Research claims global crypto trading volume to surpass $108 trillion by year end

A recent study has predicted the overall cryptocurrency trading volume to exceed $108 trillion in 2024. The report highlighted a 42% growth in global cryptocurrency trading volume, adding that the overall crypto sector had expanded by 89%.

Published by Coinwire, the $108 trillion estimate marks a 90% increase from the end-of-year estimate for 2022, a significant rise from estimates for the previous year.

Europe leads in terms of transaction value 

The United States is expected to lead this year's crypto trading volume, which is estimated to surpass $2 trillion by the end of 2024. However, in terms of global cryptocurrency transaction value, Europe is expected to lead with a 37.32% market share.

Europe stood head to head against the entire Asian market which was ranked second accounting for 36.17% of the global crypto transaction value.

Russia and the United Kingdom were prominent players in the European market. Russia's trading volume reached $633 billion, while the UK followed with $624 billion. Meanwhile, Slovenia reported the highest per capita monthly expenditure on cryptocurrency at $2,609.

Ukraine also recorded an uptick in cryptocurrency spending, the report added, noting that cryptocurrencies serve as a “crucial alternative to fiat currency” in the nation. 

Europe's notable growth could be attributed to its progress with crypto regulations. The European Union recently unveiled the Markets in Crypto-Assets Regulation, which is geared towards stablecoins. 

The comprehensive framework aims to establish robust investor protections and safeguard platforms from manipulation. Further, additional compliance measures for crypto-asset service providers are expected to come into effect by the end of 2024.

All of this creates a solid environment for fostering a vibrant crypto economy. As such, the report estimated Europe’s cryptocurrency trading volume to hit as high as $40.5 trillion this year, a 2.7x increase from the $15 trillion in 2022.

Binance and OKX dominate the exchange market

The study also featured a section on the top cryptocurrency exchanges and their dominance.

Binance retained the top spot as the most “widely used” exchange worldwide. The platform is present in 100 jurisdictions and boasts a $2.77 trillion trading volume.

OKX was the second-largest exchange in terms of presence, with operations in 93 countries and a trading volume of $2.77 trillion. Cex.io came in third with a presence in 92 nations and a $1.83 billion trading volume.

The report came shortly after blockchain analysis firm Chainalysis revealed that more than half of global illicit funds from crimes end up at centralised cryptocurrency exchanges.