- Cryptocurrency volume in the North American region is skyrocketing
- Chainalysis observed more than 1000% growth in crypto volume in the region
- The digital analysis firm noted that the growth was propelled by DeFi transactions
The cryptocurrency industry has already witnessed mainstream attention globally. The sector has seen tremendous growth amid the global COVID-19 pandemic. Recently, Chainalysis, a digital analytics firm, reported that the growth in North America’s crypto market seems terrific. The digital assets volume in the region has surged by more than 1000% year-over-year. Notably, the report also revealed that the surge in volume is propelled by the decentralized finance (DeFi) transactions that were led by retail investors in the past years with several transactions under $10k.
Chainalysis’s 2021 Geography of Cryptocurrency report
Recently, Chainalysis has shared a report “Geography of Cryptocurrency Report”. The report included that the monthly digital assets transaction volume across the North American region has erupted. Indeed, a large rise in popularity of DeFi is the reason boosting the industry there. From last year July to June this year, the monthly volume is observed achieving a peak at $164 billion. However, age recent market crash had pulled the volume growth to just about $100 billion.
DeFi transactions boost crypto market
The recent report from Chainalysis highlighted that DeFi is largely responsible for helping North America maintain its position as one of the largest cryptocurrency markets globally. Notably, DeFi transactions represented 37% of the region’s overall transaction volume. Moreover, residents transmitting roughly $276 billion in cryptocurrency to platforms in the decentralized industry.
On the other hand, The Central, Northern, and Western European regions have sent the most in virtual assets overall $389 billion. Indeed, the value is roughly 40% of its overall transaction volume during the same period. According to Chainalysis, the decentralized whales are responsible for turning North America into the world’s biggest crypto economy, with the majority of institutional-sized transfers.
According to David Gogel, dad growth lead, it is individuals who have been in the DeFi industry and have enough funds to experiment.
Eastern Asia crypto market plunges
On one side we are witnessing North America growing more, on the other side Asian crypto market is plunging. Due to Chinese crackdowns on the industry. Also, the Peer-to-Peer trade volume dropped essentially. Furthermore, Eastern Asia has been recorded as the slowest growing region with a growth rate of 452% year-over-year.