Key points
- The global cryptocurrency trading volume is estimated to exceed $108 trillion by 2024, up 90% from 2022.
- Europe leads the value of global crypto transactions with 37.32%, followed by Asia with 36.17%.
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According to a Coinwire report, the global cryptocurrency trading volume in 2024 is estimated to exceed $108 trillion, up nearly 90% from 2022. The United States ranks first in terms of the largest estimated cryptocurrency trading volume in 2024, exceeding $2 trillion.
Cryptocurrency trading volume has increased by 42% since 2023 and the market has expanded by 89% over the past three years. This growth reflects the growing acceptance and adoption of digital assets around the world, the report noted.
Europe is the leader in cryptocurrency trading, accounting for 37.32% of global transaction value, with Russia and the UK accounting for the largest volumes in the region. Turkey and India rank second and third globally respectively, with both countries boasting trading volumes exceeding $1 trillion.
Asia ranks second in terms of global crypto transaction value, contributing 36.17%. The region’s rapid adoption is attributed to high mobile penetration, a robust technology infrastructure, and growing institutional interest.
Binance maintains its position as the most used cryptocurrency exchange platform, dominating in 100 out of 136 countries. The platform reported a trading volume of $2.77 trillion, significantly outperforming its competitors.
Other major exchanges include OKX and CEX.IO, which lead in 93 and 92 countries respectively, with trading volumes of $759 billion and $1.83 billion. They are followed by Coinbase Exchange and Bybit, which dominate in 90 and 87 countries, with volumes of $662 billion and $1.14 trillion respectively.
These figures highlight the competitive landscape of cryptocurrency exchanges and the growing importance of digital assets in the global financial system.
Earlier this year, cryptocurrency funds reached a record trading volume of $30 billion, predominantly influenced by US spot bitcoin ETFs.
Last month, bitcoin's value surpassed $67,000, approaching silver's market cap of $1.38 trillion, with significant contributions from Ether and BlackRock's bitcoin ETF.
Recently, one economist analyzed how AI investments could generate moderate returns in the cryptocurrency sector, but highlighted a potential $20 trillion economic boost from combining AI and cryptocurrencies by 2030.
Earlier this month, transaction volume for the top three stablecoins surpassed Visa’s 2023 monthly average of $1.2 trillion, underscoring the growing prominence of stablecoins.
Crypto Briefing reported that despite the collapse of FTX and regulatory hurdles, centralized exchanges dominated the $36 trillion cryptocurrency trading volume by 2023, driven by optimism over US Bitcoin ETFs.
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