As a seasoned crypto investor with a keen interest in market trends and regulations, I find the CoinWire report on the projected increase in global cryptocurrency trading volume truly intriguing. With over a decade of experience in this dynamic industry, I’ve witnessed firsthand the ebbs and flows of the market and the transformative potential it holds.
Based on a report published by CoinWire, there is an expectation that the worldwide cryptocurrency trading volume will experience substantial growth, surpassing $108 trillion by the close of 2024.
As a researcher studying cryptocurrency market trends, I’ve discovered an intriguing finding: The current trading volume is nearly double the one recorded in 2022. This significant surge indicates a strong possibility of a substantial rise in global crypto transactions in the near future.
Based on CoinWire’s report, the study was put together by collecting a list of centralized exchanges (CEX) from Coingecko that had trust scores above 6.
CoinWire revealed that they gathered additional information including “the amount of web traffic for each CEX from different countries, the busiest trading hours in every nation, the languages supported by each exchange, and the locations of their headquarter offices.”
Projected Volume and Europe Taking the Lead
CoinWire’s report uncovered that among individual countries, the US holds the top spot for crypto trading volume. Yet, Europe as a whole takes the lead in total cryptocurrency transaction value, accounting for a significant 37.32% of the global market.
I. As a market analysis expert, I’d like to point out an intriguing fact: Asia accounts for approximately 36.17% of global digital currency transaction value. This figure places Asia in the second position, just behind Europe. This observation underlines the geographic diversity within this dynamic industry and underscores its overall growth.
According to CoinWire, the significant share of the global crypto market can be largely explained by Europe’s forward-thinking regulatory stance towards cryptocurrencies.
European lawmakers have taken the forefront in shaping the landscape, putting significant effort into creating a well-defined and stable regulatory framework for fintech while fostering innovative developments in this sector.
The regulations are vital because they help establish a well-ordered cryptocurrency trading scene in this area by providing direction for transactions and traders involved. According to CoinWire, this is especially noteworthy.
Europe stands out as a leading force in the realm of cryptocurrency advancements and financing, thanks to its forward-thinking regulatory landscape and technologically adept population.
According to the latest CoinWire projection, Europe is anticipated to experience the most substantial growth in crypto trading volume, reaching an impressive $40.5 trillion by 2024. This represents a substantial jump from the region’s $15 trillion in trading volume in the previous year, marking a nearly threefold increase.
As a researcher studying the cryptocurrency market, I’ve noticed a remarkable expansion of Europe’s presence within it. This surge in growth can be attributed to several factors: firstly, Europe boasts a robust financial infrastructure that supports the development and integration of digital assets. Secondly, European regulators have taken progressive steps towards creating clear-cut regulations for cryptocurrencies, providing a stable environment for businesses and investors alike. Lastly, there’s been a noticeable increase in adoption rates across Europe, as more individuals and organizations recognize the potential benefits of using cryptocurrencies.
How Popular Are These Exchanges?
According to the report, Binance continues to dominate the crypto exchange market with an impressive trading volume of $2.77 trillion. Its presence is felt in more than 100 countries, underlining its extensive influence and popularity among digital currency traders.
Among other significant competitors are OKX and Cex.io. These entities hold a robust position in various nations and collectively make substantial contributions to the international trading market.
As a market analyst, I’ve observed that while platforms such as Coinbase and Bybit have catered to a smaller number of countries, they have nonetheless facilitated impressive trading volumes. Specifically, Coinbase has recorded a staggering $662 billion in trading volume, and Bybit has surpassed this figure with an astounding $1.14 trillion.
Featured image created with DALL-E, Chart from TradingView
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2024-07-12 23:12