U.S. cryptocurrency adoption remains high despite global inflation concerns

A quantitative analysis report released by DappRadar revealed some illuminating market indicators of global digital asset adoption behavior . Blockchain data depicts positive sentiment in the Web3 and Metaverse industries, especially in the US; interest in cryptocurrencies has risen in Ukraine and Russia following the outbreak of the Russian-Ukrainian war in February, and soaring gas prices across Europe are affecting Inflation indicators, European residents are facing difficulties such as lack of face and oil.

Statistics show a high correlation between unfavorable economic dynamics in times of currency deflation and interest in participating in cryptocurrencies – data suggesting that the latter can be used as a hedge as an investment vehicle.

A reported 217.65% deflation of the Brazilian Real (BRL) against the U.S. dollar over the past decade was a contributing factor to 45% of participants who are considering buying digital assets over the next year to ease deflationary pressures. Similarly, India’s fiat currency, the rupee (INR), saw a 40% increase in cryptocurrency interest after deflation by 58.58%. In the category titled “Countries with the Highest Social Media Metrics in the Web3 Metaverse”, the United States ranked highest with a score of 2.2, followed by Indonesia and India with 1.4 and 0.6, respectively, and the United Kingdom ranked seventh with a score of 0.3.

U.S. cryptocurrency adoption remains high despite global inflation concerns

 

Many of the leading Metaverse platforms, such as Decentraland, The Sandbox, Somnium Space, and Roblox, already attract a significant portion of the US user base. Fashion and luxury brands GUCCI, Dolce and Burberry have all launched NFT collectibles; sports brand NIKE has also recently released NFT sneakers. The average price of sneakers is between $6,000 and $10,000, while the price of some rare sneakers has been Over $100,000; HSBC and JPMorgan will also have virtual booths at The Sandbox and Decentraland.

The total value locked (TVL) in the decentralized finance (DeFi) market has grown to nearly $200 billion, but transaction volumes have been steadily declining since peaking levels in mid-January. Likewise, the report states, “The industry’s TVL is recovering as the overall rapid ecosystem of Terra, Solana and Avalanche proliferates.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/u-s-cryptocurrency-adoption-remains-high-despite-global-inflation-concerns/
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