Blockchain analytics company Chainalysis has published one report on cryptocurrency gains by country in 2021, and investors in the US are topping the charts.

In a year far more productive than the previous one, investors worldwide recorded a total gain of $162.7 billion, with U.S. investors accounting for about $47 billion.

US investors are seeing the biggest gains

The spreads between the US and other countries are quite wide, with the UK coming in second with a profit of $8.8 billion. Germany completes the top 3 with a profit of $5.8 billion. Japan and China also saw crypto gains in excess of $5 billion.

Source: chain analysis

However, some countries appear to be doing better in terms of their crypto investments compared to their rankings using traditional metrics.

For example, Turkey ranked 6th with $4.6 billion in profits, although it ranks 11th in terms of GDP with $2.7 trillion. With a 25th place GDP worth $1.1 trillion, Vietnam ranks 16th for cryptocurrency gains.

Countries with similar performances are the Czech Republic, Ukraine and Venezuela. The trend shows the quick acceptance of cryptocurrency in emerging markets in response to devaluation of fiat currencies.

In 2020, China recorded $1.7 billion in profits, while its cryptocurrency profits in 2021 were $5.1 billion. China appears to be lagging behind the growth seen in other countries over the same period.

China’s performance shows an annual growth rate of 194%. That’s low compared to the US at 476%, Germany at 423% and the UK at 431%. But China’s growth rate is not surprising given this raid about crypto-related activities in the country.

Other countries that made the top 50 winners list include India, Brazil, the Netherlands, South Africa, the United Arab Emirates and Switzerland.

Ethereum outperforms crypto gains

That is also remarkable ether posted the most gains of any crypto asset at $76.3 billion and led the way Bitcoin with $74.7 billion. According to Chainalysis, this is likely due to higher demand for Ethereum given the rise of DeFi in 2021.

Source: chain analysis

However, not all countries saw more Ethereum gains in trading. Japan, for example, saw a $4 billion gain in bitcoin versus the $790 million gain traders saw in Ethereum.

However, the Chainalysis report concluded

There are still risks that the industry must work to mitigate. The data not only shows crypto asset prices rising, but also suggests that the cryptocurrency remains a source of economic opportunity for users in emerging markets.

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