The U.S. stands out as the predominant top performer in terms of the absolute number of crypto users on centralized exchanges, with a market share higher than 9%, states a recent research.
What Happened: According to the Huobi Global Report 2022-2023, the traffic rate for centralized exchanges and the DeFi sector in the U.S. is 9.2% and 31.8%, respectively. This amounts to over 46 million crypto users in the U.S., which is 13.7% of its population.
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Analysis of CEX transactions revealed that Bitcoin (CRYPTO: BTC) is the most sought-after cryptocurrency, followed by Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE) and Cardano (CRYPTO: ADA) among others.
Why It Matters: The U.S. has the highest Bitcoin trading volume at $1.5 billion.
“The number also explains why there has often been a strong correlation between price volatility in crypto markets and the US financial markets in recent years,” the report noted.
The younger generation is the primary demographic in the U.S. crypto market. The report suggests that adults aged 18 to 34 make up 56% of the total crypto users, according to a Finder survey.
Compared to the more conservative, middle-aged and older generations who traditionally invest in stocks and bonds, the younger generation appears to be more open to taking risks and investing in cryptocurrencies due to the promise of high returns, resulting in an increase in crypto market adoption.
