VICTORIA, Seychelles, March 28,
2024 /PRNewswire/ -- Bitget Research, the research
arm of the world's leading cryptocurrency exchange and
Web3 company, has released a report analyzing the structure and the
current landscape of the cryptocurrency markets of
Western Europe. The region
showcases characteristics such as large cryptocurrency
trading volumes, high DeFi activity levels, a
responsible and regulated approach, and relatively lower usage of
P2P trading.
Key takeaways:
- The number of local daily crypto traders ranges
from 1.2 million to 1.5 million.
- Germany and France lead in terms of crypto
trading activity.
- Austria witnessed the fastest
growth in crypto traders between December 2022 to December
2023, with a 70% increase in users.
- Western European users are generally well-educated and
risk-conscious in their cryptocurrency
investments.
- The local trading strategy typically involves a combination of
contracts and spot trading, and investment in mainstream
assets.
- Regional users demonstrate high participation in
decentralized projects, NFTs and Web3 platforms, and
active engagement in popular chain ecosystems like
Solana.
- DeFi usage constitutes the majority of
cryptocurrency activity in Western Europe, while P2P trading volumes
remain notably low.
Western European countries, characterized by developed economies
and high general education levels, rank among the regions with the
highest cryptocurrency adoption globally. The
importance of Western Europe
within the cryptocurrency industry continues to grow,
as evidenced by the daily trading participation on centralized and
decentralized exchanges ranging from 1.2 million to
1.5 million individuals. While Germany and France lead in activity levels, Austria has experienced the most rapid yearly
growth in crypto traders, with a remarkable 70% surge
in users. Germany closely followed
with a 69% increase, while other Western European countries
demonstrated slower growth rates ranging between 15% and 20%.
Overall, cryptocurrency activity in Western Europe benefits from a clearer level
of compliance compared to other regions with countries like
Germany, Switzerland, Belgium, France, Austria, Liechtenstein, Luxembourg, and the
Netherlands adhering to the legislative framework
established by the European Union for regulating
crypto assets.
Centralized Exchanges and Spot Trading Prevail
Upon analyzing local market trends and trading instrument
preferences, it was observed that users in Germany, Switzerland, and the
Netherlands exhibit a preference for trading futures,
whereas the remaining countries lean towards spot trading.
When it comes to trading cryptocurrency, the
majority of Western European users demonstrate an inclination
towards centralized exchanges, with CEX traffic surpassing DEX by
10 times. Among users opting for decentralized
platforms, PancakeSwap and Uniswap emerge as the most popular
exchanges. Additionally, Coinbase Wallet, Metamask,
Bitget Wallet, and TrustWallet are the most commonly utilized
cryptocurrency wallets across the eight countries.
Over the past year, the overall traffic to centralized exchanges
from Western European users has shown a significant upward trend,
especially in Germany,
Switzerland, and Poland. Germany and Switzerland saw a year-over-year increase of
more than 50%, with Poland
experiencing a growth rate of 145%. However, the growth in
France and Belgium was not as pronounced, with
Belgium even seeing a 6.8% decline
compared to the same period last year.
DeFi usage constitutes the majority of
cryptocurrency activity in Western Europe, while P2P trading volumes
remain notably low. One reason for the region's limited adoption of
crypto P2P is the prevalent practice of purchasing
digital assets using fiat deposits or linked cards. In contrast,
regions like South East Asia see
P2P transfers as the primary instrument of
cryptocurrency trading, given the lesser prevalence of
card deposits.
Choice Of Assets And Trending Topics in
Western Europe
Among popular sectors and projects, regional users demonstrate
high participation in decentralized projects,
familiarity with DEX tools and trading, NFTs, and Web3 platforms,
and active engagement in popular chain ecosystems like
Solana.
In terms of asset choice, emerging cryptocurrencies
such as Ordinals, NFTs, RWAs, DePin, Solana ecosystem
and meme coins have garnered significant attention among traders
across Western Europe since the
beginning of the year.
According to Western European market data, the trending topics
and coins of choice include significant growth in the
Solana ecosystem driven by token launches and
airdrops, as well as increased interest in Manta Network and Ondo
Finance. Additionally, there is sustained attention on second and
third-tier chains such as CRO, FTM, and SUI, suggesting continued
engagement despite minimal news or major announcements.
Western European Crypto Trader
Behavior
The Bitget research suggests that
cryptocurrency participants in the region typically
possess a high level of education, exercise caution, and prioritize
long-term investments. Additionally, a significant portion of local
users actively engage in both online and offline forums, including
community Ask Me Anything (AMAs), where they exchange market
insights and discuss industry trends. Furthermore, they place a
premium on legality and demonstrate a keen interest in adhering to
Know Your Customer (KYC) and anti-money laundering (AML)
regulations.
In terms of strategy, choice of trading
instruments and platforms, Western European traders show
conservatism — they carefully examine the market options and once
chosen, tend to be loyal users.
Local Market Predictions For 2024
Based on the comprehensive study, Bitget Research
foresees the following trends in the Western European market for
2024:
- Germany and France will remain key hubs of
cryptocurrency activity in the region.
- The interest of Western European users in on-chain solutions,
particularly in the category of NFTs, DEXes, and blockchain games,
will continue to grow. One-two blockchain projects run by Western
European teams will gain the leading position in their
sectors.
- Decentralized exchanges will meet the growing
demand for on-chain transactions, while emerging centralized
exchanges, offering superior customer service and platform
features, may gain new adoption among Western European users.
- Increased engagement with Solana ecosystem
projects will benefit crypto wallets, which offer
integration across various blockchain ecosystems.
About Bitget
Established in 2018, Bitget is the world's
leading cryptocurrency exchange and Web3 company.
Serving over 20 million users in 100+ countries and regions, the
Bitget exchange is committed to helping users trade smarter with
its pioneering copy trading feature and other trading solutions.
Formerly known as BitKeep, Bitget Wallet is a world-class
multi-chain crypto wallet that offers an array of
comprehensive Web3 solutions and features including wallet
functionality, swap, NFT Marketplace, DApp browser,
and more. Bitget inspires individuals to embrace
crypto through collaborations with credible partners,
including legendary Argentinian footballer Lionel Messi and official eSports events
organizer PGL.
For more information, visit: Website | Twitter
| Telegram | LinkedIn | Discord | Bitget
Wallet
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