The cryptocurrency market is set for a massive surge. According to a recent study by CoinWire, the total trading volume in the crypto industry is expected to exceed an incredible $108 trillion by the end of 2024. This projection represents a staggering 90% increase compared to 2022.
The U.S.: Dominating Trading Volume
The United States is predicted to lead in terms of trading volume, surpassing the $2 trillion mark for the year. This solidifies the U.S. as a central hub for cryptocurrency trading, thanks to a robust ecosystem of exchanges and active traders.
Europe: At the Forefront of Transaction Value
While the U.S. may lead in trading volume, Europe is the front-runner when it comes to global cryptocurrency transaction value, commanding a significant 37.32% share. Europe’s edge comes from its proactive approach to cryptocurrency regulations, which offer clear guidelines and stability to the market.
Regulatory Milestones in Europe
Europe has been setting the pace with comprehensive regulations to shape its cryptocurrency landscape. The European Union’s Markets in Crypto-Assets Regulation (MiCA) is a landmark framework that partially took effect on June 30, focusing initially on stablecoins. Further regulations targeting crypto asset service providers are slated for December. This regulatory framework, in development since 2020, marks the EU’s first uniform set of market rules for crypto assets.
Europe’s Trading Volume Projections
The study anticipates Europe’s cryptocurrency trading volume will reach $40.5 trillion in 2024, up from $15 trillion in 2022. This impressive 2.7-fold growth highlights Europe’s accelerating influence in the global crypto market.
Asia: A Major Player
Asia is the second-largest market in terms of cryptocurrency transaction value, holding 36.17% of the global share. The region’s swift adoption of digital assets and substantial investments in blockchain technology are key drivers behind this growth.
Popularity of Exchanges and Market Dynamics
The study evaluated centralized exchanges with trust scores higher than six on CoinGecko, considering factors such as web traffic, supported languages, headquarters locations, and trading time zones. Binance emerged as the top exchange, boasting a trading volume of $2.77 trillion and a presence in over 100 countries. Binance.US also holds a significant position, with a trading volume of $3.9 billion.
OKX and Cex.io are also major players, operating in 93 and 92 countries respectively, with trading volumes of $759 billion and $1.83 billion. Coinbase and Bybit are noteworthy as well, active in 90 and 87 countries, with trading volumes of $662 billion and $1.14 trillion respectively.
Looking Ahead
The projected surge in global crypto trading volume to over $108 trillion by 2024 signifies a significant growth phase for the cryptocurrency industry. With Europe leading in transaction value and establishing strong regulatory foundations, the region is set to play a pivotal role in the future of the market. As leading exchanges like Binance, OKX, and Cex.io continue to expand their reach, the future of cryptocurrency trading looks bright and dynamic.
