Turkey, a Leader in the Cryptocurrency Market!

  • Turkey has taken the lead in cryptocurrency ownership.
  • Turkey is followed by Argentina and the Philippines.

According to a recent study, Turkey has taken the lead in cryptocurrency ownership, followed by Argentina in second place.

Turkey Leads in Cryptocurrency

According to data from research firm GWI, Turkey has the highest cryptocurrency ownership rate in the world at 27.1%, followed by Argentina at 23.5% – the global cryptocurrency ownership rate is estimated at 11.9%.

In addition to their polar positions in adopting crypto, Turkey and Argentina share the commonality of high inflation leading to currency collapses and capital controls to prevent locals from withdrawing money. In March, Turkey’s annual inflation rate was 50.51%, while Argentina’s was even higher at 104%.

The Argentine peso trades on the black market at around 464 dollars per dollar, more than twice the official exchange rate of 222.

Cryptocurrency Ownership Rates by Country

Most safe-haven purchases have been in stablecoins such as USD Coin (USDC) and Tether (USDT), which are cryptocurrencies pegged one-to-one to a traditional asset like the US dollar or gold, offering investors an alternative.

Kaiko analysts said last week that the USDT-Turkish lira pair’s trading volume reached its highest level in several months due to the weakening of the Turkish currency and the upcoming presidential and parliamentary elections.

Global Cryptocurrency Popularity

Bitcoin, the world’s largest and most recognized cryptocurrency, rose to $30,000 with a 72% increase this year, reaching its highest level in the last 10 months. However, investors faced total trading volumes far from the levels seen last summer due to fear resulting from the collapse of several crypto players, including FTX.

According to Kaiko data, spot Bitcoin trading volumes are highest during US opening hours and have remained almost unchanged since 2022.

However, regulatory issues faced by crypto exchange Binance in recent months have caused a slight shift in derivative trading volumes, shifting from Asia Pacific hours towards America.

Excluding cryptocurrency trading volumes against the dollar, the most dominant currency is the South Korean won.

Crypto volumes, according to Matrixport analysts, have returned to levels seen in the first and second quarters of 2022 after weak performance in the fourth quarter of 2022.

Turkey Leads in Cryptocurrency Market! This news was first published on CoinOtag.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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