North America Leads Global Crypto Market with $1.3 Trillion in Activity

North America remains the top spot for the crypto market, accounting for about $1.3 trillion, or 22.5% of on-chain activity on the international level, data from Chainalysis shows.

Cryptocurrencies continue to concentrate in North America despite an unclear local regulatory climate. Recent data from Chainalysis reveals that the continent received $1.3 trillion in on-chain value, representing 22.5% of global activity between July 2023 and June 2024.

Total Crypto Value Received Between July 2023 and June 2024

Analysts at the New York-based blockchain forensic firm note that the landscape is primarily driven by institutional investors, with approximately 70% of the region’s crypto activity consisting of transfers exceeding $1 million. While U.S. markets appear to be the largest in the world, they are also more volatile in terms of growth compared to global markets.

“In recent quarters, the U.S. has demonstrated heightened sensitivity to both bull and bear markets. When cryptocurrency prices rise, the U.S. market shows larger increases in growth than the global market — and the inverse is true when cryptocurrency markets decline.”

Challenges in the U.S. Crypto Market

However, the U.S. markets have faced challenges over the past year, particularly as stablecoin activity has shifted away from U.S.-regulated platforms. The report highlights that until 2023, the share of stablecoin transactions on U.S.-regulated exchanges had been steadily increasing, but in 2024, this trend began to reverse.

As a result, crypto exchanges outside the U.S. have started to see rising volumes of stablecoin transactions, indicating that global stablecoin adoption is outpacing U.S. growth, according to Chainalysis.

The Canadian Market

Although smaller than their U.S. counterparts, the Canadian market also remains significant in North America, with approximately $119 billion in value received during the period, the data indicates.

Latin America’s Growth

In early October, Chainalysis reported that Latin America became the second-fastest-growing region with a year-over-year growth rate exceeding 42%. According to the firm’s data, Brazil received nearly $90.3 billion in crypto between July 2023 and June 2024, trailing closely behind Argentina.

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