Markets
Cryptocurrency trading volume to surpass $108 trillion by 2024, led by Europe, study says – DL News
- Study says Europe will account for 37% of global cryptocurrency transaction value by 2024.
- Asia is expected to follow closely behind with 36%.
- Study cites Europe’s progressive regulatory framework.
The global cryptocurrency industry’s trading volume will surpass $108 trillion by the end of 2024, up 90% from 2022, according to a to study per CoinWire.
Europe will emerge as the leading region, accounting for 37% of the global value of cryptocurrency transactions this year, the study predicts.
Trading volume in Europe in 2024 is expected to reach $40.5 trillion, a 270% increase from the $15 trillion volume in 2022.
The estimated volume for 2023 was almost US$ 19.9 trillion.
This projected growth underscores Europe’s growing influence in the global cryptocurrency market, amid a strong financial infrastructure, growing adoption of digital assets, and a progressive regulatory framework.
The stablecoin rules of the EU crypto markets regulations came into force last month, DL News reportedwith regulations for crypto asset service providers to be implemented in December.
Just behind Europe, Asia came in second in the study, contributing 36% of the world’s cryptocurrency transaction value and is expected to reach $39.3 trillion by the end of the year.
Asia was followed by Africa with $10.8 trillion, South America with $7.8 trillion and North America with $7.7 trillion in estimated trading volume for 2024.
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The study examined centralized exchanges on CoinGecko with trust scores greater than 6 and took into account web traffic by country, peak trading time zones, supported languages, and headquarters locations to calculate trading volume by country.
Cryptocurrency Market Movers
- Bitcoin is up 3.36% today to $60,070.15.
- Ethereum is up 1.76% today to $3,194.02.