Study Indicates European-Led Crypto Trading Volume to Surpass $108 Trillion by 2024 – DL News
- A research report indicates Europe will represent 37% of the global cryptocurrency transaction value by 2024.
- Close behind is Asia, expected to account for 36% of the market share.
- The report highlights Europe’s advanced and favorable regulatory environment.
A report published by CoinWire forecasts that the worldwide trading volume in the cryptocurrency industry will surpass $108 trillion by the end of 2024, exhibiting a 90% uptick from figures recorded in 2022.
Europe is anticipated to be at the forefront of this growth, responsible for 37% of the international cryptocurrency transaction value within 2024, as predicted in the study.
Trading figures in Europe for the year 2024 are projected to reach a staggering $40.5 trillion, which is nearly a 270% upsurge from the $15 trillion volume documented in 2022.
The trading projection for Europe in 2023 nearly touched $19.9 trillion.
The predicted increase is a testament to Europe’s expanding role in the world cryptocurrency marketplace, supported by a robust financial infrastructure, a surge in digital asset adoption, and forward-thinking regulatory practices.
DL News reported that the EU Markets in Crypto-Assets (MiCA) legislation, specifically rules for stablecoins, became effective last month. Furthermore, rules for crypto-asset service providers are slated for implementation come December.
Following Europe, Asia is the runner-up in the rankings, likely contributing 36% to the total global cryptocurrency transaction value, projecting an estimated $39.3 trillion by year-end.
In order of trading volume by 2024, Asia is trailed by Africa with $10.8 trillion, South America with $7.8 trillion, and North America with $7.7 trillion.
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The study sampled centralised exchanges listed on CoinGecko with trust scores above 6 and utilized parameters such as country-specific web traffic, peak trading timezones, language support, and exchange headquarters locations to determine country-specific trading volumes.
Highlights in the Crypto Market
- Today’s market sees Bitcoin climbing to $60,070.15, which is a 3.36% increase.
- Ethereum’s value rose by 1.76%, reaching $3,194.02 today.
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