The global cryptocurrency market has experienced unprecedented growth over the past few years, reflecting its increasing mainstream acceptance and adoption. By analyzing 136 countries, we have estimated the crypto trading volume of each country using four critical factors: Web Traffic, Website Language, Headquarters location, and Trading Time Zone. This multifaceted approach allows us to provide a nuanced understanding of the major players in the crypto market.
WHICH COUNTRIES
TRADE CRYPTO
THE MOST?
A Comprehensive Analysis
How we did
Our study began by compiling a list of centralized exchanges (CEX) with trust scores above 6 from CoinGecko.
Due to the decentralized nature of crypto trading volume data, we adopted a methodological approach. We assessed four key factors for each exchange: web traffic by country, supported languages, headquarters location, and trading time zones.
These factors were then weighted accordingly to compute an estimated trading volume for each exchange.
Detailed methodology can be found at the end of this article.
KEY
FINDINGS
Global cryptocurrency trading volume in 2024 is estimated to exceed $108 trillion, nearly 90% higher than in 2022
The United States holds the title for the country with the highest estimated crypto trading volume in 2024, surpassing $2 trillion.
Europe leads in crypto trading, accounting for 37.32% of global transaction value.
Turkey and India rank 2nd and 3rd globally, respectively, with both countries boasting trading volumes exceeding $1 trillion.
Binance holds the top spot as the most widely used crypto exchange, dominating in 100 out of 136 countries.
SIGNIFICANT SURGE IN
GLOBAL CRYPTO TRADING VOLUME
2024
TRADING VOLUME
Global cryptocurrency trading volume has surged dramatically, increasing by 42% since 2023. Over the past three years, the market has expanded by an impressive 89%, reflecting the growing acceptance and adoption of digital assets on a global scale.
Europe has emerged as the leader in this burgeoning market, accounting for 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 populace. Hot on Europe's heels, Asia ranks second, contributing 36.17% to the world's cryptocurrency transaction value. High mobile penetration, a robust tech infrastructure, and rising institutional interest are all contributing factors to the region's rapid uptake.
EUROPE (1st)
leads in crypto trading, accounting for 37.32% of global transaction value.
ASIA (2nd)
accounts for 36.17% of the world's cryptocurrency transaction value.
WORLD’S TOTAL ESTIMATED CRYPTO TRADING VOLUME OVER THREE YEARS
2024
The total estimated crypto trading volume in Europe over three years (2022 - 2024)
Europe's cryptocurrency trading volume is set to reach $40.5 trillion in 2024, a 2.7-fold increase from $15 trillion in 2022. The estimated volume for 2023 is nearly $19.9 trillion. This significant growth emphasizes Europe's growing influence in the global crypto market, which is due to a strong financial infrastructure, progressive regulations, and rising adoption of digital assets.
Estimated crypto trading volume across European countries
Europe accounts for 37.32% of global cryptocurrency transaction value, solidifying its role as a key player in the global crypto market. The continent’s strong financial infrastructure and progressive regulatory environment have made it a hub for crypto trading.
RUSSIA
Russia leads Europe in cryptocurrency trading, ranking among the top five globally, with an estimated trading volume exceeding $633 billion.
THE UNITED KINGDOM
The United Kingdom follows closely, with a trading volume surpassing $624 billion, making it the second-largest market in Europe and the sixth worldwide. According to a study, London was positioned as a highly crypto-ready city, which bolsters the UK's prominence thanks to its advanced financial services and supportive government policies.
SLOVENIA
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.
UKRAINE
In Ukraine, cryptocurrency serves as a crucial alternative to fiat currency amid economic instability with citizens spending nearly three times their monthly rent on crypto, equivalent to 2.58 times their monthly wage. This highlights the practical utility of digital currencies in preserving value.
Country | Trading Volume (USD) |
Trading volume per internet user (USD) |
Trading Volume compared to average monthly wage |
Trading Volume compared to average monthly rent |
---|---|---|---|---|
RUSSIAN FEDERATION | 633,899,284,160 | 366 | 63.54% | 29.33% |
UNITED KINGDOM | 624,839,595,534 | 769 | 26.54% | 55.85% |
UKRAINE | 441,870,445,899 | 1,002 | 258.91% | 299.10% |
FRANCE | 327,076,300,940 | 421 | 16.63% | 50.06% |
GERMANY | 323,684,447,629 | 324 | 10.72% | 32.30% |
NETHERLANDS | 298,800,346,016 | 1,413 | 40.51% | 95.02% |
SPAIN | 242,572,316,007 | 425 | 22.34% | 41.02% |
POLAND | 146,521,766,587 | 298 | 26.44% | 39.16% |
ITALY | 137,249,016,337 | 194 | 11.29% | 23.60% |
ROMANIA | 74,352,746,421 | 311 | 39.57% | 70.05% |
BELGIUM | 71,752,371,056 | 512 | 19.33% | 57.08% |
SLOVENIA | 66,364,254,154 | 2,609 | 193.12% | 346.02% |
SWITZERLAND | 65,471,450,101 | 620 | 10.13% | 32.41% |
PORTUGAL | 63,001,657,448 | 512 | 46.59% | 49.33% |
GREECE | 57,428,877,863 | 463 | 50.94% | 85.58% |
AUSTRIA | 55,045,188,174 | 512 | 19.05% | 54.88% |
SWEDEN | 53,537,054,972 | 420 | 15.44% | 42.94% |
NORWAY | 46,642,899,467 | 710 | 21.04% | 57.40% |
CZECHIA | 46,491,304,025 | 369 | 22.49% | 29.47% |
IRELAND | 46,236,131,249 | 762 | 25.54% | 43.84% |
BELARUS | 44,992,547,934 | 395 | 79.16% | 104.50% |
BULGARIA | 39,456,397,023 | 492 | 60.67% | 111.31% |
SERBIA | 39,283,793,240 | 458 | 75.70% | 83.12% |
CROATIA | 37,845,426,362 | 787 | 74.11% | 129.44% |
HUNGARY | 37,709,105,706 | 309 | 32.63% | 61.31% |
GEORGIA | 33,295,390,513 | 744 | 151.84% | 126.53% |
FINLAND | 32,821,852,968 | 493 | 17.39% | 58.00% |
CYPRUS | 28,881,347,845 | 1,910 | 130.11% | 187.81% |
LITHUANIA | 28,422,782,917 | 871 | 72.95% | 128.47% |
DENMARK | 27,087,992,013 | 382 | 10.82% | 33.63% |
SLOVAKIA | 24,558,584,506 | 353 | 32.81% | 54.14% |
LATVIA | 22,578,837,500 | 1,028 | 98.00% | 204.78% |
ESTONIA | 21,985,792,642 | 1,385 | 96.52% | 210.17% |
ALBANIA | 19,131,134,488 | 563 | 124.83% | 121.86% |
REPUBLIC OF NORTH MACEDONIA | 18,910,502,056 | 756 | 164.71% | 51.85% |
MOLDOVA | 18,890,203,439 | 458 | 105.53% | 38.13% |
BOSNIA & HERZEGOVINA | 15,580,601,451 | 404 | 61.31% | 142.76% |
MALTA | 11,367,083,438 | 1,770 | 122.49% | 172.01% |
MONTENEGRO | 10,053,606,506 | 1,337 | 189.91% | 94.69% |
ICELAND | 8,177,284,876 | 1,816 | 44.08% | 157.78% |
LUXEMBOURG | 1,195,050,968 | 152 | 39.28% | 8.61% |
ANDORRA | 169,210,000 | 176 | 127.54% | 8.29% |
ISLE OF MAN | 5,308,796 | 5 | 3.11% | 0.74% |
The total estimated crypto trading volume in Asia over three years (2022 - 2024)
Asia's cryptocurrency trading volume is projected to reach $39.3 trillion in 2024, up from $27.1 trillion in 2022. Due to expanding adoption and favorable market conditions, this rapid growth emphasizes Asia's growing dominance in the global crypto market.
Estimated crypto trading volume across Asian countries
Asia accounts for 36.17% of the world's cryptocurrency transaction value, reaffirming its status as a major player in the global cryptocurrency landscape. Turkey, India, South Korea, Vietnam, and Pakistan are among the top 5 Asian countries with the highest crypto trading volume.
TURKEY
Turkey leads with an estimated trading volume exceeding $1 trillion in 2024. Turkish citizens spend an average of $1,352 per month on cryptocurrency, which is over three times the average monthly wage and 2.5 times the rent. This high expenditure highlights the increasing reliance on digital currencies as a hedge against economic instability.
SINGAPORE
In Singapore, the average monthly spend on cryptocurrency per capita is $2,681, nearly equivalent to the average monthly rent. This significant investment underscores the country's progressive regulatory framework and the population's strong belief in the future of digital assets.
Country | Trading Volume (USD) |
Trading volume per internet user (USD) |
Trading Volume compared to average monthly wage |
Trading Volume compared to average monthly rent |
---|---|---|---|---|
TURKEY | 1,392,719,090,623 | 1,352 | 324.22% | 249.91% |
INDIA | 1,053,657,462,772 | 61 | 10.72% | 29.61% |
KOREA | 970,858,825,350 | 1,562 | 67.97% | 105.68% |
PAKISTAN | 523,869,295,594 | 182 | 136.84% | 175.00% |
VIET NAM | 458,003,164,103 | 386 | 84.28% | 27.14% |
JAPAN | 360,768,163,122 | 244 | 9.75% | 43.65% |
INDONESIA | 322,377,708,472 | 97 | 28.53% | 34.64% |
PHILIPPINES | 293,929,748,465 | 209 | 68.30% | 70.37% |
TAIWAN | 203,511,631,288 | 709 | 46.61% | 152.47% |
SINGAPORE | 193,525,344,560 | 2,681 | 52.98% | 99.55% |
MALAYSIA | 183,503,226,117 | 446 | 50.51% | 134.34% |
HONG KONG | 169,533,898,859 | 1,886 | 66.69% | 143.86% |
BANGLADESH | 165,545,294,479 | 80 | 31.75% | 93.02% |
THAILAND | 154,280,484,068 | 179 | 32.97% | 39.08% |
UNITED ARAB EMIRATES | 106,434,913,579 | 932 | 26.61% | 55.21% |
SRI LANKA | 84,798,073,112 | 323 | 185.63% | 156.80% |
SAUDI ARABIA | 58,740,684,193 | 132 | 6.59% | 27.39% |
CAMBODIA | 54,580,458,380 | 268 | 147.25% | 20.29% |
ARMENIA | 51,729,351,041 | 1,552 | 280.14% | 171.87% |
MYANMAR | 44,803,091,962 | 68 | 38.42% | 4.82% |
UZBEKISTAN | 42,137,307,464 | 100 | 32.89% | 20.83% |
KAZAKHSTAN | 38,411,723,246 | 163 | 33.40% | 29.37% |
ISRAEL | 36,466,985,281 | 331 | 13.19% | 27.27% |
LAOS | 35,514,835,664 | 388 | 126.38% | 27.38% |
IRAQ | 32,386,649,792 | 59 | 10.97% | 17.30% |
NEPAL | 28,527,145,741 | 77 | 38.89% | 49.04% |
AFGHANISTAN | 20,881,368,828 | 41 | 11.17% | 2.42% |
AZERBAIJAN | 19,916,108,320 | 159 | 43.32% | 38.13% |
LEBANON | 19,668,651,198 | 306 | 60.83% | 21.75% |
QATAR | 16,061,069,803 | 493 | 12.52% | 31.16% |
JORDAN | 13,794,890,658 | 101 | 16.32% | 32.58% |
MONGOLIA | 9,961,022,772 | 241 | 78.50% | 17.77% |
KUWAIT | 8,421,874,689 | 163 | 8.05% | 18.63% |
BHUTAN | 8,047,062,646 | 852 | 281.19% | 43.74% |
KYRGYZSTAN | 6,633,962,828 | 82 | 31.66% | 6.47% |
BAHRAIN | 2,033,127,428 | 114 | 37.62% | 7.66% |
OMAN | 946,488,553 | 17 | 4.63% | 3.10% |
The total estimated crypto trading volume in Africa over three years (2022 - 2024)
Africa is leading in crypto trading growth, with 2024 volumes projected to be five times higher than in 2022. Estimated trading volumes are expected to reach $10.8 trillion in 2024, up from $2 trillion in 2022 and $2.7 trillion in 2023.
Estimated crypto trading volume across African countries
Africa's crypto market is experiencing significant growth, with Nigeria and South Africa leading the charge.
NIGERIA
Nigeria's trading volume is projected to surpass $244 billion, making it the top crypto trading nation on the continent. Nigerians have also shown remarkable trust in digital currencies, with many dedicating more than half of their monthly wage to crypto investments.
SOUTH AFRICA
Following closely is South Africa, with a trading volume exceeding $91 billion. South Africa's crypto market benefits from a well-established financial infrastructure and a growing interest in digital assets as both investments and transactional tools. The South African Reserve Bank's progressive stance on cryptocurrency regulation has further encouraged adoption.
Country | Trading Volume (USD) |
Trading volume per internet user (USD) |
Trading Volume compared to average monthly wage |
Trading Volume compared to average monthly rent |
---|---|---|---|---|
NIGERIA | 244,939,287,069 | 91 | 56.52% | 10.85% |
SOUTH AFRICA | 91,046,445,150 | 126 | 10.18% | 29.37% |
KENYA | 55,257,545,054 | 84 | 21.82% | 31.00% |
MOROCCO | 53,603,974,854 | 40 | 28.99% | 24.84% |
EGYPT | 52,768,272,922 | 116 | 29.44% | 34.42% |
ALGERIA | 37,049,532,958 | 68 | 25.47% | 35.23% |
TUNISIA | 33,373,655,097 | 82 | 45.05% | 6.11% |
GHANA | 23,182,603,680 | 155 | 51.16% | 71.43% |
ETHIOPIA | 16,127,491,284 | 11 | 5.24% | 0.68% |
UGANDA | 12,844,329,385 | 22 | 5.31% | 1.79% |
CAMEROON | 8,958,461,433 | 26 | 7.65% | 1.60% |
RWANDA | 8,063,897,561 | 48 | 17.98% | 3.28% |
SOMALIA | 8,060,375,262 | 37 | 18.69% | 1.46% |
CÔTE D'IVOIRE | 5,816,092,227 | 17 | 6.37% | 0.89% |
TANZANIA, UNITED REPUBLIC OF | 5,196,700,564 | 77 | 25.33% | 8.50% |
CONGO | 4,539,358,547 | 12 | 4.04% | 0.79% |
MADAGASCAR | 4,277,232,885 | 10 | 7.52% | 0.96% |
LIBYA | 1,867,671,996 | 25 | 9.65% | 1.00% |
ANGOLA | 1,414,308,275 | 17 | 6.18% | 9.24% |
BENIN | 1,036,306,585 | 6 | 3.73% | 0.45% |
SENEGAL | 978,536,913 | 5 | 0.92% | 0.22% |
BOTSWANA | 931,219,662 | 29 | 11.20% | 1.62% |
BURKINA FASO | 928,094,326 | 3 | 1.86% | 0.16% |
NAMIBIA | 870,353,202 | 28 | 10.49% | 1.76% |
TOGO | 390,902,954 | 2 | 1.50% | 0.19% |
ZIMBABWE | 252,544,634 | 9 | 2.00% | 0.73% |
LESOTHO | 96,862,630 | 1 | 0.37% | 0.05% |
MOZAMBIQUE | 74,139,117 | 0 | 0.00% | 0.00% |
ZAMBIA | 31,885,782 | 0 | 0.00% | 0.00% |
MAURITIUS | 11,349,630 | 1 | 0.20% | 0.23% |
The total estimated crypto trading volume in South America over three years (2022 - 2024)
Over three years, South America's crypto trading volume has jumped over 3.42 times. Estimated trading volumes are projected to reach $7.82 trillion in 2024, up from $2.29 trillion in 2022 and $3.03 trillion in 2023.
Estimated crypto trading volume across South American countries
BRAZIL
Brazil stands out as the leading country in cryptocurrency trading, with a projected trading volume exceeding $354 billion in 2024. This significant number emphasizes Brazil's dominant position in the region's crypto market, which is a result of rising adoption and a supportive regulatory environment.
CHILE
Following Brazil is Chile, with a crypto trading volume exceeding $105 billion. Chile is notable not only for its trading volume but also for the high monthly expenditure on cryptocurrency by its citizens. On average, Chileans spend $447 per month on crypto, which amounts to 65% of their monthly income and nearly matches their monthly rent expenses. This substantial investment reflects the growing confidence in digital assets as a viable financial tool in Chile.
Country | Trading Volume (USD) |
Trading volume per internet user (USD) |
Trading Volume compared to average monthly wage |
Trading Volume compared to average monthly rent |
---|---|---|---|---|
BRAZIL | 354,875,927,892 | 137 | 32.70% | 39.94% |
CHILE | 105,201,945,967 | 447 | 65.26% | 94.50% |
ARGENTINA | 99,692,768,001 | 181 | 43.83% | 55.86% |
COLOMBIA | 46,840,999,337 | 75 | 24.12% | 20.60% |
VENEZUELA | 35,131,032,533 | 102 | 57.63% | 48.34% |
PERU | 28,910,517,878 | 70 | 16.91% | 16.47% |
ECUADOR | 12,611,002,190 | 8582 | 11.35% | 15.98% |
PALESTINE, STATE OF | 8,038,458,735 | 125 | 46.82% | 4.92% |
BOLIVIA | 7,067,082,113 | 48 | 11.01% | 14.46% |
URUGUAY | 2,247,418,440 | 55 | 5.66% | 9.15% |
PARAGUAY | 944,323,059 | 11 | 2.56% | 0.58% |
The total estimated crypto trading volume in North America over three years (2022 - 2024)
North America is the only continent with decreasing crypto trading volume over three years. The trading volume peaked at $13.6 trillion in 2023, down from $10.3 trillion in 2022, and is projected to drop further to $7.7 trillion in 2024. The overall decline in North America's crypto trading volume from its peak in 2023 to 2024 reflects changing market dynamics and possibly stricter regulations or market maturity.
Estimated crypto trading volume across North American countries
THE UNITED STATES
The United States remains the leading crypto trading country, not just in North America but globally, with an estimated trading volume surpassing $2 trillion in 2024.
CANADA
Following closely is Canada, with over $333 billion in estimated crypto trading volume. Despite the high trading volumes, US citizens spend relatively modestly on crypto, averaging $507 per month, which constitutes nearly 12% of their monthly wage. This indicates a cautious but significant investment approach among Americans.
Country | Trading Volume (USD) |
Trading volume per internet user (USD) |
Trading Volume compared to average monthly wage |
Trading Volume compared to average monthly rent |
---|---|---|---|---|
UNITED STATES OF AMERICA | 2,069,753,513,777 | 507 | 11.98% | 37.03% |
CANADA | 333,498,648,770 | 717 | 23.29% | 51.43% |
MEXICO | 82,881,089,773 | 54 | 7.67% | 7.98% |
EL SALVADOR | 15,597,500,454 | 204 | 23.10% | 13.65% |
PANAMA | 8,120,982,111 | 151 | 20.30% | 18.88% |
TRINIDAD & TOBAGO | 8,119,959,529 | 441 | 56.18% | 17.57% |
DOMINICAN REPUBLIC | 5,900,534,061 | 43 | 11.23% | 3.10% |
TUNGUATEMALAISIA | 1,248,809,391 | 6 | 1.26% | 0.63% |
HAITI | 939,443,955 | 7 | 2.31% | 0.41% |
JAMAICA | 98,342,490 | 3 | 0.49% | 0.36% |
NICARAGUA | 81,500,793 | 1 | 0.62% | 0.06% |
The total estimated crypto trading volume in Oceania over three years (2022 - 2024)
Crypto trading volume in Oceania has tripled since 2022. In 2024, the estimated trading volume is projected to reach $2.44 trillion, up from $805.7 billion in 2022 and $1.07 trillion in 2023.
Estimated crypto trading volume across Oceanian countries
AUSTRALIA
Australia leads Oceania's crypto market, with an estimated trading volume surpassing $208 billion in 2024. Australians are actively investing in digital assets. On average, each individual spends $659 on crypto each month. This significant expenditure reflects the country's growing confidence in cryptocurrency as a viable investment.
NEW ZEALAND
In contrast, New Zealand's crypto trading volume is much smaller, at just $29 million. Despite the lower trading volume, New Zealanders are still engaging with the crypto market, spending around $469 per month on digital assets. This substantial personal investment indicates a strong interest in and belief in the potential of cryptocurrencies, even in a smaller market.
Country | Trading Volume (USD) |
Trading volume per internet user (USD) |
Trading Volume compared to average monthly wage |
Trading Volume compared to average monthly rent |
---|---|---|---|---|
AUSTRALIA | 208,934,368,830 | 659 | 18.87% | 44.41% |
NEW ZEALAND | 29,411,252,633 | 469 | 15.72% | 41.95% |
WHICH CRYPTO EXCHANGE
IS THE MOST POPULAR?
Binance leads the crypto exchange market, dominating in 100 countries with a staggering trading volume of $2.77 trillion. This positions Binance as the most influential and widely used exchange globally. Close behind, Binance US also dominates in 100 countries, but with a significantly lower trading volume of $3.9 billion.
OKX and CEX.IO are also notable, leading in 93 and 92 countries, respectively, with trading volumes of $759 billion and $1.83 billion. Coinbase Exchange and Bybit follow, each dominating 90 and 87 countries, with trading volumes of $662 billion and $1.14 trillion, respectively.
These figures highlight the competitive landscape of crypto exchanges, with Binance maintaining a substantial lead both in terms of geographical dominance and trading volume, underscoring its pivotal role in the global cryptocurrency market.
CEX | Number of Countries |
Trading volume |
---|---|---|
BINANCE
|
100 | 2,771,882,322,560 |
BINANCE US
|
100 | 3,913,665,415 |
OKX
|
93 | 759,452,606,645 |
CEX.IO
|
92 | 2,771,882,322,560 |
COINBASE EXCHANGE
|
90 | 662,374,143,565 |
BYBIT
|
87 | 2,771,882,322,560 |
HTX
|
85 | 643,093,793,095 |
BLOCKCHAIN.COM
|
84 | 53,026,105 |
BITFLYER
|
80 | 29,537,476,810 |
KRAKEN
|
80 | 234,860,154,105 |
KUCOIN
|
75 | 234,860,154,105 |
NICEHASH
|
74 | 116,725,905 |
BITMEX
|
73 | 16,843,535 |
BITGET
|
70 | 777,200,384,895 |
CRYPTO.COM EXCHANGE
|
70 | 2,771,882,322,560 |
BITSTAMP
|
68 | 44,528,947,340 |
BITFINEX
|
67 | 41,107,121,615 |
COINEX
|
65 | 25,194,449,485 |
GEMINI
|
64 | 28,103,721,770 |
GATE.IO
|
62 | 589,678,644,815 |
Conclusion
Cryptocurrency use and exchange are continuously changing economic landscapes on a global scale, with Europe and Asia leading the way and significant contributions from other regions. As this market continues to develop, it will be essential to closely observe these patterns and how they affect both the global financial system and individual economies.
METHODOLOGY
The study started by collecting a list of centralized exchanges (CEX) on Coingecko, which have trust scores greater than 6. We then collected the following data:
Web traffic by country of every CEX
Ahrefs
Peak trading timezone of every country
Coingecko
Supported languages of every CEX
CEX's website
Headquarters of every CEX
Wikipedia
Based on expert opinions in the crypto industry, we utilized the following distribution to calculate the trading volume for each country:
Factor | WEIGHT |
---|---|
Web Traffic | 0.9 |
Website Language | 0.001 |
Headquarters | 0.008 |
Trading Time Zone | 0.001 |
Finally, the trading volume is calculated using the formula below:
Trading Volume by Country
Trading Volume of CEX * (Web Traffic * 0.9 + Website Language * 0.001 + Headquarters * 0.008 + Trading Timezone * 0.001)
Other sources: Wikipedia, Numbeo, worldsalaries