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The global crypto trading volume is expected to exceed $108 trillion by 2024.
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The surge in trading volume is primarily driven by Europe and Asia.
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Africa, South America and the Caribbean are experiencing rapid growth. North America is seeing a decline in its trading volume.
CoinWire, in a recent study, revealed that the global cryptocurrency trade volume is expected to surpass $108 trillion by 2024. This represents a 90% increase over the figure achieved in 2022. This trading volume will be driven by Europe and Asia which are leading in the adoption and development of crypto assets.
The global crypto market has grown by 89% in the last three years. This year, Europe and Asia will likely lead global trading. Currently, Europe accounts 37.32% of the global crypto transaction value. This makes the region the leader of the global crypto market.
The report stated that Europe’s crypto-trading volume could reach $40,5 trillion in 2024. This is a 270% rise from $15 trillion in 2020. Asia accounts for 36.17% of the global cryptocurrency transaction value, and is expected to reach a trading volume worth $39.3 trillion by 2024.
The study also revealed that Africa is experiencing a significant surge in crypto trading, with volumes in 2024 expected to be five-times higher than those in 2022. Africa, in particular, is on track to reach $10.8 trillion in trading volume this year as opposed to $2.7 trillion last year.
South America, too, has seen a crypto-trading boom of over 300% in just three short years. Trading volumes are estimated to be $7.82 trillion, compared with $2.29 trillion for 2022 and $3.03 billion for 2023.
North America, on the other hand, is the only continent whose crypto trading volume has decreased over the last three years. After reaching a high of $13.6 trillion by 2023, trading volume has already dropped from $10.3 trillion to $7.7 billion in 2024. This downward trend in North America’s crypto trading volume could be due to a change in market dynamics.
The U.S. is projected to have the highest crypto trading volume by 2024, surpassing $2 trillion. Turkey and India are close behind, with both countries expected to see trading volumes surpassing $1 trillion this year.
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