Crypto trading volumes in Brazil have surged in the early months of 2024, indicating a notable uptick in activity compared to the previous year. Data from Kaiko Research reveals that crypto trading in Brazil has experienced a significant 30% year-over-year increase. Within the period from January to early May 2024, the trading volume denominated in Brazilian real reached a substantial $6 billion, positioning Brazil as the largest market in Latin America and the seventh-largest globally in terms of fiat currency trade, according to Kaiko.

During the same period, the trading volume in Mexican peso amounted to $3.7 billion, while the volume in Argentine peso hovered around $300 million. Despite a recent market correction, the report highlights that trading volumes denominated in Brazilian real have sustained a robust 30% growth compared to the previous year. Interestingly, the growth rate of Brazilian real trade volumes has outpaced that of United States dollar trade volumes since late January, indicating a particularly strong market performance.

Stablecoins are gaining prominence in Brazil's crypto landscape, with almost half of all trades in 2024 involving stablecoins. Tether's market share has notably increased by nearly 20% since the 2021 bull market. The Brazilian crypto market now boasts 13 spot Bitcoin exchange-traded funds (ETFs), including popular offerings from Hashdex and BlackRock. These ETFs, introduced in 2021, have collectively managed around 2.5 billion reals (~ $500 million) as of March.

In terms of market share, Binance currently holds the lion's share in Brazil, accounting for 79% of transactions. However, the dominance of Binance is gradually waning, while homegrown exchanges like Mercado Bitcoin and Mexico-based Bitso are steadily increasing their combined market share, reaching its highest point in over three years by early May, as reported by Kaiko.