2024 Crypto Trading Volume Projected to Top $108 Trillion, Europe Takes the Lead

2024 Crypto Trading Volume Expected to Break $108 Trillion Barrier, Europe Leading

2024 Crypto Trading – Global crypto trading is set to witness a significant surge, with industry trading volume expected to surpass $108 trillion by the end of 2024, according to a recent study by CoinWire. This end-of-year estimate represents a 90% increase from 2022. The United States is predicted to lead with the highest projected crypto trading volume, exceeding $2 trillion.

Europe Leading the Pack

While the US may dominate in trading volume, Europe is at the forefront in terms of global cryptocurrency transaction value, accounting for 37.32%. Europe has established itself as one of the most proactive regions globally in defining its cryptocurrency industry through comprehensive regulations. These regulations aim to help lawmakers understand financial technology and provide traders and exchanges with clear guidelines for navigating the market.

Regulatory Milestones in Europe

The European Union’s landmark Markets in Crypto-Assets (MiCA) Regulation began implementing its first set of rules on June 30, focusing on stablecoins. Additional regulations for crypto asset service providers are expected to come into effect in December. This legislation marks the first to institute uniform market rules for crypto assets within the EU and has been anticipated since its proposal in September 2020. The survey predicts that Europe’s cryptocurrency trading volume will reach $40.5 trillion in 2024, a 2.7-fold increase from its $15 trillion volume in 2022.

Asia’s Strong Position

Asia ranks second, holding 36.17% of the world’s cryptocurrency transaction value. This highlights the region’s significant role in the global crypto market.

Exchange Popularity and Dominance

The study’s conclusions were drawn by analyzing centralized exchanges (CEX) with trust scores higher than six on CoinGecko, based on web traffic by country, supported languages, headquarters location, and trading time zones. Binance emerged as the dominant exchange in over 100 countries worldwide, with a trading volume of $2.77 trillion. Binance.US also showed strong presence with a trading volume of $3.9 billion.

This makes Binance the most widely used exchange globally, celebrating its seventh anniversary and a milestone of 200 million users on July 5. Following Binance are OKX and CEX.IO, prominent in 93 and 92 countries respectively, with trading volumes of $759 billion and $1.83 billion. Coinbase and Bybit operate in 90 and 87 countries respectively, with trading volumes of $662 billion and $1.14 trillion.

The global crypto trading landscape is rapidly evolving, with Europe leading in transaction value and significant contributions from the US and Asia. With the implementation of new regulations and the dominance of major exchanges like Binance, the industry is poised for substantial growth in the coming years.

FAQ on Global Crypto Trading Volume and Market Dynamics

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