With trading volumes rising significantly, Europe is emerging as a key force driving the growth of the global cryptocurrency market.
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Europe's leading position in the cryptocurrency market is becoming increasingly prominent, with its trading volume reaching 37.32% of the global total.
CoinWire's report predicts that compared with 2022, global cryptocurrency trading volume is expected to surge to 108 trillion US dollars in 2024, achieving an annual growth rate of almost 90%. Within this expected growth, the expansion of the European market is particularly significant, with transaction volume expected to increase 2.7 times compared to the previous year.
This growth not only verifies Europe’s strong momentum in the cryptocurrency space, but also highlights its important influence in the global market.
Russia leads the wave of cryptocurrency trading in Europe
According to a report shared by foreign media, Europe, with its mature regulatory system and tech-savvy population, provides fertile soil for innovation and investment in cryptocurrencies. Such an environment indicates that by 2024, Europe's cryptocurrency trading volume is expected to reach $40.5 trillion, a 2.7-fold increase from $15 trillion in 2022.
This remarkable growth not only highlights Europe’s growing influence in the global cryptocurrency market, but is also attributed to its solid financial infrastructure, forward-looking regulations, and broad acceptance of digital assets.
CoinWire’s report further revealed that in this area, Russia ranks among the top five in the world with a transaction volume of more than $633 billion, becoming the leader in Europe.
The United Kingdom followed closely with a trading volume of $624 billion, establishing its leadership as the second largest market in Europe and the sixth largest in the world. London has become a very cryptocurrency-friendly city due to its advanced financial services and supportive government policies.
Meanwhile, Slovenia topped the list in terms of per capita cryptocurrency spending, with an average monthly expenditure of $2,609, an amount that is more than 3.46 times its monthly rent, reflecting the high level of trust that local residents have in digital assets.
In Ukraine, cryptocurrencies are an effective alternative to legal tender, with citizens using cryptocurrencies to pay three times their monthly rent and 2.58 times their monthly salary, highlighting their practical utility and popularity in preserving value.
North American cryptocurrency market trading volume falls against the trend
Following Europe, Asia is rising rapidly in the cryptocurrency field. CoinWire's analysis shows that thanks to growing adoption and a favorable market environment, Asia's cryptocurrency trading volume is expected to grow from $27.1 trillion in 2022 to $39.3 trillion in 2024, showing a strong upward trend.
In Africa, cryptocurrency transaction volume is also showing a significant growth trajectory and is expected to grow from US$2 trillion in 2022 to US$10.8 trillion in 2024, with Nigeria and South Africa being the main drivers of this growth. South America is not far behind, with its cryptocurrency trading volume expected to reach $7.82 trillion in 2024, a 3.42-fold increase compared to 2022.
However, in stark contrast to these regions’ growth is the situation in North America. After reaching a high of $13.6 trillion in 2023, North American cryptocurrency trading volumes are expected to decline, from $10.3 trillion in 2022 to $7.7 trillion in 2024. This reversal may reflect increased market maturity or a tightening regulatory environment, suggesting that the North American market is experiencing different dynamics than other regions. #加密货币市场 #欧洲交易量 #俄罗斯 #全球金融趋势
Conclusion:
In the global cryptocurrency market, Europe is gradually showing its dominance, while the decline in trading volume in the North American market is thought-provoking. At the same time, the positive growth in Asia, Africa and South America indicates the global appeal and potential of cryptocurrencies. These trends not only reflect the natural evolution of technological progress and market demand, but also highlight the key role of regulatory policies in shaping market development.
As cryptocurrencies continue to integrate into daily life and the financial system, their role in the global economy will become increasingly important. In the future, we may witness a more diversified and decentralized financial world, in which cryptocurrencies will play a central role. At the same time, the key to the healthy development of the market lies in balancing the freedom to innovate with the need for regulation, ensuring stability and security, and formulating effective regulatory policies to protect consumer rights.