Have you ever thought to yourself that which countries hold the most Cryptocurrencies and what about Global crypto adoption? Not that it matters so much, but just out of curiosity. Well, you are not alone. A Cryptocurrency Survey carried out by Finder.com revealed that the United Kingdom came third place in the global ranking for Ethereum adoption. Which country came first and second? 

I bet your first guess would be the United States and Russia, but if you had said that, you would be wrong. Oh, now I have your attention. Well, the UK sits in third position, with Australia and Singapore the only two countries ahead of it. Overall cryptocurrency adoption in the United Kingdom also slightly increased; going up by a meager 1%.

Ethereum over the past year- Global crypto adoption. 

Ethereum has seen much success since it first went live in 2015. It has been one of the major tokens that reduced bitcoin’s overwhelming dominance over the crypto market, moving swiftly to occupy second position in the crypto market cap ranking. Despite having issues with scalability and huge gas fees, it has weathered the market’s storm and those from its competitors; called Ethereum killers. 

The huge gas fees and traffic congestion, though caused by a robust ecosystem, are not bound to last forever. At least, because Ethereum’s developers have almost completed the switch to the proof-of-stake consensus, popularly called ETH 2, and are waiting to merge it with the Ethereum mainnet. 

The news on ETH 2 progress was one of the major news that shook the crypto space over the past one year, and despite the project suffering its setbacks, it is now up and ready to be merged with the mainnet later in the year. You can see details on the project on the Eth block Explorer

Following the trend of  crypto market leader, bitcoin, the Ethereum token has been subject to volatility in the past year, although the bitcoin-ethereum correlation has greatly reduced. At some point in the year, Ethereum was used as a hedge against bitcoin since it did not dip as much as bitcoin, and recovered faster than the crypto market leader. 

Talking about Ethereum killers, there are news that many of them are able to perform faster than Ethereum because they are not processing enough transactions as Ethereum. Some of these tokens have crumbled greatly under immense pressure and they have a long way to go, probably downwards, once the Ethereum 2.0 merges with the mainnet.  

Global Ethereum adoption. 

The cryptocurrency space went through some rebalancing in the last lap of 2021. Just as the cryptocurrency market had price corrections, the owners of various tokens also repositioned their portfolio to reduce losses and position themselves well for the next bull run. 

A survey performed by Finder.com in December 2021 showed that cryptocurrency ownership in the United Kingdom increased by 0.9%. The result was compared with a previous survey done two months earlier. 

This survey was performed using 2,013 people and it showed the increasing popularity of Ethereum in the United KIngdom. Looking at the list of popular cryptocurrencies in the UK, Bitcoin unsurprisingly comes first with 42.8% of the respondents announcing they own some bitcoins. Ethereum was next with a 32.9% ownership and the third position was snapped up by Ripple. 

The UK ownership of Ethereum comes as a shock seeing that the global adoption of the coin reduced by almost 4% (28.2 to 24.4) from its October figures. Safe to say, it could have been worse without the increased figures from the UK. 

Although bitcoin still holds the first place for the most popular cryptocurrency in the UK, its dominance has greatly reduced from its October figures of 56.7%. Probably due to the cryptocurrency’s increased volatility, or perhaps due to the new prospects seen on Ethereum’s improved upgrade. 

The only country with an exception to bitcoin’s ownership dip was Australia. While other countries saw a dip in the token price, Australia’s ownership touched 72% in December 2021. No other country with cryptocurrency interests have as much bitcoin ownership as Australia. 

Cryptocurrency overview – Global crypto adoption. 

The initial sentiment for bitcoin pointed at a bitcoin to $100,000 price to end 2021.  But when the charts touched down at $42,000 to start december, the bearish trend began. Everywhere in the world, not excluding the UK, massive sell-offs occurred, and many ran from bitcoin to less popular tokens like Solana and Dogecoin. Both tokens increased to 15% and 1% ownership respectively. 

Of the countries with the most growth in crypto ownership to end 2021, Russia and the Philippines were closely followed by India and Columbia.

 Most of these countries are emerging economies, and many more countries with little growth in cryptocurrencies are also growing economies. While we expect a more robust analysis later in the month, reports have shown that the growth of cryptocurrencies was positive in 2021 growing by a whooping 4%. Although the United Kingdom came third in the ownership of Ethereum, it ranks very low in global crypto increase, despite its 1% increase. You can have access to Ethereum’s staking platform on https://redot.com/eth2/ to start earning passively in this market correction.