Blockchain analysis firm chainalysiscontinues its research on the cryptocurrency market.
Finally, global cryptocurrency Researching the level of adoption, Chainalysis said that cryptocurrency adoption has slowed significantly since the beginning of the current bear market.
Crypto Stating that its adoption reached its highest level in the second and fourth quarters of 2021, Chainalysis pointed out that the adoption slowed down in the first two quarters of 2022.
Despite the slowdown, crypto adoption remains at higher levels than before the 2021 bull market, including in the first quarter of 2022.
Chainalysis also found that 18 of the 20 countries with the highest crypto usage, cryptocurrencies revealed that there are low- and middle-income countries where it is seen as sending remittances and protection against high inflation.
“Taking all the data together, the high use of cryptocurrencies by people in low- and middle-income countries indicates that people rely on cryptocurrencies for their basic daily finances and that Bitcoin is used as the primary entry point to crypto.”
In the Chainalysis report Bitcoin (BTC) stated that its dominance has declined more in the United States than in any other region.
According to the report, the dominance of the leading cryptocurrency BTC fell by 6% in the US between July 2021 and June 2022.
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