Brazil dominates LATAM crypto trade with $6 billion volume

Brazil's cryptocurrency trading activity surged by 30% in the early months of 2024, reaching $6 billion in volume, making it the largest market in Latin America and the seventh-largest globally in fiat currency trade.

Kaiko Research data reveals that Brazil's crypto trade volume denominated in Brazilian real has outpaced the USD trading volume since late January.

Stablecoins have gained popularity, accounting for almost half of all trades, with Tether's (CRYPTO:USDT) market share rising significantly since the 2021 bull market.

The Brazilian crypto market boasts 13 spot Bitcoin (CRYPTO:BTC) exchange-traded funds, with Bitcoin and Ethereum commanding a combined 43% of BRL trade volumes.

Binance leads the market with a 79% share, but local exchanges like Mercado Bitcoin and Bitso are gaining ground, reaching their highest combined market share in over three years.