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The crypto market is booming, and the predictions 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, highlights 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 (MiCA) regulation, launched in 2020 and signed in 2023, has provided a clear framework for businesses and investors, fostering an environment conducive to crypto innovation and adoption. As a result, the transaction volume in Europe is expected to reach $40.5 trillion in 2024, a 270% increase from the $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 related to cryptocurrencies are attracting more and more institutional investors, further boosting transaction volumes.
A Sign of Exchange Efficiency?
Technological advancements 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 over 100 countries.
The forecast of a $108 trillion crypto transaction volume in 2024 reflects increasing adoption and growing confidence in digital assets. Europe, with its progressive regulations and favorable environment for innovation, 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.
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The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
