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According to a study released by CoinWire, the global cryptocurrency trading volume will see a notable increase, boosting it to over $108 trillion before the end of 2024.
This figure is almost 90% higher than the trading volumes seen in 2022, signaling that a major potential increase in crypto transactions worldwide is on the horizon.
According to CoinWire, the study was compiled by gathering a list of centralized exchanges (CEX) on Coingecko with trust scores greater than 6.
CoinWire also disclosed that it collected other data such as “web traffic by country of every CEX, peak trading timezone of every country, supported languages of every CEX, and headquarters of every CEX.”
Projected Volume and Europe Taking the Lead
The report from CoinWire revealed that the US is currently the world’s largest crypto trading nation in terms of single-country trading volume. However, Europe, as a region, stands out as the leader in cumulative cryptocurrency transaction value, commanding 37.32% of the global market.
On the other hand, Asia comes in with 36.17% of the world’s digital currency transaction value, which puts it closely behind Europe in second place, highlighting geographic diversity and general growth.
This global market volume dominated by Europe can likely be attributed to their “progressive” approach to crypto regulation, according to CoinWire.
The legislators on the European continent have been leading the way so far, working heavily to develop a comprehensive policy that provides some definition and stability in the market and supports innovation within fintech.
These regulations are essential, as they play an important role in guiding exchanges and traders within the crypto space in the region to have a structured trading environment. CoinWire particularly noted:
Europe is a hub for crypto innovation and investment due to progressive regulatory frameworks and a tech-savvy populace.
In the CoinWire report, Europe is forecasted to see the largest share during the crypto trading volume boom, reaching $40.5 trillion by 2024 – a significant gain on its $15 trillion from just last year (an increase of 2.7 times). CoinWire added:
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.
How Popular Are These Exchanges?
Furthermore, according to the report, Binance still leads the world in global trading volume as a goliath within the crypto exchange sector, boasting $2.77 trillion traded. Notably, Binance has a footprint in over 100 countries reflecting its big reach and adoption within the digital currency-trading community.
Other major players include OKX and Cex.io, each maintaining a strong presence across numerous countries and contributing significantly to the global trading volume.
In contrast, exchanges like Coinbase and Bybit have served fewer countries but still managed $662 billion and over $1.14 trillion in trading volume, respectively.
Featured image created with DALL-E, Chart from TradingView
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