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Recently, Chainanalysis released their ‘2023 cryptocurrency gains by country’ report, with some surprising findings.

The data showed a cryptocurrency sector very much on the rebound in 2023, after a lean year for cryptos in 2022. Overall, Chainanalysis’ estimated that all crypto investors worldwide achieved total gains amounting to $37.6 billion last year.

These 2023 figures represented the second highest on record for Chainanalysis, after the 2021 crypto bull run.

The fact that the numbers are not quite as high as two years previously may hint at even more bullishness on crypto than existed in 2021, according to a blogpost by Chainanalysis:

Interestingly, our total gains estimate for 2023 is lower than 2021, despite crypto asset prices growing at similar rates in each of those two years. One possible explanation for this could be that investors in 2023 were less likely to convert crypto assets into cash, under the expectation that prices would rise even higher given that they didn’t surpass previous all-time highs at any point in 2023, unlike in 2021.”

Perhaps unsurprisingly, the country with by far the most crypto gains in 2023 was the United States, with approximately $9.36 billion accrued.

Also of particular note was the Asian segment of the market.

Here, Chainanalysis’ data showed that India, China, Vietnam and Indonesia all recorded over $1 billion in estimated gains for 2023, placing four Asian nations in the top six gainers for all countries worldwide.

Speaking on the findings in the same blog post, Chainanalysis commented that:

Countries in these income categories showed strong cryptocurrency adoption that remained notably resilient even through the recent bear market. Our gains estimates suggest that many investors in those countries have benefited from their embrace of the asset class.”

Chainanalysis’ report was particularly bullish where future forecasts were concerned.

It noted that crypto gains were off to a strong start in the first three months of the year already, and predicted that “if these trends continue, we may see gains more in line with those we saw in [all-time high year] 2021.”

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