Crypto Trading Volume to Reach $108 Trillion Market by 2024
Global crypto trading is exploding, with industry trading volume set to surpass $108 trillion by the end of 2024. A recent CoinWire study reveals this end-of-year estimate towers 90% above 2022 levels, signaling a dramatic shift in digital asset trading.
Source: Coinwire
The United States maintains its top position for individual country crypto trading volume, and is projected to exceed $2 trillion. However, Europe emerges as the true powerhouse in the global arena.
Europe Dominates Crypto Market with Highest Trading Volume
Europe leads the market in global cryptocurrency transaction value, commanding 37.32% share. This dominance stems from the region’s proactive approach to cryptocurrency regulation.
Europe dominating global crypto market. Source: Coinwire
European lawmakers are actively defining the cryptocurrency industry through clear guidelines. The European Union’s Markets in Crypto-Assets Regulation (MiCA) partially took effect on June 30, focusing on stablecoins. December will see additional regulations roll out for crypto asset service providers. This comprehensive framework, in development since 2020, marks the EU’s first unified set of crypto asset market rules.
These regulatory efforts are paying off. Europe’s cryptocurrency trading volume is set to skyrocket to $40.5 trillion in 2024, 2.7-fold increase from its $15 trillion volume in 2022.
Asia follows closely, securing the second spot globally with 36.17% of the world’s cryptocurrency transaction value.
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Exchange Giants Fighting for Dominance
The study analyzed centralized exchanges with trust scores above six on CoinGecko, revealing intriguing insights about exchange popularity.
Centralized exchanges with trust scores higher than six on CoinGecko.
Binance reigns supreme, dominating over 100 countries worldwide with $2.77 trillion trading volume. Binance.US matches its parent company’s reach but reports a more modest $3.9 billion in trading volume.
OKX and Cex.io follow, with presences in 93 and 92 countries respectively. OKX boasts a trading volume of $759 billion, while Cex.io reports $1.83 billion.
Coinbase and Bybit round out the top exchanges, operating in 90 and 87 countries respectively. Coinbase reports a trading volume of $662 billion, while Bybit reaches $1.14 trillion.
Binance’s global dominance extends beyond volume. The exchange recently celebrated its seventh anniversary on July 5, reaching 200 million users worldwide. This achievement made Binance’s the most widely used exchange globally.
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