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Study: Europe Leads in Global Crypto Transaction Volume; Binance Remains Most Used Exchange

source-logo  news.bitcoin.com 20 July 2024 16:13, UTC

Europe stands out as the global leader, accounting for 37.32% of the total transactional value, according to a comprehensive analysis by Coinwire. Asia’s trading volumes primarily result from factors like high mobile penetration, a robust tech infrastructure, and growing institutional interest. Binance, with a trading volume of $2.77 trillion, holds the title of the “most influential and widely used exchange globally.”

Europe’s Progressive Regulatory Frameworks

According to Coinwire’s comprehensive analysis of regions with the highest crypto trading activity, Europe stands out as the global leader, accounting for 37.32% of the total transactional value. This dominance can be attributed to Europe’s progressive regulatory frameworks and its tech-savvy population, making it an ideal destination for crypto investment and innovation.

Asia follows closely, contributing 36.17% to the world’s cryptocurrency transaction value. Unlike Europe, Asia’s trading volumes primarily stem from factors such as high mobile penetration, a robust tech infrastructure, and growing institutional interest.

Breaking down Europe’s 2024 trading volume of $40.51 trillion, Russia emerges as the continent’s leading country, boasting a substantial volume exceeding $633 billion. The United Kingdom, recently under new government leadership, ranks second in Europe and sixth globally, with a trading volume of $624 billion.

Ukraine, despite being at war with invading Russian forces, secures the third spot with a trading volume of approximately $442 billion. Remarkably, Ukrainian citizens allocate nearly three times their monthly rent toward crypto investments, reflecting the country’s high trading volume relative to average wages.

Binance: The Most Widely Used Crypto Exchange

Meanwhile, Slovenia, with a population of just over two million, boasts the highest trading volume per internet user across Europe.

“Slovenia boasts the highest monthly cryptocurrency expenditure per capita, with individuals spending an average of $2,609 per month on crypto, over 3.46 times their monthly rent. This reflects strong confidence in digital assets and favorable regulations,” Coinwire stated.

The analysis found that Turkey and India rank second and third globally, respectively, with both countries boasting trading volumes exceeding $1 trillion. The United States holds the number one rank, with trading volumes surpassing $2 trillion.

Regarding the crypto exchange market, Coinwire’s analysis indicates that Binance is the “most influential and widely used exchange globally,” with a trading volume of $2.77 trillion. Binance U.S., with operations in 100 countries, follows as the next widely used exchange. Okx, Cex.io, and Coinbase complete the top five most popular exchanges.

news.bitcoin.com