A new study by CoinWire predicts a massive surge in global cryptocurrency trading. The volume is expected to exceed $108 trillion by the end of 2024, and that would be a nearly 90% increase from 2022 levels, which is absolutely astounding.
CoinWire's methodology involved analyzing centralized exchanges (CEX) on Coingecko. They focused on platforms with trust scores above 6. The study also factored in web traffic by country, peak trading timezones, and CEX headquarters locations.
While the US leads in single-country trading volume, Europe takes the cake regionally. The Old Continent commands 37.32% of the global market. Asia follows closely at 36.17%.
Europe's dominance isn't a fluke. CoinWire attributes it to the region's "progressive" approach to crypto regulation. European lawmakers have been busy bees, developing comprehensive policies to support fintech innovation.
These regulations aren't just red tape. They're providing a structured trading environment for exchanges and traders. As CoinWire puts it, "Europe is a hub for crypto innovation and investment due to progressive regulatory frameworks and a tech-savvy populace."
The numbers are eye-popping. Europe's crypto trading volume is projected to hit $40.5 trillion by 2024. That's a 2.7x increase from last year's $15 trillion. Talk about a growth spurt.
CoinWire explains this boom: "This significant growth emphasizes Europe's growing influence in the global crypto market, which is due to a strong financial infrastructure, progressive regulations, and rising adoption of digital assets."
When it comes to exchanges, Binance is still the big kahuna. It boasts a whopping $2.77 trillion in trading volume. The exchange has its tentacles in over 100 countries, showing its massive reach.
OKX and Cex.io are also major players. They've got a strong presence across numerous countries and contribute significantly to global trading volume.
On the flip side, Coinbase and Bybit serve fewer countries. But don't count them out. They've still managed to rack up $662 billion and over $1.14 trillion in trading volume, respectively. Not too shabby for the underdogs.