Global cryptocurrency trade volume to exceed $108 trillion by 2024, Europe leads with 37.32%

The global crypto trade volume is expected to exceed $108 trillion this year, reflecting a nearly 90% increase compared to 2022, CoinWire reports.

Europe has taken the lead in this growing market, which accounts for 37.32% of the total crypto transaction value, and is expected to increase 2.7 times this year from 2022.

Russia dominates Europe in crypto trading

According to a report shared with CryptoPotato, Europe’s advanced regulatory frameworks and tech-savvy population foster an environment for crypto innovation and investment. These conditions could push Europe’s crypto trading volume to $40.5 trillion by 2024, an estimated 2.7-fold increase from $15 trillion in 2022.

This growth highlighted Europe’s growing influence in the global crypto market, driven by a strong financial infrastructure, progressive regulations and growing adoption of digital assets.

CoinWire’s report further revealed that Russia leads Europe in crypto trading, ranking among the top five in the world with a trading volume of more than $633 billion. The UK follows close behind with over $624 billion, making it the second largest market in Europe and the sixth largest globally. London is recognized as a cryptocurrency-ready city due to advanced financial services and favorable government policies.

Meanwhile, Slovenia has the highest monthly crypto spending per capita, with an average of $2,609, which is more than 3.46 times the monthly rent, indicating strong reliance on digital assets.

In Ukraine, crypto is a vital alternative to fiat currency, with citizens spending nearly three times their monthly rent on crypto, about 2.58 times their monthly salary, demonstrating its practical utility in preserving value .

North America: the only continent with decreasing volume

After Europe, there is Asia. CoinWire suggests that Asia’s crypto trade volume is expected to reach $39.3 trillion in 2024, up from $27.1 trillion in 2022, driven by expanding adoption and favorable conditions of the market

Additionally, Africa’s trade volumes are forecast to increase to $10.8 trillion in 2024, from $2 trillion in 2022 and $2.7 trillion in 2023, with Nigeria and South Africa leading the way the growing.

South America’s crypto trade volume is estimated to reach $7.82 trillion in 2024, a significant increase from $2.29 trillion in 2022 and $3.03 trillion in 2023, which which reflects a jump of 3.42 times in three years.

In contrast, North America is experiencing a decline in crypto trading volume. After reaching a peak of $13.6 trillion in 2023, the volume is expected to decline to $7.7 trillion in 2024, down from $10.3 trillion in 2022. This decline suggests a change in market dynamics, possibly due to stricter regulations or market maturity.

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