Ukraine and Russia ranked sixth and seventh, respectively, in the 2024 Global Cryptocurrency Adoption Index from analytics company Chainalysis.

The top five places were taken by India, Nigeria, Indonesia, the United States and Vietnam. The Philippines, Pakistan and Brazil also made it into the top 10.

Analysts noted a significant increase in cryptocurrency transactions between the fourth quarter of 2023 and the first quarter of 2024. This figure exceeded the data for the “bull” 2021.

Chainalysis cites the launch of a Bitcoin ETF in the US and the active use of stablecoins in low- and middle-income jurisdictions as reasons for this.

“The popularity of DeFi in Sub-Saharan Africa, Latin America, and Eastern Europe has likely driven the growth of altcoin transactions in these regions,” the report’s authors added.

Let us recall that in the global ranking of cryptocurrency adoption for 2023 from Chainalysis, the top lines were taken by India, Nigeria, Vietnam, the USA and Ukraine.

The largest figures for the annual volume of crypto transactions are in the United States ($1 trillion), India ($260 billion), and the United Kingdom (~$252.1 billion).