The global cryptocurrency market has seen unprecedented growth in recent years, particularly regarding the volumes of crypto trading in 2024. The Coinwire report highlights the growing acceptance and adoption on a global scale.
Let’s see all the details below.
The explosive growth of crypto trading volumes in 2024
The global cryptocurrency market is rapidly expanding, with an estimated growth in trading volume expected to exceed 108 trillion dollars in 2024. Thus, almost 90% more compared to 2022.
An analysis that involved 136 countries, based on factors such as web traffic, site language, headquarters location, and trading time zone, provides a detailed understanding of the main players in the cryptocurrency market.
The United States is leading, with an estimated trading volume of over 2 trillion dollars in 2024. Europe follows as a leader in cryptocurrency trading, representing 37.32% of the global transaction value.
Turkey and India are positioned respectively in second and third place worldwide, with trading volumes exceeding 1 trillion dollars each.
Binance emerges as the most used cryptocurrency exchange, dominating in 100 out of the 136 analyzed countries.
This growth reflects a growing acceptance and adoption of digital assets. Specifically, with a 42% increase in global trading volume since 2023 and an overall market expansion of 89% in the last three years.
Europe and Asia: powers of the cryptocurrency market
Europe has emerged as a leader in the thriving cryptocurrency market, representing 37.32% of the global transaction value. This success is attributable to progressive regulatory frameworks and a technologically advanced population.
Asia follows closely, contributing 36.17% to the value of global transactions.
The rapid spread of cryptocurrencies in Asia is facilitated by the high penetration of mobile telephony, a solid technological infrastructure, and a growing institutional interest.
The trading volume of cryptocurrencies in Europe is set to reach 40.5 trillion dollars in 2024, a significant increase compared to the 15 trillion dollars in 2022.
The estimated volume for 2023 is nearly 19.9 trillion dollars. This exponential growth underscores the increasing influence of Europe in the global cryptocurrency market.
Influence supported by a solid financial infrastructure, advanced regulations, and a growing adoption of digital assets.
Binance: the global dominance in the crypto exchange market
Binance stands out as the most influential cryptocurrency exchange in the world, with an impressive trading volume of 2.77 trillion dollars and a dominant presence in 100 countries.
This positions Binance as the undisputed leader in the sector, highlighting its ability to attract a vast number of users and handle an enormous amount of transactions.
Despite Binance US also dominating in 100 countries, its trading volume is significantly lower, standing at 3.9 billion dollars.
This discrepancy highlights the difference in scale between the global platform of Binance and its U.S. counterpart.
Besides Binance, other significant exchanges are emerging in the global cryptocurrency market. OKX and CEX.IO, leaders in 93 and 92 countries respectively, record trading volumes of 759 billion dollars and 1.83 billion dollars.
Following Coinbase Exchange and Bybit, which dominate in 90 and 87 countries respectively, with trading volumes of 662 billion dollars and 1.14 trillion dollars respectively.
These data highlight the fierce competition among the main cryptocurrency exchanges, with Binance maintaining a significant advantage both in terms of geographic dominance and trading volume.
The use and exchange of cryptocurrencies are transforming the economic landscape on a global scale. Regions like Europe and Asia are leading this transformation, with significant contributions from other parts of the world.
As the cryptocurrency market continues to develop, it will be essential to closely observe these patterns and their impact on the global financial system and individual economies.