A recent CoinWire study predicts that global cryptocurrency trading volume will exceed $108 trillion by the end of 2024. This estimate represents a 90% increase from 2022 levels, indicating the crypto trading industry is on the brink of explosive growth.
Europe Dominates Global Crypto Transactions
The United States is expected to lead in individual country trading volume, projected to surpass $2 trillion in 2024. However, Europe is emerging as a dominant force, accounting for 37.32% of global cryptocurrency transactions. Europe’s trading volume is projected to reach $40.5 trillion in 2024, a substantial 270% increase from $15 trillion in 2022.
Europe leads crypto trading metric. Source: CoinWire
Europe’s increasing role in the crypto market is partly due to its proactive regulatory approach. The region has been at the forefront of defining clear guidelines for the cryptocurrency industry. The Markets in Crypto-Assets Regulation (MiCA), launched in 2020 and signed into law in October 2023, is one such landmark guideline. Additional regulations for crypto asset service providers, set to be implemented in December, further solidify the EU’s position as a leader in crypto regulation.
Asia and Other Major Exchanges
Asia follows closely behind Europe with 36.17% of global cryptocurrency transactions. The study analyzed top centralized exchanges on CoinGecko, considering factors like web traffic by country, supported languages, headquarters location, and trading time zones. Binance leads the market in over 100 countries with a trading volume of $2.77 trillion.
🚨Global crypto trading volume is forecasted to exceed $108 trillion in 2024, with Europe leading in transaction value.
Binance maintains its position as the leading global exchange. #cryptonewstoday pic.twitter.com/MTslj3Qape
— Ether Adventurer (@tokentraverrse) July 12, 2024
Other major exchanges include OKX, operating in 93 countries with a trading volume of $759 billion, and Cex.io, with a trading volume of $1.83 billion in 92 countries. Coinbase and Bybit also command significant market shares, operating in 90 and 87 countries with trading volumes of $662 billion and $1.14 trillion, respectively.
Future Implications and Recent Market Dynamics
Bitcoin oscillated between $60,800 and $71,700 throughout June. Source: TradingView
Looking toward the future, recent market trends offer insights into where the industry is heading. CoinEx Research’s latest report highlights Bitcoin’s recent range-bound trading behavior and steady ETF inflows totaling approximately $666 million in June. This consolidation phase suggests a maturing market amid global economic uncertainties.
The anticipation of Ethereum’s ETF approval drives market sentiment, despite declining gas prices and on-chain activity. The launch of layer-2 solutions like ZKSync and Blast aims to address Ethereum’s scalability issues, critical for its long-term viability. Solana’s recovery after a brief dip below $138, bolstered by VanEck’s filing for the first spot Solana ETF, shows the market’s responsiveness to institutional interest. These developments, along with projected increases in global trading volume, paint a picture of a rapidly evolving market.
