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Global Crypto Market Volume to Exceed $108 Trillion

Study Reveals: Global Crypto Market Volume to Exceed $108 Trillion With Europe Dominating

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a study released by CoinWire, the global cryptocurrency trading volume will see a notable increase, boosting it to over $108 trillion before the end of 2024.

This figure is almost 90% higher than the trading volumes seen in 2022, signaling that a major potential increase in crypto transactions worldwide is on the horizon.

According to CoinWire, the study was compiled by gathering a list of centralized exchanges (CEX) on Coingecko with trust scores greater than 6.

CoinWire also disclosed that it collected other data such as “web traffic by country of every CEX, peak trading timezone of every country, supported languages of every CEX, and headquarters of every CEX.”

Related Reading: Argentina’s Economy Finds a Lifeline in Crypto Amid Sky-High Inflation Rates, Report Shows

Projected Volume and Europe Taking the Lead

The report from CoinWire revealed that the US is currently the world’s largest crypto trading nation in terms of single-country trading volume. However, Europe, as a region, stands out as the leader in cumulative cryptocurrency transaction value, commanding 37.32% of the global market.

On the other hand, Asia comes in with 36.17% of the world’s digital currency transaction value, which puts it closely behind Europe in second place, highlighting geographic diversity and general growth.

Continent estimated trading volume
Continent estimated trading volume. | Source: CoinWire

This global market volume dominated by Europe can likely be attributed to their “progressive” approach to crypto regulation, according to CoinWire.

The legislators on the European continent have been leading the way so far, working heavily to develop a comprehensive policy that provides some definition and stability in the market and supports innovation within fintech.

These regulations are essential, as they play an important role in guiding exchanges and traders within the crypto space in the region to have a structured trading environment. CoinWire particularly noted:

Europe is a hub for crypto innovation and investment due to progressive regulatory frameworks and a tech-savvy populace.

In the CoinWire report, Europe is forecasted to see the largest share during the crypto trading volume boom, reaching $40.5 trillion by 2024 – a significant gain on its $15 trillion from just last year (an increase of 2.7 times). CoinWire added:

This significant growth emphasizes Europe’s growing influence in the global crypto market, which is due to a strong financial infrastructure, progressive regulations, and rising adoption of digital assets.

How Popular Are These Exchanges?

Furthermore, according to the report, Binance still leads the world in global trading volume as a goliath within the crypto exchange sector, boasting $2.77 trillion traded. Notably, Binance has a footprint in over 100 countries reflecting its big reach and adoption within the digital currency-trading community.

Other major players include OKX and Cex.io, each maintaining a strong presence across numerous countries and contributing significantly to the global trading volume.

Related Reading: French Regulator AMF Amends Crypto Rules To Align With MiCA

In contrast, exchanges like Coinbase and Bybit have served fewer countries but still managed $662 billion and over $1.14 trillion in trading volume, respectively.

The global crypto market cap on TradingView
The global digital currency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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