Regulation
Europe conquers the cryptocurrency market: $100 trillion at stake!
7h01 ▪ 3 min read ▪ by Eddy S.
The cryptocurrency market is booming, and the forecast for 2024 is impressive. According to a recent study, the global cryptocurrency transaction volume is expected to exceed $108 trillion by the end of 2024. This dramatic increase, nearly 90% above 2022 levels, highlights the growing influence of digital assets in global finance.
Cryptocurrencies: Europe leads with 37.32% of global transactions!
Europe is at the forefront of this growth, accounting for 37.32% of global cryptocurrency transactions. This European dominance is attributed to a proactive regulatory approach. The regulation on Cryptocurrency Markets (MiCA), launched in 2020 and signed in 2023, have provided a clear framework for businesses and investors, fostering an environment conducive to innovation and cryptocurrency adoption. As a result, the transaction volume in Europe is expected to reach $40.5 trillion in 2024! This is a 270% increase from $15 trillion in 2022.
The growing interest of financial institutions in cryptocurrencies is another key driver of this growth. Exchange-traded funds (ETF) and other cryptocurrency-related financial products are increasingly attracting institutional investors. This, in turn, is further increasing transaction volumes.
A sign of exchange efficiency?
Technological advances also play a crucial role. Cryptocurrency exchanges such as Binance, OKX, and Coinbase continue to improve their infrastructure to offer faster and more secure transactions. Binance, in particular, dominates the market with a transaction volume of $2.77 trillion, operating in over 100 countries.
The forecast of cryptocurrency transaction volumes reaching $108 trillion in 2024 reflects the growing adoption and confidence in digital assets. Europe, with its progressive regulations and its environment conducive to innovation, is uniquely positioned to drive this growth. Financial institutions and technological advances will continue to play a central role in this expansion, marking a new era for the cryptocurrency market.
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Eddy S.
The world is evolving and adapting is the best weapon to survive in this wavy universe. Originally a cryptocurrency community manager, I am interested in everything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, there is nothing better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.