Key Insights from the Global Cryptocurrency Market Activity Report
The cryptocurrency market in China has become intensely competitive, pushing exchanges to explore overseas markets for new growth opportunities. This report analyzes data from 185 countries and 53 exchanges, revealing that the top 20 nations account for 74.74% of global market activity, while the remaining 165 countries share just 25.26%. Strategic market selection is critical—targeting low-activity regions often yields minimal returns.
Critical Findings
High-Barrier Markets
- The US, Russia, Brazil, Turkey, Indonesia, Japan, and others have strong local exchanges, making entry challenging.
- Recommended Strategy: Partner with or acquire local platforms to overcome dominance by regional players like Bitflyer (Japan) or Upbit (Korea).
High-Potential Expansion Targets
- The UK, Vietnam, Germany, France, Spain, Canada, and the Netherlands lack dominant local exchanges despite robust demand.
- Why Focus Here? These markets offer lower competition and higher adoption potential.
Emerging Blue Ocean Markets
- Countries like Venezuela, Argentina, Sudan, and Nigeria show strong OTC demand due to unstable fiat currencies and high inflation.
- Users here often turn to cryptocurrencies as a hedge, creating niche opportunities for exchanges.
High Interest, Low Activity
- India, the Philippines, Pakistan, and Slovenia exhibit high search traffic for "BTC" but low trading volumes.
- Growth Potential: These markets are ripe for education-driven campaigns to convert interest into trading activity.
Methodology: Measuring Global Cryptocurrency Activity
The analysis weights four key dimensions to calculate market activity:
| Metric | Weight | Data Source |
|----------------------|--------|--------------------------------------|
| Exchange Traffic | 70% | SimilarWeb (Web PV, 2019 avg.) |
| OTC Platform Traffic | 10% | LocalBitcoins, Paxful |
| Price Tool Traffic | 10% | CoinMarketCap, CoinGecko |
| Search Interest | 5% | Google Trends ("BTC" queries) |
| Blockchain Explorers | 5% | Etherscan, Blockchain.com |
Note: App traffic and VPN users were excluded due to data limitations.
Top 20 Countries by Market Activity
- United States (14.8%)
- Russia (7.3%)
- Brazil (6.1%)
- Turkey (5.4%)
- China (5.0%) *
- Indonesia (4.7%)
- Japan (4.3%)
- Ukraine (3.9%)
- Poland (3.5%)
- Thailand (3.2%)
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China’s ranking may underrepresent true activity due to mobile app dominance (App traffic ≈ 4× Web).
Regional Deep Dives
1. Exchange Traffic Distribution
- US dominance: Accounts for 12.6% of global exchange visits.
- Asia’s position: China ranks 5th, trailing Japan (7th) and South Korea (11th).
- Opportunity markets: Germany, France, and Spain show 3–4% traffic shares with no local exchange leaders.
2. OTC Demand in Inflation-Hit Economies
- Venezuela, Argentina, and Nigeria rank 15+ spots higher in OTC activity vs. exchange traffic.
- Driver: Hyperinflation (e.g., Venezuela’s 10,000%+ annual rate) pushes users toward crypto.
3. Search Interest vs. Trading Activity
- India: #1 in "BTC" searches but outside the top 10 for trading.
- Key Insight: Regulatory uncertainty may suppress volume—monitor policy changes.
Strategic Recommendations
For Exchanges:
- Prioritize Europe/North America: Lower barriers and stable demand.
- Test Emerging Markets: Pilot OTC services in high-inflation regions.
- Educate High-Interest Markets: India and the Philippines need onboarding tools.
For Investors:
- Track regulatory shifts in India and Nigeria—potential volume spikes.
- Monitor mining trends: Iran’s 2019 mining legalization boosted blockchain explorer traffic by 22%.
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FAQs
Q: Why does China rank lower despite high crypto adoption?
A: Data limitations exclude mobile app traffic, which dominates Chinese trading.
Q: Which markets are safest for new exchanges?
A: Canada, Spain, and the Netherlands—strong demand, no local competitors.
Q: How reliable is Google Trends data for crypto interest?
A: It reflects search volume but may overrepresent tech-savvy elites in low-Web-use countries.
Q: Are OTC-heavy markets profitable?
A: Yes, but require localized payment solutions (e.g., cash deposits in Venezuela).