Global crypto trading is only just beginning to take off, as a study from CoinWire predicts that industry trading volume will exceed $108 trillion by the end of 2024.

The study revealed that the end-of-year estimate is 90% higher than in 2022. The United States leads with the highest projected crypto trading volume for the year, surpassing $2 trillion.

While the US may lead in crypto trading volume, Europe leads the market in global cryptocurrency transaction value, accounting for 37.32%.

Europe is one of the most proactive regions in the world when it comes to defining its cryptocurrency industry through regulations. These regulations are designed to help lawmakers understand financial technology and provide traders and exchanges with clear guidelines for navigating the market.

The European Unions landmark Markets in Crypto-Assets Regulation came into partial effecton June 30, focusing on stablecoins. In December, additional regulations for crypto asset service providers are set to come into effect.

This legislative framework, which has been in the works since 2020, is the EUs first set of uniform market rules for crypto assets.

Related: EU elections 2024: Pro-crypto parties pick up seats amid Green losses

The survey expects Europes cryptocurrency trading volume to hit $40.5 trillion in 2024, a 2.7-fold increase from its $15 trillion in 2022.

Asia ranks second with 36.17% of the worlds cryptocurrency transaction value.

The conclusions found in the study were made by analyzing centralized exchanges with trust scores higher than six on CoinGecko based on web traffic by country, supported languages, headquarters location and trading time zones.

Another finding revealed that Binance dominates in over 100 countries worldwide in the crypto exchange market, with a trading volume of $2.77 trillion. Binance.US was also dominant in the same number of countries, although it has a lower trading volume of $3.9 billion.

According to the study, this makes Binance the most widely used exchange worldwide. On July 5, the exchangecelebrated its seventh anniversary and the milestone of reaching 200 million users worldwide.

Following Binance are OKX and Cex.io, with a presence in 93 and 92 countries, respectively, and trading volumes of $759 billion and $1.83 billion.

Coinbase and Bybit operate in 90 and 87 countries, respectively, and their trading volumes are $662 billion and $1.14 trillion.

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Crypto trading volume to exceed $108T in 2024, with Europe in the lead - Cointelegraph