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Top 20 countries using cryptocurrencies: Ukraine is in the top five

Ukraine is in the top five in the use of cryptocurrency, and this fact indicates the need to develop the relevant market and create working mechanisms for their turnover.

Blockchain company Chainalysis announced the results of the cryptocurrency market study and ranked Ukraine fourth in the world among countries where cryptocurrencies are highly popular.

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The leaders of the rating are Vietnam, India, and Pakistan, although in the previous study USA, China, and Japan headed the list.

In the report, the company indicated that Ukraine has the largest volume of transactions with digital assets. In addition, Ukraine entered the top ten countries with the highest earnings in crypto at the end of 2020.

To do this, analysts studied data from 154 countries based on transactions with cryptocurrency in each.

The last such study was issued by Chainalysis in the early summer of 2021. According to that data, Ukrainians earned $400 million from the sale of bitcoin, and that helped the country to rank 10th. In total, 25 countries most of all trying to make money on the crypto market were included in the rating.

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American crypto investors in 2020 ranked first in the rating with more than $4 billion in profits. This is $3 billion more than China that ranked second with $1.1 billion. Japan ranked third with $900 million.

The company's analysts monitored the transaction data of the crypto services, although the decentralization of the cryptocurrency makes it impossible to find out where the parties to any individual transaction are.

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Investors start selling cryptocurrency during periods of volatility, when short-term traders seek to profit from the boom-and-bust cycles of prices. A lot of market participants say that this is what draws attention to Bitcoin.

More details about the study can be found on the Chainalysis website.

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