The global cryptocurrency market has experienced remarkable growth in recent years, reflecting its widespread acceptance and adoption. An analysis conducted by Coinwire, which examined data from 136 countries, aimed to estimate each country’s cryptocurrency trading volume considering factors such as web traffic, website language, headquarters location, and trading time zones. This comprehensive study offers insightful details about the major players in the cryptocurrency market.
What Distinguishes Turkey in the Report?
Coinwire’s study began by compiling a list of centralized exchanges (CEX) with a trust score above 6 from CoinGecko. The approach to estimating trading volume included evaluating factors like web traffic by country, supported languages, headquarters location, and trading time zones. The findings highlight that global cryptocurrency trading volume is expected to surpass $108 trillion by 2024, marking a 90% rise compared to 2022. The United States leads with an estimated trading volume exceeding $2 trillion in 2024, while Europe holds the largest share of the global market.
Why Europe Leads the Cryptocurrency Market?
Europe has emerged as the leading market for cryptocurrency trading, accounting for 37.32% of the global volume. The region’s progressive regulatory environment and a tech-savvy population have spurred this growth. Asia follows closely, contributing 36.17% to the global trading volume. Europe’s trading volume is projected to reach $40.5 trillion in 2024, driven by a robust financial infrastructure and supportive regulations. Notably, Russia and the United Kingdom are the top contributors within Europe.
Key Takeaways from the Report
Significant Insights:
- Global cryptocurrency trading volume is forecasted to exceed $108 trillion by 2024.
- Europe dominates with 37.32% of the global trading volume.
- Russia and the United Kingdom are Europe’s top cryptocurrency markets.
- Slovenia leads in per capita cryptocurrency spending, with an average of $2,609 per month.
- Binance remains the leading cryptocurrency exchange with a trading volume of $2.77 trillion.
Slovenia showcases strong confidence in cryptocurrencies with the highest per capita monthly spending. Meanwhile, Ukraine’s economic instability has led citizens to rely on cryptocurrencies as an alternative to fiat currency, underscoring the practical utility of digital assets. Binance dominates the exchange market with significant trading volumes, followed by other major exchanges such as OKX, CEX.IO, Coinbase, and Bybit.
The report underscores the rapid evolution of the global cryptocurrency market and highlights the increasing influence of specific regions and exchanges. This growth trajectory indicates a strong future for digital currencies.
