Europe to Lead as Crypto Trading Hits $108T in 2024

In 2024, the global crypto trading volume is expected to surpass $108T, with Europe dominating the region and Binance being the most dominant exchange worldwide.

According to a study conducted by CoinWire, the industry trading volume is expected to surpass $108 trillion by the end of 2024, indicating that global crypto trading is only just beginning to gain momentum.

The study demonstrated that the end-of-year estimate is 90% higher than in 2022. The United States is expected to have the highest projected crypto trading volume for the year, eclipsing $2 trillion.

Europe leading the pack

Europe is the market leader in global cryptocurrency transaction value, accounting for 37.32%, even though the United States may be the leader in crypto trading volume.

One of the most proactive regions in the globe in terms of defining its cryptocurrency industry through regulations is Europe. The purpose of these regulations is to facilitate lawmakers’ comprehension of financial technology and to offer traders and exchanges plain guidelines for navigating the market.

Stablecoins were the primary focus of the European Union’s groundbreaking Markets in Crypto-Assets (MiCA) Regulation, which commenced the implementation of its initial set of regulations on June 30. Additional rules for crypto asset service providers are anticipated to be implemented in December.

This legislation is the first to establish uniform market regulations for crypto assets within the EU on the continent. It has been anticipated since its proposal in September 2020.

The survey anticipates that the volume of cryptocurrency transactions in Europe will reach $40.5 trillion in 2024, a 2.7-fold increase from the $15 trillion recorded in 2022.

Asia accounts for 36.17% of the global cryptocurrency transaction value, placing it second.

Popularity exchange

Based on web traffic by country, supported languages, headquarters location, and trading time zones, the study’s conclusions were drawn by examining centralized exchanges (CEX) with trust scores greater than six on CoinGecko.

Another discovery indicated that Binance is the dominant player in the crypto exchange market in more than 100 countries worldwide, with a trading volume of $2.77 trillion. In the same number of countries, Binance.US was also preeminent, albeit with a lower trading volume of $3.9 billion.

Binance Sells Majority Stake in GopaxAccording to the study, Binance is the most “widely used” exchange worldwide. The exchange commemorated its seventh anniversary and the achievement of 200 million consumers worldwide on July 5.

OKX and CEX.IO, prominent in 93 and 92 countries, respectively, have trading volumes of $759 billion and $1.83 billion, following Binance.

Coinbase and Bybit are active in 90 and 87 countries, respectively, with trading volumes of $662 billion and $1.14 trillion.