- Global crypto trading volume is projected to exceed $108 trillion in 2024.
- This surge in trading volume would be driven primarily by Europe and Asia.
- Africa and South America see rapid growth, whereas North America’s trading volume is declining.
A recent study by CoinWire has revealed that the global cryptocurrency trading volume is expected to exceed $108 trillion in 2024, a staggering 90% increase from the figure obtained in 2022. This trading volume would be driven primarily by Europe and Asia , which are leading the charge in the adoption and growth of crypto assets.
Notably, the global crypto market has expanded by 89% over the past three years. Europe and Asia are anticipated to lead the global trading activities this year. Presently, Europe accounts for 37.32% of global crypto transaction value, making the region the leader in the global crypto market.
The report noted that Europe’s crypto trading volume could reach $40.5 trillion in 2024, a 270% increase from $15 trillion in 2022. Asia contributes 36.17% to the world’s cryptocurrency transaction value and is expected to attain a trading volume of $39.3 trillion in 2024.
Moreover, the study disclosed that Africa is also experiencing a remarkable surge in crypto trading growth, with 2024 volumes expected to be five times higher than in 2022. In particular, Africa is on track to record $10.8 trillion trading volume this year compared to $2.7 trillion in 2023.
Likewise, South America has witnessed over 300% crypto trading boom in just three years. Estimations suggest trading volumes of $7.82 trillion this year compared to $2.29 trillion in 2022 and $3.03 trillion in 2023.
In contrast, North America is the only continent where crypto trading volume has declined over the past three years. After reaching a peak of $13.6 trillion in 2023, the trading volume had already decreased from $10.3 trillion in 2022 and is now projected to plummet further to $7.7 trillion in 2024. This downward trend in North America’s crypto trading volume suggests a shift in market dynamics, potentially driven by stricter regulations.
Meanwhile, by individual country, the U.S. has the highest estimated crypto trading volume in 2024, projected to surpass $2 trillion. Turkey and India follow closely, with both countries set to witness trading volumes exceeding $1 trillion this year.
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