Cryptocurrency Trading Volume to Surpass $108 Trillion in 2024, Says CoinWire Report
Binance is likely to retain its position as the biggest exchange trading platform on a global stage. On the other hand, the platform is set to generate a trading volume of $108 trillion before the end of 2024. At the same time, the report claims that Europe is going to emerge as the region with the largest contribution of global digital asset trading volume.
CoinWire’s Report
These statistics were quoted from crypto analytics firm CoinWire concerning the matter of global crypto trading volume. The report further stated that the number of the conclusion of 2024 are 90% higher in comparison to 2022. At present, the United States is the region with the largest amount of trading volume with a total inflow exceeding $2 trillion.
In this context, Europe has become one of the regions with the fastest increase in the total amount of digital asset trades. At the same time, the region has also taken the lead in the matter of introducing regulatory reforms for the local cryptocurrency sector.
In this manner, the regulators hailing from the region are able to conduct in-depth research on the financial technology associated with digital assets and issued specified guidelines for the local stakeholders to navigate the industry.
European Regulatory Framework to Activate Before the Start of 2025
The legislators in Europe have prepared and approved a detailed regulatory framework tailored to cryptocurrencies. This bill is called Markets in Crypto Assets or MiCA.
EU has attracted attention from regulators across the globe for taking a focused approach of regulating the cryptocurrency sector. The MiCA bill was partially activated on 30th June. The main types of cryptocurrencies that are impacted by this bill are stablecoins.
MiCA will take full effect in December this year. EU regulators have been working on this framework since 2020. It is also presented as the first-ever comprehensive and uniform market regulatory policy for cryptocurrencies.
The survey conducted by CoinWire indicates that trading volume in European nations is expected to increase 2.7 times reaching $40.5 trillion in 2024 and rising above $15 trillion in 2022.
Asia has been ranked as the second top potential sector with a projection of a 37.17% increase in the global digital asset transaction volume. The report took into account factors such as more than 6 points trust score for regulated trading platforms operating in Europe.
The data was facilitated by CoinGecko. Another metric contributed by the same analytics firm measured the overall online traffic by state, language support, and trading time zones.
Binance Emerges as the Most Popular Exchange Platform in Europe
Binance has faced its fair share of regulatory troubles since its standoff against SEC. However, as per the data projections from the CoinWire survey, the platform has emerged as the top trading platform in more than 100 nations.
The platform accounted for a trading volume of $2.77 trillion. Binance.US has also retained the top position in terms of staying operational in most states. However, the trading volume for this platform is valued to stand around $3.9 billion.
Binance is going to emerge as the most used trading platform in the world. As of 5th July 2024, the platform commemorated 7th anniversary and completed the milestone of gaining 200 million investors across the globe.
OKX and Cex.io are two leading platforms just behind Binance. Both platforms have operations established in more than 90 nations across the globe. In terms of their trading volume projections, these platforms stand at $759 billion and $1.83 billion.
At the same time, some of the trading platforms that are competing in the big leagues are Coinbase and Bybit. These platforms have branches in 90 and 87 nations. Furthermore, in the matter of generated trading volume Coinbase accounts for $662 billion while Bybit hosted around $1.14 billion simultaneously. The overall projections of the report indicate a bright future for the global digital asset industry.
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