Chainalysis’ report shows that Europe is now the largest cryptocurrency market in the world

According to a report Conducted by Chainalysis on September 9th, Europe is growing at the forefront of crypto activity, particularly in the Central, Northern and Western Europe region collectively known as CNWE.

CNWE recorded more than $ 1 trillion in crypto transactions last year, accounting for about 25% of global trading volume. Last year the region was in second place behind East Asia at this time. Chainalysis also suggests that the cause of this change has a lot to do with CNWE’s growing interest in cryptocurrencies and a decline in activity in Asia.

Source: chain analysis

Of the 30 countries in the region, the UK has the largest market share with $ 170 billion in transactions last year. Half of this is sent over DeFi protocols. France and Germany occupy second and third place on the list, with trading volumes of around US $ 125 million and US $ 115 million, respectively.

The European cryptocurrency market is growing rapidly

One advantage that CNWE has over the rest of the world is that the region takes the top spot as a crypto trading partner for all other regions. CNWE is responsible for shipping 25% of the total value other regions receive and 34% to North America. Over the past year, CNWE has seen a sharp surge in transactions across all cryptocurrencies, especially DeFi protocols, on its way to becoming the global crypto hub it is today.

According to Chainalysis, the CNWE boom began in July 2020 when an institutional trade – worth at least $ 10 million in crypto – took place. Between July 2020 and June 2021, CNWE’s total value rose from $ 1.4 billion to $ 46.3 billion, or 3,207%. The report adds that many of these transactions take place on DeFi platforms, most of which involve Ethereum and Wrapped Ethereum.

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