According to analysts’ forecasts, the volume of cryptocurrency trading will reach $108 trillion by the end of this year. The bulk of transactions with digital assets will be made in Europe and Asia. However, the U.S. remains the leader in the global value of crypto transactions among countries.
According to CoinWire research, global crypto trading volume will exceed $108 trillion by late 2024, which is 42% higher than in 2023 and almost twice as much as in 2022.
Analysts predict that the leading regions in terms of cryptocurrency trading volume this year will be Europe and Asia, accounting for 37.32% and 36.16% of the global value of digital asset transactions, respectively.
It’s expected that the volume of crypto trading in Europe by the end of 2024 will reach $40.5 trillion. For comparison, in 2023, the same indicator was twice lower — $19.9 trillion, and in 2022, it was only $15 trillion. Analysts believe the catalyst for the growth of user activity in the region is the work of the authorities over the regulatory framework for cryptocurrencies and transactions with digital assets. By the end of this year, the MiCA bill will come into force in the EU.
Among the most active countries in Europe in terms of crypto trading volume, analysts singled out:
- Russia ($633 billion);
- The U.K. ($624 billion);
- Ukraine ($441 billion);
- France ($327 billion);
- Germany ($323 billion);
- The Netherlands ($298 billion).
According to CoinWire, Asia, the leader in digital asset trading volume for the past several years, will take second place. Analysts predict that by late 2024, the volume of cryptocurrency transactions in Asia will grow by only 8% to $39.3 trillion. In 2023, the volume of crypto trading in the region was $35.8 trillion, and in 2022 — $27.1 trillion.
Among the most active countries in Asia, analysts highlight:
- Turkey, where trading volume could exceed $1.3 trillion in 2024;
- India, where trading volume is expected to grow to $1 trillion;
- Singapore, with each crypto user averaging $2,681 worth of digital asset transactions, a record in the region.
Analysts also noted that Africa has the highest growth in digital asset trading volume in 2024. Crypto transactions in the region are expected to reach $10.8 trillion by the end of this year, with the same figure in Africa not exceeding $2.6 trillion in 2023 and $2 trillion a year earlier. The region’s growth is triggered by the activity of crypto users from Nigeria and South Africa, who generate transactions with cryptocurrencies worth $244 billion and $91 billion, respectively.
Alliance analysts recently revealed that Africa, Asia, and Europe are the preferred regions for crypto startups.
As for individual countries, the leader in terms of cryptocurrency trading volume in 2024 remains the United States. CoinWire analysts claim that Americans will manage to transact more than $2 trillion worth of digital assets this year. At the same time, North America in 2024, according to analysts, will be the only region whose trading volume indicators will decrease. Thus, in 2023, North American users made transactions with digital assets worth $13.6 trillion, and in the current year, analysts predict no more than $7.7 trillion.
The study also showed that among cryptocurrency exchanges the leader in the current year remains Binance. Thus, the cryptocurrency exchange is available in more than 100 countries and has a trading volume of more than $2.77 trillion. It is noteworthy that despite the legal proceedings in the United States, the cryptocurrency exchange Binance.US also remains available in more than 100 countries, but its trading volume is only $3.9 billion. The trading volume of about $2.7 trillion includes cryptocurrency exchanges CEX.IO and Bybit, but they’re available only in 92 and 87 countries, respectively. Recall, in July this year, the number of users of Binance reached 200 million.
