The global cryptocurrency trading volume is set to surpass $108 trillion by the end of 2024, according to a recent study by CoinWire. This figure represents a staggering 90% increase from 2022, highlighting the rapid growth and increasing adoption of digital assets worldwide.
CoinWire’s investigation looked at centralized exchanges that were registered on CoinGecko and had trust ratings more than 6. The study took into account web traffic by country, peak trading time zones, supported languages, and headquarters locations to estimate trading volume by country.
Europe Comes First
Europe is expected to emerge as the dominant region in this burgeoning market, accounting for 37% of global crypto transaction value this year. According to the analysis, the trading volume in Europe is expected to expand from $15 trillion in 2022 to $40.5 trillion in 2024, a 270% increase. The expected volume was close to $19.9 trillion alone for 2023.
This explosive growth highlights Europe’s expanding power over the global cryptocurrency industry. This boom is being caused by a number of factors, such as advancing legal frameworks and growing acceptance of digital assets. The markets for cryptocurrency in the EU are expected to be strengthened even more by the Markets in Crypto-Assets (MiCA) regulation.
This is one of the most extensive regulatory frameworks for the cryptocurrency industry in the world. Notably, in December, MiCA will impose new rules on crypto asset service providers.
Others Follow
Hot on Europe’s heels, Asia ranks second in the study. It contributes 36% of the world’s crypto transaction value. Asia’s trading volume is predicted to surpass $39.3 trillion by the end of the year.
This figure highlights the region’s major role in the global crypto ecosystem, driven by large markets such as China, Japan, and South Korea, where digital assets are rapidly gaining traction.
While Europe and Asia dominate the global crypto trading landscape, other regions are also showing impressive growth. Africa’s trading volume is projected to reach $10.8 trillion in 2024, showcasing the continent’s increasing engagement with digital assets.
South America and North America follow closely, with an estimated trading volume of $7.8 trillion and $7.7 trillion, respectively.
Market Movement
Amid these projections, the current market shows positive momentum. Bitcoin is up 3% today, trading around the $60,000 level. Ethereum has also seen a boost, rising 1.76% to trade at $3,200. These gains reflect the broader optimism in the crypto market, driven by increasing institutional adoption and favorable regulatory developments.
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