Chainalysis ranks Brazil first in crypto adoption, South Korea fifth

Brazil ranked first globally in cryptocurrency adoption in a Chainalysis assessment, followed by the U.S. in second, Nigeria in third, Japan in fourth and South Korea in fifth. The index was calculated using four factors: fund flows through crypto services, domestic P2P activity, cross-border fund flows and on-chain holdings. Brazil did not rank first in any single category, but posted consistently high rankings across all four, placing second in cross-border fund flows, third in both service fund flows and P2P activity, and fourth in on-chain holdings. According to Chainalysis, overall crypto market capitalization fell by around 50%, while the scale of on-chain economic activity declined just 1.6% to $9.4 trillion from $9.5 trillion.