Vietnam was the third largest cryptocurrency gainer in the world in 2023. (Photo: AFP/VNA) It was one of five Asianmarkets in the top 10 countries for cryptocurrency gains last year, besidesChina, Indonesia, India, and the Republic of Korea.
“We can see several upper and middle income countries whoseresidents appear to have achieved outsized gains. Vietnam, China, Indonesia,and India, for example, all hit over 1 billion USD in estimated gains,” it wrotein its “2023 Cryptocurrency Gains by Country” report, released last week.
In the report, Chainalysisestimated worldwide crypto investors achieved total gains of 37.6 billion USD lastyear.
While this total is muchsmaller than the 159.7 billion USD made during the 2021 bull market, itrepresents a significant recovery from 2022, which saw estimated losses of 127.1billion USD. Interestingly, the total gains estimate for 2023 was lower than2021, despite crypto asset prices growing at similar rates in each of thoseyears.
“One possible explanation for this could be that investors in 2023 were lesslikely to convert crypto assets into cash, under the expectation that priceswould rise even higher given that they didn’t surpass previous all-time highsat any point in 2023, unlike in 2021,” it commented.
The U.S. led the way incryptocurrency gains by a wide margin in 2023 at an estimated 9.36 billion USD.It was followed by the U.K. with 1.39 billion USD.
China came fourth with 1.15billion USD, although cryptocurrency trading and mining activities have beenbanned in that country since 2021.
In Southeast Asia, in additionto Vietnam, Indonesia ranked fifth with 1.06 billion USD, the Philippines 20thwith 0.5 billion USD, and Thailand 28th 0.33 billion USD.
According to Chainalysis, thepositive trends of 2023 have carried over into 2024, with notable crypto assetslike Bitcoin achieving all-time highs in the wake of Bitcoin ETF approvals andincreased institutional adoption.
“If these trends continue, wemay see gains more in line with those we saw in 2021. As of March 13, Bitcoinwas up 65.4% and Ether is up 70.2% in 2024,” it said.
For the ranking, Chainalysisused on-chain data to estimate investors’ cryptocurrency gains based onmovements of crypto assets in and out of services where they can be on oroff-ramped into fiat currency.
VNA
