Global Crypto Trading Volume Forecast With Europe Dominance
According to a new CoinWire study, “our” continent is in the ideal position to be a goliath in volume of cryptocurrencies trading. This study foresees the trade volume of the world to be $108 trillion at the end of 2024, an increase of 90% over 2022, indicating that crypto trading has been a place of tremendous growth.
Europe’s Leading Role
The U.S. is doing well in the field in terms of the amount of individual national trade, expecting over $2 trillion in 2024. Nonetheless, Europe is the most influential force in the global cryptocurrency market. The report reveals that first Europe transacts 37.32% of cryptocurrency traffic globally. The expected trading volume in Europe by the end of 2024 is approximately $40.5 trillion, marking an attractive 270% increase from 2022’s $15 trillion.
Proactive Regulation Driving Growth
Growth of cryptocurrency trading in Europe is partly due to the promotion of strict regulations. The continent worked hard, giving a head start in defining its cryptocurrency sector with clear standards. One such guideline, the milestone Markets in Crypto-Assets Regulation (MiCA), was initiated in 2020 and was pass by EU officials in October 2023. Adopted rules for the supply of crypto asset services will be enforced at the end of the year and they will reinforce the EU’s position in the crypto regulation market.
Asia’s Strong Position
Asia is the second-largest recipient of the earth’s cryptocurrency turnover with 36.17% after Europe, according to the report. The study looked at the hit of the decentralized exchanges on CoinGecko, based on traffic to the website by country, the number of supported languages, the location of the headquarters, and the timezone of the exchange.
Major Players in the Market
Binance is the leader in trading in more than 100 countries with a trading volume of $2.77 trillion. Other big exchanges also had a heavy global following. OKX is present in 93 countries and the trading volume of this platform is ($759 billion) which is very close to Binance’s; Cex.io is present in less than countries now but it still has a big volume ($1.83 billion) which is a positive sign. Besides, Coinbas has a presence in 90 countries and a trading volume of $662 billion. Bitmart is also in the position. It has a lot of customers in different countries. Bybit operates in more than 80 countries and has a trading volume of $1.14 trillion.
Future Implications and Recent Market Dynamics
Rather than indeed the cryptocurrency future, the efuture has the potential to be molded by the most contemporary market trends. In their latest report, CoinEx Research which was released in June on the crypto trends provided some revelations where the industry is going.
The study has noted the bit, and then the bit, that between sixty thousand eight hundred and seventy-one thousand seven hundred dollars, Bitcoin alternated was the following. The recent overhead price range for Bitcoin remained bound between $60,800 and $71,700 in June. The period of consolidation, compounded by the inflows of ETF that were just around the value of 666,000,000 dollars for the last month, suggests the establishment of a mature market by virtue of the path it has set amidst global economic uncertainties.
Market sentiment is fueled by the expectation of Ethereum’s ETF approval. Nevertheless, the fall in gas prices and on-chain activity causes to think about the close future of the network. The utilization of the newer technologies like ZKSync and Blast on the layers-2 network on Ethereum is part of an ongoing strategy by the developers to address scalability issues which is a critical factor for the network’s longevity. Solana’s recovery after it had initially dropped below 138 dollars for a brief period demonstrates the market’s attitude towards the increased institutional interest, which was confirmed by VanEck’s application for a Solana ETF that is the first one from now.
These changes, in addition to the likely increase in the global trading volume, mean a refill in a market that is transforming.
