The global crypto trading volume is projected to surpass $108 trillion this year, reflecting an increase of nearly 90% compared to 2022, as reported by CoinWire.
Europe has taken the lead in this growing market, representing 37.32% of total crypto transaction value, and is projected to see a 2.7-fold increase 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. Such conditions could propel Europe’s crypto trading volume to reach $40.5 trillion in 2024, an estimated 2.7-fold increase from $15 trillion in 2022.
This growth highlighted Europe’s increasing 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 globally with a trading volume exceeding $633 billion. The United Kingdom follows closely with over $624 billion, making it the second-largest market in Europe and sixth worldwide. London is recognized as a crypto-ready city owing to advanced financial services and favorable government policies.
Meanwhile, Slovenia has the highest monthly crypto expenditure per capita, averaging $2,609, which is over 3.46 times the monthly rent, indicating strong confidence in 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 wage, demonstrating its practical utility in preserving value.
North America: Only Continent With Decreasing Volume
Following closely behind Europe is Asia. CoinWire suggests that Asia’s crypto trading volume is expected to reach $39.3 trillion in 2024, up from $27.1 trillion in 2022, driven by expanding adoption and favorable market conditions.
Additionally, Africa’s trading volumes are projected to rise to $10.8 trillion in 2024, up from $2 trillion in 2022 and $2.7 trillion in 2023, with Nigeria and South Africa leading the growth.
South America’s crypto trading 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, reflecting a 3.42-fold jump over three 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, down from $10.3 trillion in 2022. This decline suggests changing market dynamics, potentially due to stricter regulations or market maturity.