The world of cryptocurrencies is witnessing unprecedented growth, and Europe is at the forefront of this revolution. According to a recent CoinWire study, Europe is well-positioned to become a powerhouse in crypto trading volume, with significant implications for the global market.
Don't miss out on more posts like this—subscribe now!
Global Crypto Trading Volume Forecast
The study projects that global crypto trading volume will surpass a staggering $108 trillion by the end of 2024. This estimate represents a remarkable 90% increase from 2022 levels, signaling explosive growth in the crypto trading industry. While the United States is expected to lead in terms of individual country trading volume (projected to exceed $2 trillion in 2024), Europe emerges as a dominant force in global cryptocurrency trading.
Europe’s Leading Role
Europe currently accounts for 37.32% of global cryptocurrency transactions. By 2024, its trading volume is projected to reach an impressive $40.5 trillion—a substantial 270% increase from its $15 trillion volume in 2022. What factors contribute to Europe’s rise in crypto trading?
- Proactive Regulation: Europe has taken a proactive approach to cryptocurrency regulation. The landmark Markets in Crypto-Assets Regulation (MiCA), launched in 2020 and signed into law by EU officials in October 2023, provides clear guidelines for the industry. Additional regulations for crypto asset service providers are set to be implemented, solidifying the EU’s position as a leader in crypto regulation.
- Strong Exchange Presence: Binance, the world’s leading exchange, operates in over 100 countries and boasts a trading volume of $2.77 trillion. Other major exchanges like OKX, Cex.io, Coinbase, and Bybit also maintain a strong global presence.
Asia’s Close Pursuit
Asia closely follows Europe, accounting for 36.17% of global cryptocurrency transactions. The study analyzed top centralized exchanges based on factors such as web traffic, supported languages, headquarters location, and trading time zones.
As Europe continues to shape the crypto landscape, its dominance in trading volume underscores the region’s commitment to innovation and regulation.