Global crypto trading volume is projected to exceed $108 trillion in 2024.
This surge in trading volume would be driven primarily by Europe and Asia.
Africa and South America see rapid growth, whereas North America’s trading volume is declining.
A recent study by CoinWire has revealed that the global cryptocurrency trading volume is expected to exceed $108 trillion in 2024, a staggering 90% increase from the figure obtained in 2022. This trading volume would be driven primarily by Europe and Asia, which are leading the charge in the adoption and growth of crypto assets.
Notably, the global crypto market has expanded by 89% over the past three years. Europe and Asia are anticipated to lead the global trading activities this year. Presently, Europe accounts for 37.32% of global crypto transaction value, making the region the leader in the global crypto market.
The report noted that Europe’s crypto trading volume could reach $40.5 trillion in 2024, a 270% increase from $15 trillion in 2022. Asia contributes 36.17% to the world’s cryptocurrency transaction value and is expected to attain a trading volume of $39.3 trillion in 2024.
Moreover, the study disclosed that Africa is also experiencing a remarkable surge in crypto trading growth, with 2024 volumes expected to be five times higher than in 2022. In particular, Africa is on track to record $10.8 trillion trading volume this year compared to $2.7 trillion in 2023.
Likewise, South America has witnessed over 300% crypto trading boom in just three years. Estimations suggest trading volumes of $7.82 trillion this year compared to $2.29 trillion in 2022 and $3.03 trillion in 2023.
In contrast, North America is the only continent where crypto trading volume has declined over the past three years. After reaching a peak of $13.6 trillion in 2023, the trading volume had already decreased from $10.3 trillion in 2022 and is now projected to plummet further to $7.7 trillion in 2024. This downward trend in North America’s crypto trading volume suggests a shift in market dynamics, potentially driven by stricter regulations.
Meanwhile, by individual country, the U.S. has the highest estimated crypto trading volume in 2024, projected to surpass $2 trillion. Turkey and India follow closely, with both countries set to witness trading volumes exceeding $1 trillion this year.
The post Global Crypto Trading Volume Heads for $108 Trillion in 2024, Driven by Europe and Asia appeared first on Coin Edition.