The top-20 countries with the highest interest in cryptocurrency account for nearly 75 percent of the total traffic to cryptocurrency exchanges, according to a report from OKEx. The U.S. is the number one source of traffic to cryptocurrency exchanges.
The research, conducted by OKEx Senior Researcher Lora Kong, analyzed the traffic changes of the 53 most frequently used cryptocurrency exchanges across 185 countries. This look into the traffic on cryptocurrency exchanges from different countries may offer insight into which countries are trading cryptocurrencies the most and give exchanges clues into which countries should be priority destinations for overseas expansion.
As noted above, the highest traffic to cryptocurrency exchanges comes from the U.S., accounting for 14.2 percent of the total traffic, while Russia trailed with 7.4 percent, Brazil with 6.1 percent, Turkey with 5.4 percent and China with 5.1 percent, rounding out the top five.
However, the report points out that the traffic from China could actually be higher than that from the U.S., as the trading volume coming from apps used by Chinese traders is four times that on the web, while the data in the report is mainly based on web traffic.
The research also found that countries such as Indonesia, Japan, Ukraine, Poland, Thailand, South Korea, Mexico and Australia have significant cryptocurrency exchange interest, with existing local exchanges in these countries dominating their traffic.
In contrast, countries including the U.K., Vietnam, Germany, France, the Netherlands, Spain and Canada have strong trading demand but lack strong local exchanges.
Apart from relatively rich countries with high cryptocurrency exchange interest, South American countries represented by Venezuela and Argentina, and some African countries like Sudan and Nigeria, also showed high demand for cryptocurrencies, despite low trading volume. The report points out that traders in these regions tend to trade cryptocurrencies via over-the-counter transactions to hedge risks as a result of their unstable fiat system and high inflation.