Crypto Market to Hit $108 Trillion, Europe Leads

CoinWire’s recent research indicates that the global cryptocurrency trading volume will experience a substantial increase, surpassing $108 trillion by the conclusion of 2024

This figure is nearly 90% higher than the trading volumes observed in 2022, indicating that a significant potential increase in crypto transactions worldwide is imminent.

The study was conducted by compiling a list of centralized exchanges (CEX) on Coingecko with trust scores exceeding six, as reported by CoinWire.

CoinWire also disclosed that it acquired additional data, including “web traffic by country of every CEX, peak trading timezone of every country, supported languages of every CEX, and headquarters of every CEX.”

Europe is the leader in projected volume.
The United States is presently the world’s largest crypto trading nation in terms of single-country trading volume, according to the CoinWire report. Nevertheless, Europe is the leading region in cumulative cryptocurrency transaction value, with a 37.32% global market share.

Conversely, Asia accounts for 36.17% of the global digital currency transaction value, placing it in second place, closely following Europe. This underscores the importance of geographic diversity and overall growth.

According to CoinWire, Europe’s “progressive” approach to crypto regulation is likely the reason for its dominance in the global market volume.

European legislators have been at the forefront of the effort to create a comprehensive policy that promotes innovation within fintech and provides some definition of fintech and stability in the market.

These regulations are indispensable, as they are instrumental in establishing a structured trading environment for exchanges and merchants in the crypto space in the region. CoinWire made the following observation:

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

The CoinWire report predicts that Europe will experience the highest percentage of crypto trading volume growth, totaling $40.5 trillion by 2024. This represents a substantial increase from the $15 trillion it had last year, which represents a 2.7-fold increase. CoinWire made an addition:

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.

What is the level of popularity of these exchanges?
Additionally, the report indicates that Binance remains the world’s largest crypto exchange, with a global trading volume of $2.77 trillion. It is important to note that Binance has a presence in more than 100 countries, indicative of its significant reach and widespread adoption within the digital currency trading community.

OKX and Cex.io are two key players with a substantial presence in numerous countries and substantially contribute to the global trading volume.

Conversely, exchanges such as Coinbase and Bybit have served fewer countries but have generated trading volumes of over $1.14 trillion and $662 billion, respectively.