WHICH COUNTRIES TRADE CRYPTO THE MOST?
A Comprehensive Analysis
The global cryptocurrency market has grown a lot in the past few years. Many people now accept and use digital assets. We studied 136 countries to see how much they trade crypto. We looked at four important factors: web traffic, website language, headquarters location, and trading time zone. This helped us understand which countries are the biggest players in the crypto market.
HOW WE DID OUR STUDY
Our study started by listing centralized exchanges (CEX) with trust scores above 6 from CoinGecko. Since crypto trading data is decentralized, we used a special method to estimate the trading volume for each country. We looked at web traffic by country, supported languages, headquarters location, and trading time zones. These factors were weighted to estimate the trading volume for each exchange. You can find the detailed methodology at the end of this article.
KEY FINDINGS
- Global Trading Volume: In 2024, the global cryptocurrency trading volume is expected to exceed $108 trillion, which is almost 90% higher than in 2022.
- United States: The U.S. has the highest estimated crypto trading volume in 2024, surpassing $2 trillion.
- Europe: Europe leads in crypto trading, accounting for 37.32% of global transaction value.
- Turkey and India: Turkey and India are ranked 2nd and 3rd globally, each with trading volumes exceeding $1 trillion.
- Binance: Binance is the most widely used crypto exchange, leading in 100 out of 136 countries.
SIGNIFICANT SURGE IN GLOBAL CRYPTO TRADING VOLUME
Global cryptocurrency trading volume has increased by 42% since 2023. Over the past three years, the market has grown by 89%. This shows the growing acceptance and adoption of digital assets worldwide.
Europe has become a leader in this market, making up 37.32% of global cryptocurrency transaction value. Europe is a hub for crypto innovation and investment due to progressive regulatory frameworks and a tech-savvy population. Asia follows closely, contributing 36.17% to the world’s cryptocurrency transaction value. High mobile penetration, strong tech infrastructure, and rising institutional interest help Asia grow quickly in crypto.
ESTIMATED CRYPTO TRADING VOLUME OVER THREE YEARS (2022-2024)
Europe’s cryptocurrency trading volume is expected to reach $40.5 trillion in 2024, up from $15 trillion in 2022. In 2023, the volume was nearly $19.9 trillion. This growth highlights Europe’s strong influence in the global crypto market, thanks to its financial infrastructure, progressive regulations, and rising adoption of digital assets.
CRYPTO TRADING IN EUROPE
Europe accounts for 37.32% of global cryptocurrency transaction value, showing it is a key player in the global crypto market. The continent’s strong financial infrastructure and progressive regulatory environment make it a hub for crypto trading.
- Russia: Russia leads Europe in cryptocurrency trading and is among the top five globally, with an estimated trading volume exceeding $633 billion.
- United Kingdom: The UK follows closely, with a trading volume of over $624 billion, making it the second-largest market in Europe and sixth worldwide. London is a highly crypto-ready city due to its advanced financial services and supportive government policies.
- Slovenia: Slovenia has the highest monthly cryptocurrency expenditure per capita, with individuals spending an average of $2,609 per month on crypto.
- Ukraine: In Ukraine, cryptocurrency is crucial amid economic instability, with citizens spending nearly three times their monthly rent on crypto.
TOP CRYPTO EXCHANGES
Binance leads the crypto exchange market, dominating in 100 countries with a trading volume of $2.77 trillion. Binance US also dominates in 100 countries, but with a much lower trading volume of $3.9 billion.
Other notable exchanges include:
- OKX: Leading in 93 countries with a trading volume of $759 billion.
- CEX.IO: Leading in 92 countries with a trading volume of $1.83 billion.
- Coinbase Exchange: Leading in 90 countries with a trading volume of $662 billion.
- Bybit: Leading in 87 countries with a trading volume of $1.14 trillion.
These figures show the competitive landscape of crypto exchanges, with Binance maintaining a substantial lead in both geographical dominance and trading volume.
REGIONAL CRYPTO TRADING HIGHLIGHTS
- Europe: Europe’s crypto trading volume is expected to reach $40.5 trillion by 2024. Russia and the UK are major contributors.
- Asia: Asia accounts for 36.17% of the world’s cryptocurrency transaction value. High mobile penetration and strong tech infrastructure drive this growth.
- Africa: Africa ranks third, showing steady growth in crypto adoption and trading.
- South America: South America is emerging in the crypto space, with increasing trading volumes.
- North America: North America continues to be a significant player, with the U.S. leading in global trading volumes.
- Oceania: Oceania is growing in the crypto market, with rising adoption and trading volumes.
CONCLUSION
Cryptocurrency use and exchange are changing the global economy. Europe and Asia are leading the way, with significant contributions from other regions. As the market continues to develop, it will be essential to watch these trends and their impact on the global financial system and individual economies.
