Among the 151 countries, India has been ranked first in the Global Crypto Adoption Index amid the changing regulatory environment, while Nigeria and US took second and fourth place, respectively.

Analyzing the data from July 2023 to July 2024, the Chainalysis report on crypto adoption revealed India was leading due to the high number of users on centralized exchanges and activity on decentralized platforms. 

Additionally, the report highlights the significant uptick in global crypto activity between Q4 2023 and Q1 2024 surpassed even the levels seen during the 2021 bull market. 

This surge was largely driven by the launch of the Bitcoin ETF in the U.S., which led to a notable increase in Bitcoin-related activity, particularly among institutional investors. 

North America and Western Europe saw the most substantial growth in high-value institutional transactions, further cementing their positions as key players in the cryptocurrency space.

However, the report also sheds light on the differing patterns of adoption in lower-income regions. 

Stablecoin usage has seen marked growth in retail and professional-sized transfers, particularly in regions such as Sub-Saharan Africa and Latin America. In these areas, stablecoins are increasingly being used for real-world applications such as remittances, shielding users from local currency volatility.

Furthermore, decentralized finance (DeFi) is emerging as a key area of growth in regions such as Sub-Saharan Africa, Latin America, and Eastern Europe. 

Increased DeFi activity has also contributed to a rise in altcoin transactions in these regions, indicating that users are leveraging alternative cryptocurrencies for various financial services and opportunities.

This data reflects the evolving global landscape of cryptocurrency adoption, with different regions showing unique trends based on their economic conditions, regulatory frameworks, and technological advancements.