Coinwire Report: Latam to More Than Double Its Crypto Trading Levels This Year

[sirty143]

Coinwire Report: Latam to More Than Double Its Crypto Trading Levels This Year

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. See more for yourself here.

Your opinion is greatly appreciated.

[TomPluz]

Good to hear this news on the expanding Latin America market for cryptocurrency. We are actually witnessing the gradual adoption of cryptocurrency coming from the people and even recognized by some countries whose governments are open to the benefits and risks in the crypto industry. So years from now, Latam would be a powerhouse most especially if more countries would legalize and allow their citizen and business to get involved with crypto as this has the potential to enhance their economy and can add more opportunities for many entrepreneurs in the process. While other countries and regions seem to be adamant with their negative stance on cryptocurrency, Latam is now a gem and an oasis that can surely be attracting investments from fintech and other concerns.

[Faisal2202]

The trading volume back in 2023 was $2.29 Trillion and now it's $7.82 Trillion within a year. This development is crazy and how Brazil's trading volume is $354 Billion dollars I mean where they are getting this much money? I think they are counting the selling as well and maybe reselling of the funds too. I mean if I make 10 trades of $100 it means I made a trading volume of $1000 maybe they are counting these numbers.

The hype of airdrops was great in 2024, and many airdrops required trading volume but I don't think this narrative plays a big role because the volume they have reported is only from centralized exchanges so I think the actual trading volume will be higher than $10 trillion or maybe more.

[yhiaali3]

I was not surprised that Brazil is the largest market in the region, but I was a little surprised that Chile comes in second place after Brazil and ahead of Argentina which is in third place.

Although the numbers mentioned are not large compared to the size of the crypto market, they look good and promising for Latam  region, this market is still new and can achieve more growth there.

I would have liked to see statistics about El Salvador which is the first official adopter of Bitcoin in the world, what is its ranking in this region of the world?

[Jating]

Well we already have El Salvador as the first nation to adopt Bitcoin as legal tender. So obviously, Latam knows something that crypto is the technology that might save this region. And we all know that most of the governments are facing currency devaluation, and so this might be the driving force why the population are going into crypto as a hedge.

And remittance itself, we have seen them going into places to work specially in the US. So maybe they are sending their money to exchanges and then trade it to their local fiat. So Latam really finds solace in crypto and so this could be the reason why the trading levels is doubling up this year and for the next couple of years.

[Kemarit]

Indeed it's a welcoming news, but together with it, there is also a breading ground for hackers and criminals to target LATAM as well as the numbers are going up in the last couple of years.

Like this news: Cybercriminals Targeting Latin America with Sophisticated Phishing Scheme.

And so with that, if you are living int those countries and enjoying your crypto, you should also be very careful of who you dealing with. Just like in the last news that we heard, a group of tourists from Israel was robbed by criminals in Costa Rica with $700,000 worth of crypto.

[hugeblack]

The trading volume back in 2023 was $2.29 Trillion and now it's $7.82 Trillion within a year. This development is crazy and how Brazil's trading volume is $354 Billion dollars I mean where they are getting this much money? I think they are counting the selling as well and maybe reselling of the funds too. I mean if I make 10 trades of $100 it means I made a trading volume of $1000 maybe they are counting these numbers.

The numbers are very optimistic, especially since we are now at the 2 trillion threshold and there are about 5 months left until the end of the year. Therefore, it is very difficult for the market capacity of cryptocurrencies to reach $7.82 Trillion in 2024, or even in the next 5 years.

[NotATether]

I wouldn't be surprised if most of this is coming from El Salvador, which can be described as the capital of cryptocurrency at the moment. Or at least the capital of Bitcoin. But Argentina should also be pumping huge numbers.

[Faisal2202]

The numbers are very optimistic, especially since we are now at the 2 trillion threshold and there are about 5 months left until the end of the year. Therefore, it is very difficult for the market capacity of cryptocurrencies to reach $7.82 Trillion in 2024, or even in the next 5 years.

You are right numbers are really optimistic but these are just trading numbers, not market capital. I mean you added a 2 trillion threshold while it's of market cap and I never said the market will have a market cap of $7.82 trillion while it already have a trading volume in one some countries of the world (combined).

Well, I saw the news yesterday that crypto lies at the 6th spot in the world monetary assets list by having a market cap of 2+ trillion dollars. Japan is in the 5th number with a market cap of 4.65 trillion dollars. I don't think the Crypto market with its current pace can make it into the top 5 monetary assets in the world

[Manna]

The numbers are very optimistic, especially since we are now at the 2 trillion threshold and there are about 5 months left until the end of the year. Therefore, it is very difficult for the market capacity of cryptocurrencies to reach $7.82 Trillion in 2024, or even in the next 5 years.

You are right numbers are really optimistic but these are just trading numbers, not market capital. I mean you added a 2 trillion threshold while it's of market cap and I never said the market will have a market cap of $7.82 trillion while it already have a trading volume in one some countries of the world (combined).

Well, I saw the news yesterday that crypto lies at the 6th spot in the world monetary assets list by having a market cap of 2+ trillion dollars. Japan is in the 5th number with a market cap of 4.65 trillion dollars. I don't think the Crypto market with its current pace can make it into the top 5 monetary assets in the world

Your explanation seems to imply that you mean the difference between trading volume and market cap, which is very important.  Market cap represents the total value of a particular market in the economy, while trading volume indicates how much cryptocurrency is being bought and sold at a given time. If a cryptocurrency's market cap is 2+ trillion dollars, it is a huge achievement, making cryptocurrency one of the world's largest financial assets.  Placed between  However, since Japan's financial assets market cap is $4.65 trillion, the cryptocurrency market may take some time to break into the top 5 financial assets at its current pace. Your doubts that the cryptocurrency market will become a top 5 financial asset are very logical.  The current growth rate of the cryptocurrency market, regulatory challenges, and market volatility may slow its rapid growth.  Although the potential of the cryptocurrency is huge, whether it can enter the top 5 will depend on its stability, acceptance and global regulations in the future.

[Faisal2202]

Your explanation seems to imply that you mean the difference between trading volume and market cap, which is very important.  Market cap represents the total value of a particular market in the economy, while trading volume indicates how much cryptocurrency is being bought and sold at a given time. If a cryptocurrency's market cap is 2+ trillion dollars, it is a huge achievement, making cryptocurrency one of the world's largest financial assets.  Placed between  However, since Japan's financial assets market cap is $4.65 trillion, the cryptocurrency market may take some time to break into the top 5 financial assets at its current pace. Your doubts that the cryptocurrency market will become a top 5 financial asset are very logical.  The current growth rate of the cryptocurrency market, regulatory challenges, and market volatility may slow its rapid growth.  Although the potential of the cryptocurrency is huge, whether it can enter the top 5 will depend on its stability, acceptance and global regulations in the future.

Thanks for shedding more light on my words and yeah crypto industry can be in the top 5 list of monetary assets. If it can make it to the 6th position then it can also make it in the top 5. Overall the adoption being made by Russia is enormous I mean first they said they will be using BTC for international trades and then they said mining is legal in all over the country and even giving easy-to-register facilities to their citizens.

The trading volume stats is really so big and optimistic but I don't think considering the current hype and adoption its enough I mean it (trading volume) should be more than it is now.

[hugeblack]

Well, I saw the news yesterday that crypto lies at the 6th spot in the world monetary assets list by having a market cap of 2+ trillion dollars. Japan is in the 5th number with a market cap of 4.65 trillion dollars. I don't think the Crypto market with its current pace can make it into the top 5 monetary assets in the world

Market cap is a misleading measure for altcoins, I can believe in Bitcoin's market cap but the real market cap for all altcoins is supposed to be Bitcoin's market cap +10% to 30% and so the total market cap is supposed to be around 1.5 trillion but due to the ease of printing tokens their accounting value is less than their real value.

[Faisal2202]

Market cap is a misleading measure for altcoins, I can believe in Bitcoin's market cap but the real market cap for all altcoins is supposed to be Bitcoin's market cap +10% to 30% and so the total market cap is supposed to be around 1.5 trillion but due to the ease of printing tokens their accounting value is less than their real value.

I got your point and I think I should agree with it I won't talk about some good alts as their market cap is also real but the memecoins are not real they are here in the market and after some time they are not. If I'm not wrong Memecoin's market cap is also added to the total market cap of $2.1 Trillion. BTC has a market cap of around $1,173,316,527,759 and if we count the market cap of the top 100 ($712.03 billion) or top 200 coins ($57.3 billion) from the coinmarketcap and add it into the BTC market cap then I think it will become around $1,942,646,527,759.

Well for the sake of this post, I did some research and it turns out that the top 200 coins on the market have the M.Cap of around 1.9 Trillion. So yeah it's pretty much near and equal to $2.1 trillion if we add other alts and memecoins (BRC-20 and Ordinals etc.). I think we should trust numbers.

[Captain Corporate]

I didn't know what LATAM means, turns out it was latin America basically. Its good that they are looking into crypto a lot more, we really need nations which are not top rich economies to take a look at these, we know that it is not going to be easy to make these changes, but at the end of the day we are talking about something still not too dirt poor when you combine all together. We need all the help we can get and this is one of those, I think getting this will definitely help. If it increases more and more, we could even see adoption at government level and that could change things a lot more.

[SamReomo]

It's nice to know that people of Brazil and Chile are into crypto trading, and it's a great news for the whole crypto market. I believe traders and investors are the main backbone of the market because without them no crypto currency can gain success or increase in value.

And, it's good to know that Brazil people are doing trading as a hobby and that's a good thing. I hope we will find similar reports about crypto trading levels from other parts of the world especially from Asia and middle east.