A study received by crypto.news revealed that in 2024, there were around 500,000 active crypto traders in the Middle East, marking a significant 166% increase from the previous year. This number is expected to rise to 700,000 by the end of the year.
Local exchange platforms like Rain and M2 do not rank in the top 10 in terms of absolute traffic. This is due to the limited variety and liquidity of tradable assets on local exchanges compared to global ones, as well as the convenience of deposit and withdrawal channels in local currencies.
During a period of worsening conditions in the Middle East, the prices of all cryptocurrencies sharply declined between April 13 and April 14. Simultaneously, dominance increased sharply, causing most altcoins to plummet even further.