Markets
Global Cryptocurrency Trading Volume Expected to Surpass $108 Trillion by 2024, with Europe Leading with 37.32%
Global cryptocurrency trading volume is expected to surpass $108 trillion this year, an increase of nearly 90% from 2022, as reported by CoinWire.
Europe has taken the lead in this growing market, accounting for 37.32% of the total crypto transaction value, and is expected to see a 2.7x increase this year from 2022.
Russia Dominates Europe in Cryptocurrency Trading
According to a report shared with CryptoPotato, Europe’s advanced regulatory frameworks and tech-savvy population are fostering an environment conducive to innovation and investment in cryptocurrencies. Such conditions could propel Europe’s cryptocurrency trading volume to $40.5 trillion by 2024, an estimated 2.7x increase from $15 trillion in 2022.
This growth highlighted Europe’s growing influence in the global cryptocurrency market, driven by strong financial infrastructure, progressive regulations and increasing adoption of digital assets.
CoinWire’s report further revealed that Russia London is the European leader in cryptocurrency trading, ranking among the top five globally with a trading volume exceeding $633 billion. The United Kingdom follows closely with over $624 billion, making it the second-largest market in Europe and the sixth-largest in the world. London is recognized as a crypto-ready city due to its advanced financial services and favorable government policies.
At the same time, Slovenia records the highest monthly spending on cryptocurrencies per capita, with an average of $2,609, which is more than 3.46 times the monthly rent, indicating strong confidence in digital assets.
In UkraineCrypto is a vital alternative to fiat currency, with citizens spending nearly three times their monthly rent on crypto, or about 2.58 times their monthly salary, demonstrating its practical utility in preserving value.
North America: the only continent whose volume is decreasing
Asia is closely following Europe. CoinWire suggests that cryptocurrency trading volume in Asia is expected to reach $39.3 trillion in 2024, up from $27.1 trillion in 2022, driven by growing adoption and favorable market conditions.
Furthermore, Africa’s trade volumes are expected to reach $10.8 trillion in 2024, up from $2 trillion in 2022 and $2.7 trillion in 2023, with Nigeria and South Africa leading the growth.
The volume of cryptocurrency trading in South America is expected to reach $7.82 trillion in 2024, a significant increase from $2.29 trillion in 2022 and $3.03 trillion in 2023, representing a 3.42-fold increase over three years.
In contrast, North America is seeing a decline in cryptocurrency trading volume. After peaking at $13.6 trillion in 2023, volume is expected to drop to $7.7 trillion in 2024, from $10.3 trillion in 2022. This decline suggests a change in market dynamics, potentially due to tighter regulation or market maturity.