Crypto Market: North America Dominates Global Activity

North America continues to dominate the global crypto market, receiving over 22% of on-chain value from July 2023 to June 2024.

According to recent data from Chainalysis, North America has attracted approximately $1.3 trillion in crypto value during this period, representing 22.5% of the global activity. Despite regulatory uncertainty, the region remains a central hub for cryptocurrency transactions, driven largely by institutional investors.

Institutional Investors Drive North America’s Crypto Activity

The study revealed that institutional investors play a major role in North America’s crypto market, with 70% of the region’s transactions exceeding $1 million. Chainalysis also noted that the US market has been more volatile compared to other regions.

The US market has recently shown heightened sensitivity to both bull and bear cycles. When cryptocurrency prices change, the US crypto market feels the effect of the change more than any region, whether such a change is positive or negative.

Stablecoin Transactions Shift Away from US-Regulated Platforms

According to the report, one of the major challenges facing the US crypto market is the shifting trend in stablecoin activity. The proportion of stablecoin transactions on US-regulated exchanges was on a steady upward trend until 2023.

However, this trend began to reverse in 2024, with stablecoin activity soaring on exchanges outside US jurisdiction. This shift reflects a broader change in global stablecoin adoption.

Even though it is smaller than the US market, Canada plays a significant role in the North American crypto market. The data from Chainalysis indicated that Canada received approximately $119 billion in on-chain value between July 2023 and June 2024.

As exchanges outside the US gain traction in stablecoin transactions, there could be a greater diversification in the sources of crypto liquidity, which would alter the landscape of stablecoin usage on a global scale.

Latin America Shows Strong Crypto Growth

In contrast, Latin America has emerged as the second-fastest-growing region in the crypto market, with a year-over-year growth rate exceeding 42%, according to Chainalysis.

Notably, Brazil and Argentina have shown strong adoption rates, with Brazil receiving nearly $90.3 billion in crypto in the period under review. This positions Latin America as a key player in the global cryptocurrency landscape and could challenge North America’s dominance in the near future.