A recent report by Coinwire, a cryptocurrency research portal, predicts that cryptocurrency adoption levels in Latam will more than double in 2024. The report, which examined trading movements on trusted centralized exchanges according to Coingecko, forecasts that crypto trading volumes in the region will reach $7.82 trillion in 2024, with Brazil and Chile being the top two dominant markets.

Coinwire Report Estimates Latam Crypto Trading Volumes Will Reach $7.82 Trillion in 2024

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’s report, which examines the behavior of traders in the most trusted cryptocurrency exchanges as ranked by Coingecko, foresees that Latam trading volumes will reach $7.82 trillion this year.

This leaves behind the $2.29 trillion traded in 2023 and $3.03 trillion in 2022. While the region exhibits healthy growth, it is dwarfed by Africa, with 2024 volumes projected to be five times higher than the ones registered in 2022.

Brazil is recognized as the largest market in the region, projected to have trading volumes of over $354 billion in 2024. The dominance of Brazil in this regard is attributed to “rising adoption and a supportive regulatory environment.”

Second to Brazil is Chile, expected to raise its cryptocurrency trading numbers to $105 billion and highlighted as one of the countries where citizens spend more in crypto each month. Coinwire assesses that Chileans spend 65% of their monthly allowances on crypto, nearly matching their monthly rent expenses. “This substantial investment reflects the growing confidence in digital assets as a viable financial tool in Chile,” the report stresses.

Argentina ranks third, with a projected crypto trading volume of $100 billion, and Colombia trails it with almost $47 billion.

Nonetheless, the biggest market for crypto as reported by Coinwire is Europe, estimated to reach over $40 trillion in trading volumes in 2024.