Aussies Made $2.1B Crypto Gains in 2021

Aussies Made $2.1B Crypto Gains in 2021
  • bitcoinBitcoin (BTC) $ 30,132.00 0.5%
  • ethereumEthereum (ETH) $ 2,046.08 0.49%
  • tetherTether (USDT) $ 1.00 0.17%
  • usd-coinUSD Coin (USDC) $ 1.00 0.11%
  • binance-coinBNB (BNB) $ 299.34 0.79%
  • xrpXRP (XRP) $ 0.422781 0.69%
  • cardanoCardano (ADA) $ 0.572853 4.83%
  • solanaSolana (SOL) $ 54.60 3.62%
  • binance-usdBinance USD (BUSD) $ 1.00 0.02%
  • polkadotPolkadot (DOT) $ 11.03 0.27%
OPINION

Aussies Made $2.1B Crypto Gains in 2021

Australians earned US$2.1 billion in crypto gains in the 2021 calendar year, putting Australia in 17th place globally for annual realized cryptocurrency gains.

04/27/2022

According to blockchain analytics firm Chainalysis, Australians earned US$2.1 billion in crypto gains in the 2021 calendar year, putting Australia in 17th place globally for annual realized crypto gains.

Global gains increased more than fivefold over the previous year, rising from US$32.5 billion in 2020 to US$162.7 billion in 2021. With the US witnessing the most significant increases, Crypto News Australia reported.

Several Countries Record Increases of 400-500%

This is the first year that Chainalysis has reported annual gain data on cryptocurrencies other than Bitcoin (BTC). So drawing direct comparisons is difficult. But, based on the BTC data, it appears that gains in Australia are up around 5x, which is consistent with similar economies around the world. In 2020, Australia experienced BTC gains of roughly US$0.2 billion, while by 2021, the value was close to US$1 billion.

Many other countries witnessed similar increases: the United States saw a 476 percent increase, from US$8.1 billion to US$47.0 billion. The United Kingdom saw a 431 percent increase, and also Germany saw a 423 percent increase.

China’s gains jumped from US$1.7 billion to US$5.1 billion, a 194 percent rise. This slow rise is most likely a result of the Chinese government’s crackdown on cryptocurrency activities over the last year.

Ethereum accounted for the majority gains globally

On a per-crypto basis, Ethereum accounted for the majority of realized gains globally, accounting for US$76.3 billion, with Bitcoin coming in second at US$74.7 billion.

According to Chainalysis, Ethereum’s supremacy is due to a surge in DeFi in 2021:

We believe that this represents greater demand for Ethereum because of the rise of DeFi in 2021 because most DeFi protocols are built on the Ethereum blockchain and use Ethereum as their primary currency.

Good Signs for Crypto

Chainalysis believes its data reveals that cryptocurrency is in a strong growth phase, and it will continue to be a promising investment prospect in the future.

While there are still issues that the industries must address, the data shows that crypto asset prices are not only rising. However, it also remains a source of economic opportunity for users in emerging nations.

The crypto environment in Australia, in particular, appears to be improving. With additional regulatory clarity on the way and a slew of crypto ETFs slated to launch in the coming weeks.

By Elah Mae Ariate Wozinga Staff

Do you like the improvement of the crypto environment in Australia?

Created with Perfect Survey

Statistics - View the results

Open chat
Need Help?
Hell!
Can we help you?