Global Crypto Trading Growth
Over the last three years, global crypto trading volume increased by 89%. In 2024, it is expected to reach $108.6 trillion. CoinWire analyzed web traffic of leading crypto exchanges and provided a geographic breakdown.
Europe Surpasses Asia
In 2024, Europe will narrowly surpass Asia with a trading volume of $40.5 trillion, accounting for 37.3% of the global market. This represents a doubling from last year, driven by efforts to create regulatory frameworks and integrate cryptocurrencies into the traditional financial system.
Russia Takes the Lead in Europe
Russia will lead Europe with a trading volume of $634 billion. The country’s demand for high-yield investment assets and a hedge against currency devaluation are key factors. Bitcoin to ruble value tripled to 5.7 million rubles over the past 18 months.
UK Follows Closely
The United Kingdom will rank second in Europe with a trading volume of $625 billion.
North America’s Decline
North America, led by the United States, will see a 43% decline in trading volume to $7.7 trillion. Regulatory efforts, particularly by the SEC, to limit digital asset spread are primary reasons. Consequently, North America will rank fourth, just above Oceania.
US Remains a Global Leader
The US will maintain its global leadership with a trading volume of $2.1 trillion. Turkey and India will follow with $1.4 trillion and $1.1 trillion, respectively. Turkey will significantly outperform the US in crypto trading per user: $1,352 versus $507.
Inflation Drives Turkey’s Crypto Trading
Turkey’s high inflation rate, which reached 72% in June, drives citizens to convert their money into stablecoins or Bitcoin.
Africa’s Rapid Growth
Africa will be the fastest-growing region, with crypto trading volume quadrupling to $10.8 trillion. Nigeria will lead the continent with a trading volume of $245 billion.
