Study: Most Traffic on Major Cryptocurrency Exchanges Comes From the United States and Japan
- Nearly 50% of the global cryptocurrency traffic across various premier trading platforms such as Huobi, Bitfinex, OKEX, Kraken comes from Japan, America and South Korea.
- Crypto-centric traffic coming from China cannot be assessed with a lot of certainty since most altcoin enthusiasts in the region make use of VPNs that mask their identities and exact locations.
As per an all new research study released by a trusted media outlet a couple of days back, the United States and Japan account for 24.5% and 10% of all crypto traffic associated with most major trading platforms such as Binance, Coinbase etc.
With that being said, it should clearly be pointed out that this data might be a bit skewed since a lot of Chinese people are also into crypto but make use of Virtual Private Networks in order to camouflage their online activities. As a result of using VPNs, Chinese web traffic data cannot be assessed with any sort of clarity — since a lot of this traffic is often falsely attributed to other nations.
More on the Matter
As part of the aforementioned study, researchers also established a correlation between the gross domestic product per capita of various countries and their associated crypto exchange traffic. In this regard, it was found that developing nations — especially those facing inflation based issues — were adopting crypto enabled technologies at a much faster rate when compared to other more developed nations.
Other key data highlighted in the study
- Since the start of the year, crypto adoption has been on the rise — with more and more people now actually making use of BTC and other premier alt-assets for facilitating monetary exchanges across the globe.
- Similarly, an increasing number of investors too are beginning to make use of digital currencies for things like speculative trading.
- According to technical data available online, a major chunk of altcoin activity today is limited to the top-10 exchanges in the market today (by total market capitalization).
- With the entry of big name players such as Facebook and JP Morgan into this burgeoning market, there appears to be a renewed sense of optimism within this sector as a whole.
- Countries like Brazil and India have shown a lot of affinity for premier assets such as Ether, XRP, Bitcoin over the past couple of years.
Since 2017, crypto oriented technologies have continued to gain mainstream traction within developing nations such as Venezuela, Iran, Brazil etc. This is because these countries are constantly being faced with inflationary issues and thus are finding crypto assets (such as Bitcoin, Ether) to be much more stable and sustainable in the long run.