China’s Cryptocurrency Ban Didn’t Halt Asia As Crypto Transaction In The Continent Grows By 706%

China has banned cryptocurrency activities in the country, but Asia’s powerhouse negative outlook hasn’t slowed down the rate of crypto adoption in the continent.

Asia’s Cryptocurrency Transaction Surge By 706%

A new report by blockchain analytics firm Chainalysis has revealed that cryptocurrency transaction in Asia has grown by 706% over the past year. The report highlights the growing demand for cryptocurrencies in Asia despite China’s latest ban on cryptocurrencies.

Per the report, Central & Southern Asia and Oceania (CSAO) is currently the fourth largest cryptocurrency market. Chainalysis said the cryptocurrency market in the region is now worth over $572 billion.

Chainalysis said, “CSAO’s transaction activity grew by 706% compared to last year in terms of raw value, and its share of global cryptocurrency activity grew by 2%, making CSAO one of the fastest-growing of all the regions we study.”

The value of transactions in CSAO is worth $572 billion, representing 14% of the global transaction value. The report comes a few days after Chainalysis published another report revealing that Europe has become the dominant cryptocurrency market in the world, with over $1 trillion in value.

Despite Europe currently leading the way, Chainalysis said Asian countries are currently ahead in terms of overall adoption. The current on-chain analysis data showed that Vietnam, India and Pakistan rank the first three in terms of on-chain retail transactions, the on-chain value received, and peer-to-peer transaction volumes.

Cryptocurrency adoption continues to grow in Asia, Africa, Europe and North America. In Africa, Nigeria, South Africa and Kenya continue to lead the way in terms of adoption. Nigeria, the continent’s leading economy, is also the number one in terms of cryptocurrency adoption.

Chainalysis said the growth of the crypto market in CSAO is mostly due to the entry of institutional investors and the adoption of decentralized finance (DeFi).

Crypto Market Cap Now Above $2 Trillion

The cryptocurrency market cap is above the $2 trillion mark again after Bitcoin, and the other cryptocurrencies rallied in recent days. Bitcoin has finally crossed the $50k mark again after rising by more than 5% in the past 24 hours.

BTC is expected to rally higher and could double its price before the end of the year if it can embark on a massive rally.