Crypto Adoption Index 2024: US Ownership Hits 40%, Market Cap Soars

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2024 has been nothing short of a game-changer for the cryptocurrency industry. From the groundbreaking approvals of Bitcoin and Ethereum Spot ETFs to the explosive growth of the global crypto market, this year has seen it all.

The global crypto market cap has surged from $1.61 trillion to $3.17 trillion, a 96.89% increase.

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%. 

The last quarter of 2024 has been particularly remarkable. From the shift in U.S. politics favoring cryptocurrency following Donald Trump’s presidential victory, to Bitcoin hitting the $100K milestone, the crypto world has seen several significant events.

What does all this mean for global crypto adoption? Let’s explore.

Global Crypto Ownership: A Closer Look

A recent report reveals that there are now at least 560 million cryptocurrency owners worldwide. Men make up nearly 61% of these owners, while women account for 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, the Philippines, Pakistan, Brazil, Turkey, the UK, 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:

Crypto Value Received Index

Retail Crypto Activity Index

DeFi Adoption Index

Retail DeFi Activity Index

Top Countries for Crypto Value Received: Ranked by Economic Impact 

This sub-index measures the value of cryptocurrency received by centralized services in each country, adjusted for average income. India ranks first, followed by the United States and Vietnam in second and third. Pakistan, Nigeria, and Indonesia round out the top six.

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. 

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US Crypto Adoption: An Overview 

Cryptocurrency adoption in the United States has seen impressive growth. From 15% in 2021, it jumped to 33% in 2022, slightly dropped to 30% in 2023, and has now reached 40% in 2024.

The ownership rate among men has increased from 43% to 48%, while women’s ownership has risen dramatically from 18% to over 29%.

Popular Cryptos Among U.S. Owners

Bitcoin remains the most popular cryptocurrency in the U.S., with 76% of crypto owners holding BTC, though this represents a 2% decrease from 2023. Ethereum follows with 54%, but it has seen an 11% drop compared to 2022. Other cryptocurrencies, such as USDC, Solana, BNB, XRP, USDT, and LUNA, have all gained in 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 emphasizes the growing role of blockchain in global financial systems.