. The United States and Vietnam remain in the second and third positions, respectively. Pakistan is in the fourth position on the list. Nigeria is in fifth and Indonesia in sixth.
Top Countries in Retail Crypto Activity Adjusted for Income
This sub-index focuses on how much cryptocurrency value is received in smaller, retail transactions (under $10,000) at centralised services, adjusted for how wealthy a country’s population is.
Countries with significant retail transaction activity relative to their population’s average income rank higher.
India also tops this index list. Nigeria follows closely. Vietnam and Pakistan are in the third and fourth positions, respectively. Ukraine remains in the fifth position on the list. Surprisingly, the United States stays in the twelfth position.
Top Countries in DeFi Adoption Adjusted for Income
The sub-index evaluates how much crypto value is being transacted through DeFi protocols in each country, while considering the country’s average income level.
Countries with lower average income but significant DeFi activity are ranked higher.
In this list, Indonesia is in the first position. Nigeria and India follow. The United States stays in the fourth position on the list. Ukraine is in fifth, and Vietnam in seventh.
Top Countries in Retail DeFi Activity Adjusted for Income
The sub-index considers how much cryptocurrency value is transacted through DeFi protocols in smaller, retail-sized transfers (under $10,000), adjusted for the income levels of different countries.
Countries with lower average income but significant retail DeFi activity are ranked higher.
In this list also, Indonesia remains in the topmost position, India stays in the second position, Nigeria in the third position. The United States stands at the fourth position on the list. Vietnam is in fifth, and Ukraine in sixth.
US Crypto Adoption: An Overview
In 2021, the United States cryptocurrency ownership rate was just 15%. In 2022, it sharply grew to 33%. In 2023, it slightly declined from 33% to 30%. This year, it has touched a peak of 40%.
When the crypto ownership rate among men in the US has grown from 43% to around 48%, among women, it has surged to over 29% from 18%.
Popular Cryptos Among US Owners
Though Bitcoin is the most popular crypto with a crypto ownership rate of 76%, it has seen a decline of 2% compared to the 2023 rate. Ethereum, which shows a rate of 54%, has experienced a massive decline of 11% compared to its 2022 rate. Meanwhile, compared to the previous year rates, the crypto ownership rates of USDC, Solana, BNB, XRP, USDT, and LUNA have witnessed growth this year.
In conclusion, 2024 has been a transformative year for the cryptocurrency landscape, marked by significant adoption and milestones. With global crypto ownership exceeding 560 million, countries like India, Nigeria and Indonesia lead in adoption metrics. The rise of DeFi and retaIL activity further emphasises the growing relevance of blockchain in everyday financial systems This evolving narrative indicates a promising future for crypto, fostering innovation and inclusivity worldwide.
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FAQs
India ranks first in the Crypto Adoption Index 2024, leading in crypto value received and retail crypto activity metrics globally.
Indonesia, Nigeria, and India top the DeFi adoption rankings, showing strong retail DeFi activity adjusted for income levels.
In 2024, there are over 560 million cryptocurrency owners worldwide, with 34% aged between 25 and 34.
