The crypto market is booming, and the forecasts for 2024 are impressive. According to a recent study, the global volume of cryptocurrency transactions is expected to exceed $108 trillion by the end of 2024. This spectacular increase, nearly 90% compared to 2022 levels, underscores the growing influence of digital assets in global finance.

Crypto: 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 Markets in Crypto-Assets Regulation (MiCA), launched in 2020 and signed in 2023, has provided a clear framework for businesses and investors, thereby fostering an environment conducive to innovation and crypto adoption. Consequently, the transaction volume in Europe is expected to reach $40.5 trillion in 2024—a 270% increase compared to $15 trillion in 2022.

The growing interest of financial institutions in crypto is another key factor in this growth. Exchange-traded funds (ETFs) and other financial products linked to cryptocurrencies are attracting more and more institutional investors, further boosting transaction volumes.

A Sign of Exchange Efficiency?

Technological advances also play a crucial role. Crypto exchange platforms such as Binance, OKX, and Coinbase continue to improve their infrastructures to offer faster and more secure transactions. Binance, in particular, dominates the market with a transaction volume of $2.77 trillion, operating in more than 100 countries.

The forecast of a crypto transaction volume of $108 trillion in 2024 reflects growing adoption and increased confidence in digital assets. Europe, with its progressive regulations and innovation-friendly environment, is in a prime position to lead this growth. Financial institutions and technological advancements will continue to play a central role in this expansion, marking a new era for the cryptocurrency market.

Source : Cointribune EN - Jul 15, 2024