Turkey has become the largest crypto market in the Middle East and North Africa (MENA) region, achieving an annual transaction volume of $200 billion. Analysts note that the primary driver of this rapid growth is speculative trading in altcoins, rather than the widespread adoption of digital assets in the real economy.
This is reported by Business • Media
The Advantage of Speculative Trading Over Real Use
According to a Chainalysis study, the growth of crypto activity in Turkey is linked to prolonged inflation in the country. Local investors increasingly view cryptocurrencies as a tool to protect their savings from the devaluation of the national currency. However, as experts point out, the actual use of tokens in everyday transactions remains limited.
In contrast to the United Arab Emirates, where digital assets are gradually being integrated into payment operations and business processes, in Turkey, the main activity is focused on short-term deals with altcoins. Analysts believe this indicates the speculative nature of the market.
Dynamics of Altcoin Trading Volumes and Market Structure
The Chainalysis report emphasizes that trading in altcoins has become a key factor in the market’s growth. The average 31-day trading volume for this class of digital assets increased from $50 million at the end of 2024 to $240 million in mid-2025. In comparison, trading in stablecoins has significantly decreased: volumes fell from $200 million to $70 million over the same period.
Experts explain the growing interest in risky tokens by economic challenges and the market participants’ desire for higher returns amid macroeconomic instability.
“The timing of this surge in altcoin popularity coincides with broader economic difficulties in the region,” the report states.
The Turkish crypto market is increasingly concentrated in the hands of large institutional players. Meanwhile, retail user activity is declining, while companies and investment funds are strengthening their positions to hedge against currency risks. Ordinary citizens have fewer opportunities to participate in such transactions.
Despite Turkey’s leadership in MENA, the overall growth rate of the market in the region lags behind global figures. Over the year, the market volume increased by 33%, which is less than in the Asia-Pacific region (69%) and Latin America (63%). According to Chainalysis, the United States ranks second in the world for crypto activity, trailing only India, which has maintained its leadership for the third consecutive year.
It was previously reported that Ukraine ranked first in the world for crypto activity relative to its population.