Asia is the gravity center of cryptocurrency world. Although most of big exchanges are located in North America and Europe, the majority of users are located in Asia region as well as mining pools. As a result, Asia is going to dominate crypto world.
There are many reasons that why Asia is going to be the gravity center of crypto world. But, experts highlighted two main reasons. The first is regulations and the second is existing financial infrastructure.
When it comes to mining industry, Asia has access to cheaper electricity as well as more cost-effective IT resources.
Anyway, experts believe that Asia dominance will change as soon as crypto world starts to get more mainstream adoption. These days many crypto and blockchain companies launch in Europe and America.
Asia is going to dominate crypto world; most crypto traders located in Asia
Statistics show that the majority of crypto traders located in Asia Pacific region. The data show that the Ethereum gas fee increase significantly during trading hours in much of Asia. For instance, the gas price for Ethereum increases at UTC+8, which is the time zone that covers Singapore, Honk Kong, China, and Taiwan.
Mai Lu, the Binance’s VP of Asia-Pacific region mentioned that higher demand for gas from Asian users is the result of higher demand for DeFi. He explained; many investors in Asia invested in blockchain technology. Furthermore, the number of blockchain startups significantly increased in the past years. In fact, there are many DeFi projects, which are working on Ethereum platform. Consequently, the gas fee for Ethereum experience rise during the day time in Asia.
Other indicators that confirm Asia dominance in crypto market
There are some other indicators that prove Asia’s crypto dominance.
The data from CryptoCompare shows that Tether (USDT) considered around 57% of the global Bitcoin market. Meanwhile, USD and Japanese yen are considered respectively 19% and 11%.
The data from Chainanalysis show that China has the majority of USDT users. Additionally, it carries more trade compare to other countries.