The global cryptocurrency market has experienced rapid growth in recent years, signaling a significant shift towards broader acceptance and use. A recent report has shed light on the top players in the crypto trading sphere. Researchers examined data from 136 countries using key metrics like web traffic, website language, headquarters location, and trading time zone.
The world cryptocurrency trading volume has increased by 42% since 2023. Over the last 3 years, the market has expanded by an impressive 89%, underscoring the growing global embrace of digital assets.
Europe has become the frontrunner in this growing market, marking 37.32% of the global cryptocurrency transaction value. The continent’s progressive regulatory environment and tech-savvy population have made it a crypto innovation and investment center. Asia follows closely, contributing 36.17% to the world’s cryptocurrency transaction value, driven by high mobile penetration, advanced tech infrastructure, and increasing institutional interest.
According to reports, the trading volume of cryptocurrencies in Europe is expected to hit $40.5 trillion in 2024, up from $15 trillion in 2022. The approximate volume for 2023 is nearly $19.9 trillion. This growth rate clearly shows that Europe is growing fast in the global crypto market, and this can be attributed to a well-developed financial system and sound policies.
Russia is among the top five European countries for cryptocurrency trading, with a trading volume of over $633 billion. The United Kingdom is not far behind, with a trading volume of over $624 billion, placing it the second largest in Europe and sixth globally. The rationale behind London being highly crypto-ready further boosts the UK’s standing due to the well-developed financial services and permissive legal framework.
Slovenia leads with the highest monthly per capita cryptocurrency expenditure, with individuals spending an average of $2,609 on crypto and over 3.46 times their monthly rent. This significant expenditure reflects strong confidence in digital assets and supportive regulations.
US CPI Report Sparks Bitcoin Price Fluctuations Amid Social Media HypeIn Ukraine, cryptocurrency acts as a crucial alternative to fiat currency during economic instability. Citizens spend almost three times their monthly rent on crypto, equivalent to 2.58 times their monthly salary. This highlights the practical value of digital currencies in safeguarding wealth.
According to the report, the global crypto market is rapidly evolving, and Europe is at the forefront. This is due to the continent’s progressive legal framework, well-developed financial system, and technology-savvy population. The cryptocurrency market will only grow even more as countries get acquainted with this new form of finance.
