Morocco has been ranked in 14th place in the latest Chainalysis Global Crypto Adoption Index 2022 which has ranked the top 20 countries in the world.
In 2021, this publication highlighted the growing interest in bitcoin trading in the country. In an exclusive with BitKE, LocalBitcoins revealed that Morocco is one of their fastest growing crypto trading markets.
While emerging market economies still dominate the list, the African representatives have shrunk to 3 in 2022 from 6 in the 2021 report.
Togo, South Africa, Ghana, and Tanzania were representatives of Africa in the 2021 index, but are out of the top 20 in 2022.
In 2021, the Chainalysis index determined that Kenya was 5th globally when it comes to crypto adoption, while Nigeria was 6th. However, in 2022, Kenya has dropped down to 19th on the list while Nigeria has declined to 11th.
The Chainalysis index measures adoption by ranking countries based on volumes registered across 4 categories, which are then weighted by a country’s purchasing power parity (PPP) per capita, which is a measure of the country’s wealth per resident.
Out of the top 20 ranked countries:
- 10 are lower middle income – Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia
- 8 are upper middle income – Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador
- 2 are high income – United States and United Kingdom
The categories considered in 2022 include:
- Total cryptocurrency value received by a country’s residents on Centralized Exchanges (CEX)
- Value of retail transactions only, (excluding professionals) on CEXs
- Peer-to-peer (P2P) exchange trade volume
- On-chain value received from DeFi Protocols
- Retail on-chain Value from DeFi, which excludes activity by professionals
According to Chainalysis, global adoption has now leveled off after experiencing continuous growth since 2021. Adoption is said to have fallen in each of the last two quarters as the industry entered a bear market. Still, global adoption remains well above its pre-bull market 2019 levels, Chainalysis said.
The data suggests that many of those attracted by rising prices in 2020 and 2021 stuck around and continue to invest a significant chunk of their assets in digital assets. – Chainalysis
The researchers at Chainalysis also indicated that a critical mass of crypto holders have shown a history of staying through price declines which propels the system to continue growing through market cycles.
____________________________________
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
____________________________________
