Global Crypto Market Soars: Europe and Asia Propel to $108 Trillion

• Global crypto trading volume set to exceed $108 trillion by 2024, marking a 90% increase from 2022 levels.
• Europe and Asia lead with substantial growth, driving global adoption and transaction volumes.
• Africa and South America show exponential growth, reshaping the crypto market’s geographical dynamics.

A recent study by CoinWire forecasts a remarkable upswing in the global crypto asset trading volume, set to surpass $108 trillion by 2024. 

This projection marks a substantial 90% increase from the figures recorded in 2022. The surge in trading activities is predominantly propelled by robust growth in Europe and Asia, positioning these regions as frontrunners in crypto asset adoption and transaction volumes.

Europe is now a crucial player, leading with 37.32% of all cryptocurrency transactions worldwide. Its trading volume is expected to soar to $40.5 trillion in 2024, a massive 270% increase from $15 trillion in 2022. Meanwhile, Asia holds 36.17% of the global market share and is projected to reach $39.3 trillion in trading volume by the same year.

Notably, Africa and South America are also witnessing exponential growth in crypto trading. Africa, for instance, is poised to achieve a five-fold increase in trading volume, projecting $10.8 trillion for 2024 compared to $2.7 trillion in 2023. Similarly, South America has experienced a notable 300% surge over the past three years, expecting trading volumes of $7.82 trillion this year.

Conversely, North America’s crypto trading volume has shown a declining trend, falling from $13.6 trillion in 2023 to a projected $7.7 trillion in 2024. This decline suggests evolving market dynamics possibly influenced by regulatory shifts within the region.

By country, the United States leads with an estimated crypto trading volume exceeding $2 trillion in 2024. Turkey and India follow closely, each anticipating trading volumes surpassing $1 trillion this year.

The global crypto market is poised for unprecedented growth, driven primarily by Europe and Asia’s robust trading activities. This expansion underscores a significant shift in global financial landscapes, with emerging markets in Africa and South America also playing pivotal roles in shaping the future of cryptocurrency transactions.