USA Leads with Russia, Brazil & Turkey in Tow as Countries Actively Buying Cryptoassets: DataLight Report
Bitcoin market today is worth over $90 billion and the entire market capitalization is at $170 billion that at its peak has been more than $800 billion.
What started out as a few tech hobbyists mining bitcoin a decade back has now exploded into an international industry today worth billions of dollars and in the future is projected to reach trillion dollars.
But where is the action happening? DataLight, a crypto data analytics platform in its latest report answers just that.
On the basis of website traffic data from the 100 most popular crypto exchanges, DataLight observes that the USA leads the way in crypto trading that too with a big margin. With more than 22 million monthly visits, the USA remains the most active crypto trading country followed by Japan and South Korea that has similar traffic levels.
The first three spots have been “unsurprising” more so for South Korea as last year the “kimchi Premium” surged to 50 percent that saw people in that country paying 50 percent more for their Bitcoin than the US markets.
The UK is also seeing considerable crypto trading traffic at nearly 4 million monthly visits to exchanges. London is emerging as a major European crypto hub, which the reports states are
“likely that this number will grow.”
Volatile Fiat Currencies Make For Surprising Additions
The DataLight report furthers shares the countries that just can’t get enough of crypto and are at a much higher rank. There are three standout countries that are much higher up in the list, Turkey, Ukraine, and Mexico with a common denominator of volatile currencies.
Last year saw wild fluctuations in the value of Turkish Lira due to turbulent political conditions that rock the country. As a matter of fact, on one particular day that registered Lira dropping 10 percent was accompanied by a marked spike in Bitcoin volumes on LocalBitcoins exchange.
The similar dynamic is likely to be playing a role in the high traffic in Ukraine and Mexico as unsure about the stability of fiat currencies have the people looking for alternative means of storing their value.
What’s interesting is nearly every country on the globe is seeing some trading traffic except for Greenland, and parts of central Africa. But as the report points out, with Binance Uganda launched, the largest crypto exchange may introduce cryptos to central Africa as well.