Key facts:
Bitcoin and ether are the most popular digital currencies in the European country.
In the first half of 2024, investors showed interest in memecoins such as PEPE.
In recent years, the cryptocurrency market in Spain has attracted an increasing number of investors. The first half of 2024 was marked by a concentration in Bitcoin (BTC) and Ethereum (ETH) trading, but also highlighted the diversification of Spanish investors’ interest in other cryptocurrencies. This phenomenon reflects the dynamism of the cryptoasset market in the country, which continues to evolve at high speed.
Bitcoin and Ethereum: The absolute leaders in Spain in 2024
Not surprisingly, Bitcoin (BTC) and Ethereum (ETH) continue to dominate the cryptocurrency market in Spain. According to data from cryptocurrency exchange Bitget, These two currencies accounted for 74.5% of the total volume cryptocurrency trading in the country during the first six months of 2024.
Bitcoin led with 57.8% of the total, being the preferred option for Spanish investors. This is due, in large part, to its pioneering position in the market and the perception of security and reliability it offers.
In addition, BTC recorded an impressive revaluation of more than 50% throughout 2024which contributed to the increase in investor interest. Bitcoin’s ability to maintain its relevance in such a competitive market, with altcoins and memecoins becoming more popular, as you can see on this websitereaffirms its importance as a main digital asset.
Meanwhile, Ethereum (ETH), the number two most traded cryptocurrency, accounted for 16.7% of transactions. Its success is closely linked to the continued development of its smart contract platform, which enables a wide variety of applications in the financial and technological sectors. ETH also performed extremely well in the first half of 2024, with a 49% appreciation, consolidating its popularity among Spanish investors.
Solana and PEPE: Accelerated growth and new opportunities
Although Bitcoin and Ethereum lead the market, other cryptocurrencies are also gaining ground. Solana (SOL), for example, was the third most traded cryptocurrency in Spain, accounting for 2.8% of the total volume. The main reason behind Solana’s growth is its ability to offer fast, low-cost transactionsmaking it an attractive option for decentralized application (dApp) developers.
Furthermore, the coin showed an appreciation of more than 60% in 2024, surpassing both Bitcoin and Ethereum in terms of returns for investors. Another surprise was the rise of the PEPE cryptocurrencyinspired by the popular internet meme.
Although it emerged as a memecoin, PEPE ranked fourth in Spain among the most traded cryptocurrencies, with 2.1% of the total transaction volume.
PEPE’s success in 2024 was impressive, with an increase of over 800% in value, attracting different profiles of investors. This popularity reinforces the trend of meme-based coins gaining traction due to their high volatility and speculative interest.
XRP, MATIC and other prominent cryptocurrencies
In addition to the cryptocurrencies mentioned above, other globally relevant digital assets have also had a significant impact on the Spanish market. XRP, developed by Ripple Labs, ranked fifth, representing 1.5% of the total transaction volume. XRP remains a popular choice for fast and cost-effective international transactions, thanks to its key partnerships with major global financial institutions.
MATIC, the native token of the Polygon network, also stood out among Spanish investors, occupying the sixth position with 1.1% of the total volume. This asset benefits from its integration with Ethereum, which provides it with scalability and efficiency for decentralized applications. The increase in demand for scalable solutions in blockchain technology has been one of the main growth drivers for MATIC.
Cardano (ADA), Polkadot (DOT), Litecoin (LTC) and Binance Coin (BNB) round out the list of the top ten most traded cryptocurrencies in Spain in 2024. Each of these coins offers unique features that attract investors, from the robustness of the Cardano network to the interoperability between Polkadot chains.
The diversification of the crypto market in Spain
The cryptocurrency market in Spain continues to evolve. 2024 has seen a growing interest in digital assets that go beyond Bitcoin and Ethereum. The diversity of cryptocurrencies traded in the country indicates that Investors are increasingly attentive to new opportunities offered by token-based projects, with a great appetite for technological innovations and obtaining good financial returns.
The increasingly clear regulation and structured sector will likely further influence these numbers as investors feel increasingly confident in participating in this expanding market. The implementation of the European MiCA regulation (Markets in Crypto-assets Regulation), which aims to regulate everything from the issuance of cryptoassets to the protection of investors, will begin to be fully implemented in December 2024.
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