Bitrabo Editorial
A recent analysis by CoinWire suggests that the global cryptocurrency trading volume is projected to exceed $108 trillion by the end of 2024, marking a substantial increase compared to previous years.
This growth indicates a significant potential surge in crypto transactions globally in the near future. The study conducted by CoinWire compiled data from reputable centralized exchanges listed on Coingecko with trust scores above 6.
Additional information gathered included web traffic patterns by country, peak trading times, supported languages, and headquarters of these exchanges.
Anticipated Volume Surge with Europe Leading the Way
The study discovered that while the United States leads in single-country crypto trading volume, Europe emerges as the primary region for cumulative cryptocurrency transaction value, commanding 37.32% of the global market.
Asia closely follows with 36.17% of the total digital currency transaction value, positioning it as the second most significant contributor globally, showcasing geographical diversity and expanding market trends.
Europe’s dominance in the global market volume can be attributed to its progressive approach towards cryptocurrency regulations, providing a stable and innovative environment. European legislators have been actively shaping comprehensive policies to support fintech innovation and market stability.
Europe’s forward-thinking regulatory frameworks and tech-savvy population have made it a hotspot for cryptocurrency investment and innovation.
The report predicts that Europe will witness substantial growth in trading volume, reaching $40.5 trillion by 2024 from $15 trillion in recent years, underlining its rising influence in the crypto market.
The exponential growth in Europe’s trading volume underscores its strong financial infrastructure, progressive regulatory landscape, and increasing adoption of digital assets.
Popular Crypto Exchanges Overview
According to the study, Binance remains a dominant force in the global trading volume, facilitating $2.77 trillion in transactions across a wide reach of over 100 countries, reflecting its extensive adoption in the digital currency realm.
Other key players like OKX and Cex.io also maintain significant global footprints across multiple countries, contributing notably to the overall trading volume.
Conversely, platforms such as Coinbase and Bybit operate in fewer countries but have managed substantial trading volumes of $662 billion and over $1.14 trillion, respectively.
Featured image created with DALL-E, Chart from TradingView