2023 Cryptocurrency Gains by Country - Chainalysis (2024)

2023 was a year of recovery for cryptocurrency markets, with asset prices and market sentiment improving over the course of the year after a challenging 2022. But how well did investors actually fare? In this blog, we share our 2023 estimates of crypto gains based on investors’ interactions with centralized exchanges, including a breakdown of estimated gains by country.

Our methodology: How we calculate cryptocurrency gains and estimate gains by country

We use on-chain data to estimate investors’ cryptocurrency gains based on movements of crypto assets in and out of services where they can be on or off-ramped into fiat currency. Specifically, we start by measuring the on-chain, macro-level flows of a select group of assets that account for approximately 80% of total market capitalization for all cryptocurrencies, and which are traded on major centralized exchanges offering crypto-to-fiat conversion. Then, we estimate the total, collective gains made on each asset by measuring the differences between the U.S. dollar value of all withdrawals of the asset and the value of all deposits of the asset. The methodology rests on the fact that any deposit to a service offering off-ramping represents a potential conversion into cash, and therefore realization of any gains or losses on the asset. While the methodology isn’t perfect, it gives us a strong estimate of gains across popular assets traded on centralized exchanges.

Once we estimate gains on crypto assets for users of each service we track using this methodology, we distribute those gains to individual countries based on the share of web traffic each country represents for each service’s website. This combination of transaction data and web traffic is also the same framework we use to calculate our yearly Global Crypto Adoption Index.

2023 estimated total cryptocurrency gains

Overall, we estimate that all crypto investors achieved total gains of $37.6 billion in 2023.

2023 Cryptocurrency Gains by Country - Chainalysis (1)

While this total is much smaller than the $159.7 billion in gains made during the 2021 bull market, it represents a significant recovery from 2022, which saw estimated losses of $127.1 billion. Interestingly, our total gains estimate for 2023 is lower than 2021, despite crypto asset prices growing at similar rates in each of those two years. One possible explanation for this could be that investors in 2023 were less likely to convert crypto assets into cash, under the expectation that prices would rise even higher given that they didn’t surpass previous all-time highs at any point in 2023, unlike in 2021.

2023 Cryptocurrency Gains by Country - Chainalysis (2)

Crypto gains were relatively consistent throughout the year before two straight months of losses in August and September. Gains rose sharply after that, with November and December dwarfing all previous months.

2023 estimated cryptocurrency gains by country

The United States led the way in cryptocurrency gains by a wide margin in 2023 at an estimated $9.36 billion. The UK placed second with an estimated $1.39 billion in crypto gains.

2023 Cryptocurrency Gains by Country - Chainalysis (3)

Interestingly, we also see several upper and lower middle income countries whose residents appear to have achieved outsized gains, especially in Asia — Vietnam, China, Indonesia, and India, for example, all hit over $1 billion in estimated gains, and place in the top six for all countries. We previously noted in our 2023 Geography of Cryptocurrency Report that countries in these income categories, and lower middle income countries in particular, showed strong cryptocurrency adoption that remained notably resilient even through the recent bear market. Our gains estimates suggest that many investors in those countries have benefited from their embrace of the asset class.

What could 2024 have in store?

So far, the positive trends of 2023 have carried over into 2024, with notable crypto assets like Bitcoin achieving all-time highs in the wake of Bitcoin ETF approvals and increased institutional adoption. If these trends continue, we may see gains more in line with those we saw in 2021. As of March 13, Bitcoin is up 65.4% and Ether is up 70.2% in 2024.

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2023 Cryptocurrency Gains by Country - Chainalysis (2024)

FAQs

2023 Cryptocurrency Gains by Country - Chainalysis? ›

2023 estimated cryptocurrency gains by country

Which country trades crypto the most? ›

This is a significant change from a list that looks at the Bitcoin (BTC) trading volume in 44 countries: There, the United States and Russia were said to have traded the highest amounts of this particular virtual coin. Nevertheless, African and Latin American countries are noticeable entries in that list too.

What is the most growing cryptocurrency in 2023? ›

Top 10 cryptocurrencies in 2023 by market capitalisation
  • TRON (TRX)
  • Solana (SOL)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • U.S. Dollar Coin (USDC)
  • XRP (XRP)
  • Binance Coin (BNB)
  • Tether (USDT)
Dec 6, 2023

Who owns 90% of Bitcoin? ›

As of March 2023, the top 1% of Bitcoin addresses hold over 90% of the total Bitcoin supply, according to Bitinfocharts.

Which country owns the most crypto? ›

It's challenging to accurately determine which country owns the most Bitcoin due to the cryptocurrency's decentralized and anonymous nature. However, the United States dominates with 69,640 BTC, accounting for 90.3% of the world's government-held Bitcoin.

Which coin has 1000x potential? ›

Rollblock (RBLK) is becoming one of the most prominent altcoins. Thanks to its long-term growth potential, this stage 1 presale star has the potential to compete with huge coins such as Solana (SOL), Avalanche (AVAX) and Binance Coin (BNB). In fact, certain analysts peg this rookie as the next 1000x altcoin in 2024.

Who is the largest crypto gainer in 2024? ›

Ondo. Ondo has emerged as one of the top crypto gainers in June 2024, capturing the interest of investors and enthusiasts alike. Ondo is the native token of a decentralized finance (DeFi) platform that aims to democratize access to financial services globally.

Which crypto is most likely to explode 2023? ›

Top Altcoins That Could Explode in December 2023
  • So Why Do We Need Altcoins?
  • Ethereum (ETH)
  • Ripple (XRP)
  • Solana (SOL)
  • Cardano(ADA)
  • Polygon (POL)
  • Chainlink (LINK)
  • Uniswap (UNI)
Dec 7, 2023

How many US citizens own cryptocurrency? ›

As a gauge for how many Americans own crypto today, our estimates suggest as many as 93 million people may hold one or more cryptocurrencies. Men are still much more likely than women to hold crypto. However, there was a significant jump in the crypto ownership rate among women in the past year.

Which country is trading the most? ›

The United States is the 2nd largest goods exporter in the world, behind only China. U.S. goods exports to the world totaled $2.1 trillion in 2022, up 17.5 percent ($307.3 billion) from 2021.

Which government owns the most Bitcoin? ›

Known Bitcoin reserves held by governments account for 2.7% of the total 21 million supply of bitcoins, with the largest being the US Government with over 210,000 bitcoins worth more than $13bn at the time of writing.

What is the fastest growing cryptocurrency in the world? ›

The world's first cryptocurrency, Bitcoin, has the largest market capitalization. Its established network, limited supply, and growing institutional adoption make it a relatively safe haven in the volatile crypto market. Bitcoin grew by 155% from the start till the end of 2023.

Which crypto will boom in the future? ›

Top 10 Cryptos in 2024
CoinMarket CapitalizationCurrent Price
Bitcoin (BTC)$1.29 trillion$65,824
Ethereum (ETH)$422 billion$3515
Binance Coin (BNB)$87 billion$595
Solana (SOL)$66 billion$143
6 more rows
3 days ago

Which crypto increased the most? ›

USDT
NamePriceChange
ENS Ethereum Name S2,183.783.7
YGG Yield Guild Gam70.000-5.936
VET VeChain2.37999-0.22998
UFT UniLend32.5001.124
35 more rows

Who is the largest holder of Bitcoin? ›

The person who holds the most bitcoin is believed to be Satoshi Nakamoto, the unknown figure behind its creation. Bitcoin has been a business interest for many years, but following the approval of spot bitcoin ETFs in January 2024, businesses accounted for the most bitcoin held.

Which country is the largest producer of Bitcoin? ›

The biggest bitcoin mining countries are: 1) The United States (40%) 2) China (15%) 3) Russia (12%) This map will look very different in 1-2 years as miners in Africa and Latin America expand operations.

How many people own Bitcoin 2023? ›

CoinMarketCap opts for a different figure, claiming that there are currently 48.2 million wallet addresses holding Bitcoin. Interestingly, CoinMarketCap data suggests that the number of holders is trending upward. For example, this figure was at 45 million wallet addresses in late April 2023.

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