The global cryptocurrency trading volume is expected to reach over $108 trillion this year, showing a significant increase compared to 2022. Europe is leading the way in this market, holding 37.32% of the total crypto transaction value. It is projected to experience a 2.7-fold increase in trading volume from 2022 to 2024, reaching $40.5 trillion.
Russia stands out as the dominant player in crypto trading within Europe, ranking among the top five globally with a trading volume exceeding $633 billion. The United Kingdom follows closely behind with over $624 billion in trading volume, making it the second-largest market in Europe and sixth worldwide. London is considered a crypto-friendly city due to its advanced financial services and favorable government policies.
Slovenia has the highest monthly crypto expenditure per capita, averaging $2,609, which is more than three times the monthly rent. This indicates a high level of confidence in digital assets among Slovenian citizens. In Ukraine, crypto serves as a valuable alternative to fiat currency, with citizens spending nearly three times their monthly rent on crypto, demonstrating its practical utility in preserving value.
While Europe leads the global crypto market, Asia is not far behind. It is expected that Asia’s crypto trading volume will reach $39.3 trillion in 2024, up from $27.1 trillion in 2022. This growth is driven by increasing adoption and favorable market conditions in the region.
Africa is also seeing a significant rise in trading volumes, projected to reach $10.8 trillion in 2024, up from $2 trillion in 2022. Nigeria and South Africa are leading the growth in the region. South America is expected to reach a trading volume of $7.82 trillion in 2024, showing a substantial increase from previous years.
In contrast, North America is experiencing a decline in crypto trading volume. After peaking at $13.6 trillion in 2023, the volume is expected to drop to $7.7 trillion in 2024. This decline may be attributed to changing market dynamics, such as stricter regulations or market maturity.
Overall, the global crypto market is expanding rapidly, with different regions experiencing varying levels of growth and decline in trading volumes. It will be interesting to see how these trends continue to evolve in the coming years.