Brazil to lead LATAM crypto market at $6B in 2024
Crypto trading volumes increased in Brazil in the first months of 2024. According to data from Caico Research, crypto trading activity in the country increased by up to 30% year-on-year.
From January to early May 2024, the volume of crypto transactions denominated in Brazilian reals reached $6 billion, a 30 percent increase compared to last year. So far in 2024, the country will be the largest market in Latin America and seventh globally in terms of fiat currency trading, Caico said.
In the year In the first four months of 2024, the volume of crypto transactions in Mexican pesos was $ 3.7 billion, while the amount in Argentine pesos was $ 300 million.
“Despite the recent market correction, BRL trading volume is still up 30% compared to last year,” he said, noting that BRL trading volume has grown faster than US dollar trading volume since the end of January.
Stablecoins are becoming popular with Bitcoin (BTC) and other cryptocurrencies in the country. In the year About half of all transactions in 2024 will involve stablecoins, according to Caico, Tether's (USDT) market share has grown by nearly 20% since the 2021 bull market.
According to data from B3, the primary financial market infrastructure provider in the country, Brazil's crypto market now has 13 bitcoin exchange-traded funds (ETFs), including popular funds from Hashdex and BlackRock. The Bitcoin ETF has been traded in the country since 2021, managing around 2.5 billion riyals (~$500 million) as of March.
“BTC and ETH account for a combined 43% of BRL trading volumes. For context, they account for over 70% of US dollar volume.”
Although its dominance is waning, Binance currently holds the largest market share in Brazil with 79% of transactions. In contrast, Brazil's largest exchange Mercado Bitcoin, along with Mexico-based Bitso, saw their combined market share rise to 21% in early May, the highest level in more than three years, Caico reported.
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