Continental Cryptocurrency Trading Statistics (2024)
Cryptocurrency markets witnessed significant developments during 2024, with clear differences in trading volumes and impact between geographic regions:
1. Asia
Asia is the largest market for cryptocurrencies, contributing more than 40% of the total global trading volume.
India led the region with trading volume exceeding $1 trillion, despite previous regulatory restrictions, while Japan and South Korea remain major drivers of growth thanks to their clear embrace of technology.
2. Middle East
The region saw a 166% growth in the number of traders, with the UAE, which is adopting advanced blockchain technologies, leading the way.
The majority of trading is done through centralized platforms, reflecting the region’s importance as a tech hub and not just a consumer market.
3. Europe
Europe accounts for 37.32% of global trading volume.
The European Union implements the Markets in Cryptocurrencies Act (MiCA) to provide a comprehensive regulatory framework.
4. Americas
The United States is the largest power with a trading volume of over $2 trillion, with stablecoins increasingly being used to support global trade.
Stablecoins alone recorded $8.5 trillion in transaction volume in Q2 2024.
Strengths and influences of continental markets
1. Asia
Advantages: Dominance of blockchain projects like Solana, Polygon, LINK, LTC and adoption by institutions like banks and tech companies.
Restrictions: Variation between countries, such as strict restrictions in China versus relative freedom in Japan.
2. Middle East
Advantages: Focus on blockchain technologies and developing a legislative environment such as the Abu Dhabi Global Market.
Limitations: Low awareness compared to western markets.
3. Europe
Advantages: Clear regulatory framework (MiCA) and support from large institutions such as European banks.
Limitations: Some countries are late to adopt cryptocurrencies compared to the US and Asia.
4. Americas
Advantages: Dominance of stablecoins and strong institutional demand for Bitcoin.
Limitations: Regulatory challenges between different states in America.
Market Impact Throughout the Day (GMT)
1. Asian period (12:00 AM - 12:00 PM GMT)
It is characterized by the activity of large institutions in the morning hours, followed by the activity of individuals during the day.
Markets tend to be volatile due to conservative policies in the region.
2. European period (7:00 AM - 5:00 PM GMT)
Liquidity is increasing dramatically as European banks and institutions open their doors.
Significant impact on currencies linked to the Euro and the British Pound.
3. US Period (1:00 PM - 10:00 PM GMT)
Major moves are driven by economic news from the US.
US markets set the market direction for the rest of the day.
4. Night period (10:00 PM - 12:00 AM GMT)
Relatively low activity, with some influence from Pacific markets.
It is therefore important to understand and take into account the impact of global markets on cryptocurrency trading, as it varies based on time periods and local policies of each continent. America and Europe are the most influential during active trading hours, while Asia represents the cornerstone of digital technologies and projects. The Middle East, despite its rapid growth, is still in the process of strengthening its global presence.