Crypto trading volume in Brazil increased by 30% in the first months of 2024, reaching $6 billion. The country became the largest crypto market in Latin America and the seventh largest in the world regarding crypto trading volume in fiat currency pairs.
According to Kaiko Research data, crypto trading volume in Brazil increased significantly in the first months of this year, growing by 30% compared to the same period last year.
From January to early May 2024, the volume of crypto trades denominated in Brazilian reais (BRL) reached $6 billion. Brazil became the largest crypto market in Latin America, as in the first four months of this year, the volume of crypto trades denominated in Mexican pesos (MXN) amounted to $3.7 billion, while in Argentine pesos (ARS) is only about $300 million.
Kaiko analysts also note that Brazil’s performance also increased in the global market. The country ranked seventh in the world regarding the volume of crypto trading for fiat. Since late January 2024, crypto trading volumes in BRL pairs are growing more actively than trading volumes in U.S. dollars.
BTC and ETH account for about 43% of the trading volume in pairs with BRL. The most popular cryptocurrency in Brazil is USDT. The share of Tether’s stablecoin in BRL trading volume rose by almost 20% since 2021. Analysts also noted that stablecoins are becoming more popular in Brazil, outpacing Bitcoin and other cryptocurrencies. Almost half of the trading volume came from stablecoins in 2024.
The Special Department of Federal Revenue of Brazil reported that in 2023, about 80% of all crypto transactions in the country were carried out using USDT.
Binance remains the market leader in Brazil, processing 79% of all transactions, but its dominance is gradually declining. Binance’s main competitors in the region are Brazil’s largest exchange, Mercado Bitcoin, and Mexico’s Bitso, which increased their combined market share to 21% by the beginning of May 2024.Latin America has one of the highest levels of crypto adoption. Brazil is one of the most active crypto markets in the region, as many cryptocurrencies are legal payment methods, according to local legislation. That said, Brazilian residents prefer to use CEXs for crypto transactions.
Сообщение Crypto Trading Volume in Brazil Increased by 30% in 2024 появились сначала на CoinsPaid Media.
