Nigeria has reclaimed the lead in terms of crypto adoption in Africa, ranking #11 in the world with an adoption score of 0.521.
According to a new Chainalysis crypto adoption report, Kenya, the previous year’s leader, is ranked 19th in Africa with an adoption score of 0.397.
Nigeria increased its adoption score by 100.39% from a 0.26 index score in 2021, while Kenya increased its adoption score by 41.79% from a 0.28 index score in 2021.
Although both countries’ scores have improved, their rankings have dropped significantly, with both now out of the top ten rankings compared to last year, when Kenya and Nigeria were ranked fifth and sixth, respectively.
As previously stated, Nigeria now ranks 11th in this year’s ranking, while Kenya ranks 19th. Morocco ranked 14th, with an index score of 0.507.
The Chainalysis cryptocurrency adoption report ranks countries based on five major indexes: on-chain cryptocurrency value received at centralised exchanges, weighted by purchasing power parity per capita, on-chain retail value received at centralised exchanges, weighted by PPP per capita, peer-to-peer exchange trade volume, weighted by PPP per capita and a number of internet users, on-chain cryptocurrency value received from DeFi protocols, on-chain cryptocurrency.