2024

Bitcoin

While the cryptocurrency market has recorded significant growth all over the world, the crypto market in Turkey has also experienced significant growth in recent years. 
According to a study by Kaiko, more than half of the country's population invests in crypto. 
The research results revealed that the increase in cryptocurrency investments was largely driven by macroeconomic factors such as high inflation, currency devaluation, and a young and largely unbanked population. 
The research also stated that Turkish Lira (TRY) is the fourth most used fiat currency in the crypto market, while stablecoins and memecoins emerged as the favorites of Turkish investors, even surpassing Bitcoin (BTC). 
Accordingly, it was stated that TL ranks fourth in transaction volume since 2022, after the US Dollar, Korean Won and Euro. 
<h2 id="stablecoins-and-memecoins-surpassed-bitcoin">Stablecoins and Memecoins Surpassed Bitcoin!</h2> 
In its report, Kaiko stated that Turkey's inflationary conditions have greatly increased the use of stablecoins in recent years. 
At this point, Kaiko stated that USDT-TRY was the largest trading pair in terms of volume on Binance in 2024 and the volume reached over 22 billion dollars, while PEPE-USDT was the largest pair after USDT-TRY with 4 billion dollars. 
Kaiko also noted that the majority of memecoins have surpassed Bitcoin in trading volume this year, “which indicates that Turkish traders are turning to riskier crypto assets to hedge and speculate against currency volatility.” said. 
<img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-149196" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/07/Kaiko.png" alt="" width="748" height="411"> 
<h2 id="binance-domination-in-turkey">Binance Domination in Turkey!</h2> 
Binance has become one of the two largest trading platforms for Turkish investors thanks to high liquidity and low fees. 
While it is considered that the zero fee campaign is behind this success, its wide range of altcoins made it the primary choice of investors. 
At this point, Binance offers a wide variety of TRY-denominated trading pairs and has been aggressively listing new pairs for the last few years despite the 2022 crypto bear market. In 2024 alone, Binance listed 61 new TRY trading pairs, bringing the total number of TRY trading pairs to over 200. 
<img decoding="async" class="alignnone size-full wp-image-149197" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/07/Ekran-goruntusu-2024-07-26-165953.png" alt="" width="750" height="635"> 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/which-cryptocurrencies-do-turkish-investors-invest-in-most-where-does-bitcoin-btc-rank/">Which Cryptocurrencies Do Turkish Investors Invest in Most? Where Does Bitcoin (BTC) Rank?</a>

Which Cryptocurrencies Do Turkish Investors Invest in Most? Where Does Bitcoin (BTC) Rank?

Table of Contents

Bitcoin Sistemi EN

Other articles published on Jul 26, 2024

Bitcoin Network's OP_CAT upgrade fuels developer innovation

Roxom Unveils Bitcoin-Based Securities Market Backed by Top Investors

What’s the big deal with a Solana ETF?

Why Ripple (XRP) Could Be Massively Undervalued

Bitcoin Bounces Back to $67,800: Bullish Signs and Trump’s Speech Fuel the Surge

Bitwise Announces 10% Donation of Ethereum ETF Profits to Open-Source Developers

Join our free newsletter for daily crypto updates!