Coinwire Report Estimates Latam Crypto Trading Volumes Will Reach $7.82 Trillion in 2024
- PHPzOriginal
- 2024-08-06 15:12:20393browse
Latin America keeps growing as a cryptocurrency adoption beacon in the world. According to a recent report by Coinwire, a crypto research and investigation portal, the region has the potential to double its cryptocurrency adoption numbers in 2024.
Coinwire, a cryptocurrency research portal, has recently released a report that predicts a significant increase in cryptocurrency adoption levels in Latin America (Latam) by 2024. The report analyzes trading activity on the most trusted centralized exchanges, as ranked by Coingecko, to estimate Latam's crypto trading volumes.
Coinwire's analysis suggests that crypto trading volumes in Latam will reach $7.82 trillion in 2024, driven by increasing adoption and a supportive regulatory environment in the region. This marks a substantial increase compared to the $2.29 trillion traded in 2023 and $3.03 trillion in 2022.
While Latam's growth is notable, it is still dwarfed by Africa, where 2024 volumes are projected to be five times higher than those registered in 2022.
According to the report, Brazil remains the largest market in the region, with trading volumes projected to exceed $354 billion in 2024. This dominance is attributed to the country's high adoption rates and supportive regulatory environment.
Following Brazil, Chile emerges as one of the dominant markets, with crypto trading volumes expected to reach $105 billion. The report highlights Chile as one of the countries where citizens spend the most on crypto each month, with an average of 65% of their monthly allowances going towards digital assets. This level of investment, which nearly matches their monthly rent expenses, reflects the growing confidence in cryptocurrencies as a viable financial tool in the country.
Argentina ranks third with a projected crypto trading volume of $100 billion, while Colombia trails it with almost $47 billion.
Coinwire's analysis also reveals that the biggest market for crypto remains Europe, with trading volumes estimated to reach over $40 trillion in 2024.
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