Global Crypto Trading Volume to Surpass $108 Trillion in 2024, Europe Leads With 37.32%

Global cryptocurrency trading volume is expected to exceed $108 trillion this year, reflecting an increase of about 90% compared to 2022, according to CoinWire.

Europe has taken the lead in this growing market, accounting for 37.32% of the total cryptocurrency transaction value, and is expected to see a 2.7-fold increase this year compared to 2022.

Russia Dominates Europe in Cryptocurrency Trading

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

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

CoinWire’s report also revealed that Russia leads Europe in crypto trading, ranking fifth globally with a trading volume of over $633 billion. The UK follows closely behind with over $624 billion, making it the second-largest market in Europe and sixth globally. London is known as a crypto-ready city due to its advanced financial services and favorable government policies.

Meanwhile, Slovenia has the highest monthly cryptocurrency spending per capita, averaging $2,609, which is more than 3.46 times the monthly rent, indicating strong confidence in digital assets.

In Ukraine, cryptocurrencies are a viable alternative to fiat currencies, with citizens spending nearly three times their monthly rent on cryptocurrencies, or about 2.58 times their monthly wage, demonstrating their practical utility in preserving value.

North America: The only continent experiencing a decline in size

Asia comes in just behind Europe. CoinWire notes that cryptocurrency trading volume in Asia is expected to reach $39.3 trillion in 2024, up from $27.1 trillion in 2022, driven by expanding adoption and favorable market conditions.

In addition, trade volume in Africa is expected to rise to $10.8 trillion in 2024, compared to $2 trillion in 2022 and $2.7 trillion in 2023, with Nigeria and South Africa leading the growth.

Cryptocurrency trading volume in South America is expected 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 seeing a decline in cryptocurrency trading volume. After peaking at $13.6 trillion in 2023, volume is expected to decline to $7.7 trillion in 2024, down from $10.3 trillion in 2022. This decline indicates changing market dynamics, perhaps due to tighter regulations or market maturity.