Markets
Europe conquers the cryptocurrency market: $100 trillion at stake!
7:01 AM ▪ 3 min read ▪ by Eddy S.
The cryptocurrency market is booming, and the predictions for 2024 are impressive. According to a recent study, global cryptocurrency transaction volume is expected to surpass $108 trillion by the end of 2024. This dramatic increase, nearly 90% higher than 2022 levels, highlights the growing influence of digital assets in global finance.
Crypto: Europe leads with 37.32% of global transactions!
Europe is at the forefront of this growth, accounting for 37.32% of global cryptocurrency transactions. This European dominance is attributed to a proactive regulatory approach. The regulation on The Markets in Crypto-Assets (MiCA) Agreement, launched in 2020 and signed in 2023, has provided a clear framework for businesses and investors, fostering an environment conducive to innovation and adoption of cryptocurrencies. As a result, transaction volumes in Europe are expected to reach $40.5 trillion in 2024! This is a 270% increase from $15 trillion in 2022.
The growing interest of financial institutions in crypto is another key factor in this growth. Exchange-traded funds (ETF) and other crypto-linked financial products are increasingly attracting institutional investors. This, in turn, is further increasing transaction volumes.
A sign of exchange rate efficiency?
Technological advancements also play a crucial role. Cryptocurrency exchanges such as Binance, OKX, and Coinbase continue to improve their infrastructures to offer faster and more secure transactions. Binance, in particular, dominates the market with a trading volume of $2.77 trillion, operating in over 100 countries.
The forecast of a crypto transaction volume of $108 trillion by 2024 reflects the growing adoption and increased trust in digital assets. Europe, with its progressive regulations and your environment The innovation-friendly cryptocurrency market is in a prime position to lead this growth. Financial institutions and technological advancements will continue to play a central role in this expansion, marking a new era for the cryptocurrency market.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, there is nothing better than writing informative and light-hearted articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author and should not be taken as investment advice. Please do your own research before making any investment decisions.