Chainalysis' evaluation of cryptocurrency adoption levels by country showed Brazil taking the top spot globally. The United States ranked 2nd, Nigeria 3rd, Japan 4th, and South Korea 5th. This index was calculated by combining four factors: cryptocurrency service fund flows, domestic P2P activity, cross-border fund flows, and on-chain holdings. Brazil did not rank 1st in any single category but consistently achieved high rankings across all categories, including 2nd in cross-border fund flows, 3rd in service fund flows and P2P activity respectively, and 4th in on-chain holdings. According to Chainalysis, even as the total cryptocurrency market capitalization decreased by approximately 50%, the scale of on-chain economic activity only decreased by 1.6%, from $9.5 trillion to $9.4 trillion.
