Bitcoin and Ethereum were able to keep up the great momentum they began in late 2020 and reach latest all-time highs in 2021, making it one other strong 12 months for cryptocurrencies. Who benefited most from the rise in bitcoin prices?
Investors world wide achieved an overall gain of $162.7 billion in 2021 in comparison with just $32.5 billion in 2020 across all cryptocurrency on-chain analytics tracks.
With an estimated $47.0 billion in realized cryptocurrency profits, the United States leads by a big margin. This is followed by the UK ($8.16 billion), Germany ($5.82 billion), Japan ($5.51 billion) and China ($5.06 billion).
Nevertheless, as within the previous 12 months, we’re seeing numerous countries whose aggregate cryptocurrency investment performance appears to be outperforming their positions in conventional economic growth indicators.
– Turkey ranks eleventh in GDP at $2.7 trillion, but sixth in realized cryptocurrency gains at $4.6 billion
– Vietnam ranks twenty fifth when it comes to GDP of $1.1 trillion, but sixteenth in realized cryptocurrency gains of $2.7 billion
– Ukraine ranks fortieth in GDP at $576 billion, but thirteenth in realized cryptocurrency profits at $2.8 billion
– The Czech Republic ranks forty seventh in GDP at $460 billion, but nineteenth in realized cryptocurrency profits at $1.9 billion
– Venezuela ranks 78th in GDP at $144 billion, but thirty third in realized cryptocurrency gains at $1.1 billion
According to Chainalytic, Vietnam leads Southeast Asian countries when it comes to cryptocurrency profits, and it is a list of other countries.
– Singapore: $1.78 billion
– Philippines: $1.32 billion
– Thailand: $1.19 billion
– Malaysia: $811 million
– Indonesia: $731 million
Southeast Asia is becoming a well-liked location for cryptocurrency entrepreneurs and investors on the lookout for high-growth firms within the sector. It is a various region with a growing population and rising incomes.
According to a recent study by enterprise capital firm White Star Capital, there are currently over 600 cryptocurrency or blockchain firms operating in Southeast Asia.
Cryptocurrency, blockchain and web3 startups have contributed significantly to the recent surge in enterprise capital funding across the region, in line with the report. These startups have raised nearly $1 billion to date in 2022 and are expected to surpass the $1.45 billion total raised in 2021.
The study shows that the region’s thriving web3 scene is attracting investors from world wide, with investors from the United States, China and Singapore amongst probably the most lively.
In 2021, cryptocurrency adoption rates in Southeast Asia averaged 3.56%, but Singapore stood out in that, in line with White Star Capital, almost 10% of its residents now own cryptocurrencies, surpassing the US rate of 8.3%. Vietnam and Thailand have overtaken the United States in DeFi adoption in 2021, in line with Chainalytic.
Blockchain technologies corresponding to crypto assets and non-fungible tokens (NFTs), nevertheless, are poised to remodel the fintech industry in Southeast Asia, even within the wake of the recent collapse of the worldwide cryptocurrency market.
So far, regional governments have shown a willingness to leverage these achievements, which has paved the best way for the emergence of various blockchain platforms with attractive financing and extra technological advancement.
Source: Chainanalytic.com, TechCrunch.com, TheDiplomat.com
