Global crypto trading is just beginning to take off, according to research from CoinWire, which predicts the industry’s trading volume will exceed $108 trillion by the end of 2024.
Estimate comes out higher than in 2022
The research revealed that the estimate for the end of the year is 90% higher than in 2022. The United States leads with the highest expected crypto trading volume for the year, exceeding $2 trillion.
While the US may lead in crypto trading volume, Europe leads the market in global cryptocurrency transaction value, accounting for 37.32%.
Europe as one of the most proactive regions
Europe is one of the most proactive regions in the world when it comes to defining its cryptocurrency industry through regulation. These regulations are designed to help legislators understand financial technology and provide traders and exchanges with clear guidelines for navigating the market.
The European Union’s groundbreaking Markets in Crypto-Assets Regulation partially went into effect on June 30, with a focus on stablecoins. Additional regulations for crypto-asset service providers will come into effect in December.
This legislative framework, in the works since 2020, is the EU’s first set of uniform market rules for crypto assets.
The research expects European cryptocurrency trading volume to reach $40.5 trillion in 2024, a 2.7-fold increase from $15 trillion in 2022.
Asia ranks second with 36.17% of global cryptocurrency transaction value.
Conclusions of the research
The conclusions drawn in the research are based on the analysis of centralized exchanges with trust scores higher than six on CoinGecko, based on web traffic by country, supported languages, headquarters location, and trading time zones.
Another finding revealed that Binance dominates in over 100 countries worldwide in the crypto exchange market, with a trading volume of $2.77 trillion. Binance.US was also dominant in the same number of countries, although it has a lower trading volume of $3.9 billion.
According to the research, this makes Binance the most “widely used” exchange in the world. On July 5, the exchange celebrated its seventh anniversary and the milestone of reaching 200 million users worldwide.
Following Binance are OKX and Cex.io, with a presence in 93 and 92 countries respectively and trading volumes of $759 billion and $1.83 billion.
Coinbase and Bybit operate in 90 and 87 countries respectively and their trading volumes are $662 billion and $1.14 trillion.
Source: https://newsbit.nl/wereldwijde-cryptohandel-verwacht-enorme-groei-in-2024/
