Turkish lira’s crypto volume market share is at an all-time high.

The Turkish Lira (TRY) crypto volume market share has reached an all-time high due to currency devaluation and foreign exchange volatility in the country.

According to a report by crypto research platform Caico, the rise in TRY's crypto volume market share has led the currency to overtake the euro (EUR) as the third largest fiat currency by volume.

Try will be the third largest Fiat by volume.

Kaiko's analysis found that TRY's crypto volume market share reached an all-time high of 19 percent in early June. High inflation has occurred in the country, with an inflation rate of over 70%, making the TRY one of the worst performing currencies in the world.

Often, currency depreciation and foreign exchange volatility are key drivers of crypto adoption in emerging markets. CAICO said foreign exchange volatility has increased in recent months as the number of elections scheduled for 2024 and the divergence of monetary policies have increased.

Since April, the financial market has seen the British pound (GBP) hit its highest level against the euro in two years. On the other hand, the Japanese yen (JPY) fell to a 30-year low against the US dollar (USD), while the Mexican peso (MXN) fell to its weakest level since October 2023. High inflation and massive destruction of their purchasing power.

BTC Hits New ATAs Against TRY

The decline in the value of the TRY has pushed Bitcoin (BTC) to all-time highs in the past few months.

In the year When BTC topped $34,000 in October 2023, CryptoPotato reported that the cryptocurrency hit an all-time high against the lira, hitting 979,000. In February, the asset rose above $50,000 and BTC rose to the 1.6 million mark due to strong demand from US investment products.

The major digital currency hit another all-time high against the lira in March, over 2.3 million attempts. At the time of writing, data from TradingView showed that BTC was down slightly to 2.24 million attempts.

Meanwhile, Kaiko revealed that the rising share of the TRY crypto dividend may be due to the recent loss of Binance's banking partners. This led to the cancellation of GBP and Australian dollar trading pairs on crypto exchanges, which boosted the TRY's overall fiat trading volume.