Crypto Trading Volume Could Hit $108T in 2024: Report

Global crypto trading is set for exponential growth, with CoinWire predicting the industry’s trading volume to surpass $108 trillion by the end of 2024. This projection is a 90% increase from 2022, signaling a significant surge in cryptocurrency transactions worldwide.

The United States is expected to lead with the highest crypto trading volume, surpassing $2 trillion in 2024. This growth coincides with observations that bull markets often resume after periods of speculative excess. Capriole Investment’s crypto speculation index shows a decrease in altcoin speculation, suggesting potential renewed bullish activity for Bitcoin.

CoinWire’s study analyzed data from 136 countries, considering factors like web traffic, website language, headquarters location, and trading time zones. The researchers compiled a list of centralized exchanges with a trust score higher than 6 from CoinGecko and analyzed factors such as web traffic by country and supported languages to estimate trading volume.

According to reports, Binance leads the cryptocurrency exchange market with a trading volume of $2.77 trillion across 100 countries. This positions Binance as the most influential and widely used exchange globally. Binance US follows with a significantly lower trading volume of $3.9 billion.

Europe Dominates in Transaction Value

While the US leads in trading volume, Europe dominates in global cryptocurrency transaction value, accounting for 37.32%. Europe’s proactive regulatory environment, highlighted by the EU’s Markets in Crypto-Assets Regulation, provides a clear framework for crypto traders and exchanges. 

The CoinWire study anticipates Europe’s trading volume to reach $40.5 trillion in 2024, a significant rise from $15 trillion in 2022.

Asia holds the second-largest market share with 36.17% of global cryptocurrency transaction value. The region’s rapid adoption and integration of cryptocurrency technologies contribute to its substantial presence in the market.

Slovenia and Ukraine: Unique Crypto Adoption Cases

Slovenia leads in per capita cryptocurrency spending, with individuals spending an average of $2,609 per month. This reflects strong confidence in cryptocurrencies and favorable regulations. 

In Ukraine, citizens spend nearly three times their monthly rent on cryptocurrencies, highlighting its utility in preserving value amid economic instability.

Divided Market Sentiment Post-Bitcoin Halving

The crypto market sentiment has become divided just two months after Bitcoin Halving. According to CoinGecko, 49.3% of crypto participants remain bullish, while 25.2% feel bearish. Investors and builders are more optimistic about the market, with 54.1% of investors and 47.6% of builders expressing bullish sentiments. 

Traders’ sentiments are mixed, reflecting their shorter-term focus compared to the longer-term horizon of investors and builders.