Global crypto trading is only just beginning to take off, as predictions have industry trading volume set to exceed $108 trillion by the end of 2024, according to a study from CoinWire.
The study revealed that the end-of-year estimate is 90% higher than it was in 2022. The United States leads with the highest projected crypto trading volume for the year, surpassing $2 trillion.
Europe leading the pack
While the US may lead in crypto trading volume, Europe leads the market in terms of global cryptocurrency transaction value, accounting for 37.32%.
Europe is one of the most proactive regions in the world when it comes to defining its cryptocurrency industry through regulations. These regulations are designed to help lawmakers understand financial technology and provide traders and exchanges with clear guidelines for navigating the market.
The European Union’s landmark Markets in Crypto-Assets (MiCA) Regulation began implementing its first set of rules on June 30, focusing on stablecoins. In December, additional regulations for crypto asset service providers are expected to come into effect.
This legislation marks the continent’s first to institute uniform market rules for crypto assets within the EU. It has been anticipated since its proposal in September 2020.
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The survey expects Europe's cryptocurrency trading volume to hit $40.5 trillion in 2024, which would be a 2.7-fold increase from its $15 trillion numbers in 2022.
Asia ranks second with 36.17% of the world's cryptocurrency transaction value.
Exchange popularity
The conclusions found in the study were made by analyzing centralized exchanges (CEX) with trust scores higher than six on CoinGecko based on web traffic by country, supported languages, headquarters location and trading time zones.
Another finding revealed that in the crypto exchange market, Binance dominates in over 100 countries worldwide with a trading volume of $2.77 trillion. Binance.US was also dominant in the same number of countries, though with a lower trading volume of $3.9 billion.
According to the study this makes Binance the most “widely used” exchange around the world. On July 5, the exchange celebrated its seventh anniversary and milestone of 200 million users worldwide.
Following Binance are both OKX and CEX.IO, with prominence in 93 and 92 countries, respectively, and holding trading volumes of $759 billion and $1.83 billion.
Coinbase and Bybit operate in 90 and 87 countries, respectively, with trading volumes of $662 billion and $1.14 trillion.
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