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In the initial months of 2024, Brazil’s crypto trading volume surged by 30%, reaching $6 billion. The nation has emerged as the largest crypto market in Latin America and ranks seventh globally in terms of crypto trading volume involving fiat currency pairs.
Data from Kaiko Research indicates that Brazil’s crypto trading volume saw a notable increase in the early months of this year, rising by 30% compared to the same timeframe last year.
Between January and early May 2024, the volume of crypto transactions in Brazilian reais (BRL) hit $6 billion. Brazil has positioned itself as the leading crypto market in Latin America, as the trading volume in Mexican pesos (MXN) during the first four months of this year was $3.7 billion, while in Argentine pesos (ARS), it was approximately $300 million.
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Analysts from Kaiko also highlight that Brazil’s standing in the global market has improved. The country is now ranked seventh worldwide in terms of crypto trading volume for fiat currencies. Since late January 2024, trading volumes in BRL pairs have been increasing more rapidly than those in U.S. dollars.
BTC and ETH together represent around 43% of the trading volume in pairs with BRL. The most widely used cryptocurrency in Brazil is USDT. The proportion of Tether’s stablecoin in BRL trading volume has risen by nearly 20% since 2021. Analysts have also observed that stablecoins are gaining traction in Brazil, surpassing Bitcoin and other cryptocurrencies. In 2024, nearly half of the trading volume originated from stablecoins.
The Special Department of Federal Revenue of Brazil reported that in 2023, approximately 80% of all crypto transactions in the country were conducted using USDT.
Binance continues to be the leading platform in Brazil, handling 79% of all transactions, although its market share is gradually decreasing. The primary competitors of Binance in the region include Brazil’s largest exchange, Mercado Bitcoin, and Mexico’s Bitso, which together increased their market share to 21% by early May 2024. Latin America exhibits one of the highest rates of crypto adoption, with Brazil being one of the most dynamic crypto markets in the region, as numerous cryptocurrencies are recognized as legal payment methods under local laws. Consequently, Brazilian users tend to favor centralized exchanges (CEXs) for their crypto transactions.
Сообщение Crypto Trading Volume in Brazil Increased by 30% in 2024 появились сначала на CoinsPaid Media.
