CoinWire found that Binance is the most used crypto exchange globally for crypto transactions.
The global crypto trading volume has been estimated to reach $108 trillion from current levels by the end of 2024. This forecast, driven by increasing institutional interest and technological advancements, highlights the growing influence of digital assets in global finance.
According to a recent study published by CoinWire, the anticipated surge in crypto trading volume will be nearly 90% higher than the volume recorded in 2022. The projection was calculated based on different data compiled from leading crypto exchanges with trust scores above 6 obtained from CoinGecko.
CoinWire said it used four primary criteria such as web traffic analysis by country, supported languages on the platforms, headquarters locations, and trading time zones of the exchanges to come up with the projection.
United States Leads in Crypto Trading Volume
CoinWire believes the United States will lead the market in terms of trading volume this year. The company projected the US will see more than $2 trillion this year, describing the nation as the “country with the highest estimated crypto trading volume in 2024”.
Europe is expected to generate $40.5 trillion in 2024, which is a 2.7-fold increase from the $15 trillion it recorded in 2022. As for 2023, the continent is estimated to reach nearly $19.9 trillion.
Europe also currently has the highest market value in terms of crypto transaction value. The study revealed that the continent boasts 37.32% of the entire global transaction value.
The growth is bolstered by progressive regulatory frameworks and a supportive environment for blockchain innovation.
Countries within the region are embracing digital currencies, thanks to the newly introduced Market-in-Crypto (MiCA) regulation which was officially passed on June 30 with stablecoin laws expected to follow in December.
With Europe taking the lead, other regions like Asia and Africa ranked second and third respectively. CoinWire said that Asia accounts for 36.17% of the world’s digital assets transaction value while Africa has approximately 10%.
Binance at the Helm
CoinWire found that Binance is the most used crypto exchange globally for crypto transactions. The company, known for its extensive range of digital currencies and user-friendly interface, continues to attract a significant share of global trading activities.
The exchange currently dominates in more than 100 countries globally where it offers spots and derivatives products to its customers. The study found that Binance is the most “widely used” exchange worldwide with a trading volume of $2.77 trillion, surpassing other exchanges like Coinbase which only operates in 90 nations.
The company’s US arm, Binance.US has the same success rate in terms of dominance. However, its trading volume is sitting around $3.9 billion.
Companies like OKX and Cex.io took the second and third positions with a strong presence in 93 and 92 countries in the world. Both firms have a trading volume of $759 billion and $1.83 billion respectively.
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