The rise of cryptocurrencies is making its impact on financial systems and economies felt more and more every day. These new means of storing and transferring value offer an alternative path that questions the traditional understanding of economics. Turkey has become one of the leading actors in this innovative and dynamic trend. The rapid increase in the number of users and the expanding cryptocurrency ecosystem are indicative of the extent to which Turkey has embraced this new financial wave.
A report by Data Option provides an overview of the activity of cryptocurrency users in Turkey in the first quarter of 2023. The report includes information on many topics such as the use of cryptocurrency media sites, preferred cryptocurrencies, trading volumes in Turkish cryptocurrency exchanges, stable cryptocurrencies in Turkey.
The graph below shows an example from the mini-report. In the first quarter of 2023 (January-February-March), $36.6 billion was traded on eight Turkish cryptocurrency exchanges. Exchange-based trading volumes are shown in the chart. More than 85% of $36 billion volume was realized by three exchanges. Btcturk ranked first with $15 billion, Paribu ranked second with $11 billion and Bitexen ranked third with $5 billion. Proportionally, 41.6% of the total volume was realized by Btcturk, 31% by Paribu, 14% by Bitexen, 10.2% by Felixo, 3% by Bitci and less than 1% by Narkasa, Bitturk and Koinim.
When the most traded cryptocurrencies are considered, BTC ranks first with a volume of $2.59 billion, FET ranks second with a volume of $1.88 billion and XRP ranks third with a volume of $1.51 billion.
This first-ever report on the development of the cryptocurrency ecosystem in Turkey provides insightful information for the cryptocurrency community, policymakers, overseas entrepreneurs and investors. This study aims to better understand the current state and potential of the cryptocurrency movement in Turkey and to reveal the direction of its future development.
You can access the full report for free: https://dataoption.io/cryptocurrency-user-activity-in-turkey-2023-q1/
