Global cryptocurrency trading volume fluctuates sharply from 2022 to 2024. Asia and Europe boom, North America declines, while Oceania and South America outperform. According to CoinWire, countries like Nigeria, Brazil and Australia are leading the cryptocurrency revolution.
Comprehensive analysis from CoinWire
The global cryptocurrency market has seen unprecedented growth over the past few years, reflecting its increasingly widespread acceptance and adoption. CoinWire conducted an analysis of 136 countries to estimate each country's cryptocurrency trading volume based on four important factors: Web Traffic, Website Language, Headquarters Location, and Trading Time Zone. This multi-dimensional approach provides a comprehensive view of the countries leading the cryptocurrency market.
How research is done
CoinWire began its research by compiling a list of centralized exchanges (CEXs) with trust scores above 6 from CoinGecko.
Due to the decentralized nature of cryptocurrency trading volume data, CoinWire has applied a rigorous methodology. Four key factors were evaluated for each exchange: web traffic by country, language support, headquarters location and trading time zone.
These factors were then weighted to calculate the estimated trading volume for each exchange.
Significant growth in global cryptocurrency trading volume
Global cryptocurrency trading volumes have grown significantly, up 42% since 2023. Over the past three years, the market has expanded by an impressive 89%, reflecting growing acceptance and adoption. spread of digital assets globally. Europe has emerged as a leader in this growing market, accounting for 37.32% of global cryptocurrency trading value.
Europe is considered a hub for cryptocurrency innovation and investment thanks to its progressive regulatory frameworks and tech-savvy population. Right after Europe, Asia ranked second, contributing 36.17% to the global cryptocurrency trading value. High mobile penetration, strong technology infrastructure and growing interest from institutions all contribute to the rapid adoption of this area.
Estimated cryptocurrency trading volume in Asia in three years (2022 – 2024)
Asia's cryptocurrency trading volume is predicted to reach $39.3 trillion in 2024, up from $27.1 trillion in 2022. With expanding adoption and favorable market conditions, the This rapid growth underscores Asia's growing role in the global cryptocurrency market.
Estimated trading volume in Asian countries
Türkiye leads the way with an estimated transaction volume exceeding $1 trillion by 2024. Turkish residents spend an average of $1,352 per month on cryptocurrency, more than three times the average monthly salary and 2.5 times the rent. This high level of spending indicates a growing reliance on digital currencies as a hedge against economic instability.
In Singapore, the average monthly spend on cryptocurrency per capita is $2,681, roughly equivalent to the average monthly rent. This significant investment underscores the country's progressive regulatory framework and its people's strong belief in the future of digital assets.
Source: CoinWire Estimated Cryptocurrency Trading Volume in Europe for Three Years (2022 – 2024) 
European cryptocurrency trading volume is expected to reach $40.5 trillion in 2024, up 2.7 times from $15 trillion in 2022. Estimated volume for 2023 is closer to $19.9 trillion. This significant growth highlights Europe's growing influence in the global cryptocurrency market, thanks to its strong financial infrastructure, progressive regulations and increased adoption. digital assets.
Estimated trading volume in European countries
Europe accounts for 37.32% of global cryptocurrency trading value, cementing its role as a major player in the world cryptocurrency market. The continent's solid financial infrastructure and progressive regulatory environment have made it a hub for cryptocurrency trading.
Russia leads Europe in cryptocurrency trading, ranking in the top five globally, with an estimated trading volume exceeding $633 billion.
The UK follows closely behind, with trading volumes exceeding $624 billion, making it the second largest market in Europe and sixth globally. According to a study, London is rated as one of the most crypto-ready cities, cementing the UK's prominence thanks to its cutting-edge financial services and supportive government policies.
Slovenia has the highest monthly cryptocurrency spending per capita, with an average of $2,609 per month, more than 3.46 times the monthly rent. This reflects strong confidence in digital assets and favorable regulations.
In Ukraine, cryptocurrencies serve as an important alternative to fiat money amid economic turmoil, with people spending nearly three times their monthly rent on cryptocurrencies, equivalent to with 2.58 times monthly salary. This emphasizes the practical usefulness of digital currencies in preserving value.
Source: CoinWire Estimated Cryptocurrency Trading Volume in Africa in Three Years (2022 – 2024) 
Africa is leading the way in cryptocurrency trading growth, with 2024 volumes expected to be five times higher than in 2022. Trading volumes are estimated to reach $10.8 trillion in 2024, up from $2 trillion in 2022 and $2.7 trillion in 2023.
Estimated trading volume in African countries
Africa's cryptocurrency market is experiencing significant growth, with Nigeria and South Africa leading the way.
Nigeria's trading volume is forecast to exceed $244 billion, making it the top cryptocurrency trading nation on the continent. Nigerians have also shown significant trust in digital currencies, with many spending more than half of their monthly salary on cryptocurrency investments.
South Africa is closely followed, with transaction volume exceeding $91 billion. South Africa's cryptocurrency market benefits from a solid financial infrastructure and growing interest in digital assets as investment and trading tools. The South African Reserve Bank's progressive stance on cryptocurrency regulation has further encouraged adoption.
Source: CoinWire Estimated Cryptocurrency Trading Volume in South America for Three Years (2022 – 2024) 
Over the past three years, cryptocurrency trading volume in South America has increased more than 3.42 times. Trading volume is estimated to reach $7.82 trillion in 2024, up from $2.29 trillion in 2022 and $3.03 trillion in 2023.
Estimated trading volume in South American countries
Brazil stands out as a leader in cryptocurrency trading, with trading volume expected to exceed $354 billion by 2024. This significant figure underscores Brazil's dominance in the regional cryptocurrency market , thanks to increased adoption and a supportive regulatory environment
Brazil is followed by Chile, with cryptocurrency trading volume exceeding $105 billion. Chile not only stands out for its trading volume but also for its high monthly spending on cryptocurrency by its citizens. On average, Chileans spend $447 per month on cryptocurrency, equivalent to 65% of their monthly income and nearly the cost of monthly rent. This significant investment reflects growing confidence in digital assets as a viable financial instrument in Chile.
Source: CoinWire Estimated Cryptocurrency Trading Volume in North America for Three Years (2022 – 2024) 
North America is the only continent where cryptocurrency trading volume has decreased over the past three years. Trading volume peaked at $13.6 trillion in 2023, down from $10.3 trillion in 2022, and is expected to decline further to $7.7 trillion in 2024. Overall decline in trading volume North America's cryptocurrency peak in 2023 to 2024 reflects a change in market dynamics and may be due to tighter regulations or market maturity.
Estimated trading volume in North American countries
The US remains the leader in cryptocurrency trading, not only in North America but globally, with trading volumes estimated to exceed $2 trillion by 2024.
Canada is closely followed, with an estimated cryptocurrency trading volume exceeding $333 billion. Despite high trading volumes, Americans spend modestly on average on cryptocurrency, at $507 per month, which is nearly 12% of their monthly income. This shows a conservative yet sensible American investment approach to cryptocurrencies.
Source: CoinWire Estimated cryptocurrency trading volume in Oceania for three years (2022 – 2024) 
Cryptocurrency trading volumes in Oceania have tripled since 2022. In 2024, trading volumes are estimated to reach $2.44 trillion, up from $805.7 billion in 2022 and $1.07 trillion in 2023.
Estimated trading volume in Oceania countries
Australia leads Oceania's cryptocurrency market, with an estimated trading volume exceeding $208 billion by 2024. Australians are actively investing in digital assets. On average, individuals spend $659 per month on cryptocurrency. This significant spending reflects the country's growing confidence in cryptocurrency as a viable investment.
In contrast to Australia, New Zealand's cryptocurrency trading volume is much smaller, at just $29 million. Despite lower trading volumes, New Zealanders are still participating in the cryptocurrency market, spending around $469 per month on digital assets. This significant individual investment shows strong interest and belief in the potential of cryptocurrencies, even in a smaller market.
Source: CoinWire Which cryptocurrency exchanges are the most popular?
Binance is identified as the leading exchange in the cryptocurrency market, dominant in 100 countries with a staggering $2.77 trillion in trading volume. This has placed Binance as the most influential and widely used exchange globally. Following closely behind is Binance US, also dominant in 100 countries, but with a significantly lower trading volume of only $3.9 billion.
OKX and CEX.IO are also notable, leading in 93 and 92 countries, with trading volumes of $759 billion and $1.83 billion, respectively. Coinbase Exchange and Bybit follow, each dominant in 90 and 87 countries, with trading volumes of $662 billion and $1.14 trillion, respectively.
These numbers highlight the competitive landscape of cryptocurrency exchanges, with Binance maintaining a significant lead in both geographic dominance and trading volume, underscoring its pivotal role. in the global cryptocurrency market.
Summarize the main points
Global cryptocurrency trading volume in 2024 is estimated to exceed $108 trillion, an increase of nearly 90% compared to 2022.
The US is identified as the country with the highest estimated cryptocurrency trading volume in 2024, surpassing $2 trillion.
Europe leads in cryptocurrency trading, accounting for 37.32% of global trading value.
Türkiye and India are ranked 2nd and 3rd globally, respectively, with both countries having trading volumes exceeding $1 trillion.
Binance holds the top spot as the most widely used cryptocurrency exchange, dominant in 100 out of 136 countries.