According to the latest research undertaken on May 31st by The Block, the United States and Japan are the top two countries contributing traffic to cryptocurrency exchanges.
The study showed that 24.5 percent of all exchange traffic originates in the United States, with Japan coming in second place at 10 percent of the total traffic. South Korea followed closely behind in third place, accounting for 6.5 percent of exchange web users.
It was also concluded in the study that China, whose population has a very strong interest in investing and trading in Cryptocurrencies could have skewed the results. This being due to Chinese users having to operate through Virtual Private Networks (VPNs), due to consistent attempts made by the government to ban Cryptocurrencies in the country.
The Block report also concluded that crypto is quickly becoming a global phenomenon, with widespread adoption in 2019 alone being on the rise.
Exchange driven growth has proven cryptocurrency to be a viable digital asset, however, more use cases and transactions are needed to increase its liquidity.
The report finished off stating cryptocurrency will continue to rise not because of proven use or established extrinsic value, but because of the strong belief in the mainstream that it will be worth much more in the future.
Currently, at time of press, the price of Bitcoin (BTC) is sitting at $7,773.57 -0.62%.