Turkey has become a leader in the cryptocurrency market in the MENA region, achieving an annual turnover of $200 billion. The main contribution to this growth has come from speculative operations with altcoins, rather than the actual integration of digital assets into everyday life.
This is reported by Finway
Speculative Trading as a Growth Driver
Analysts note that in Turkey, cryptocurrencies are primarily used as a hedge against prolonged inflation; however, the widespread practical application of tokens remains limited. Unlike the United Arab Emirates, where digital assets are increasingly used in business and payments, the Turkish market is focused on short-term profitable transactions.
According to Chainalysis, the sharp increase in altcoin trading volumes has been the main driver of the market. Recent data shows that the 31-day moving average for altcoins surged from $50 million at the end of 2024 to $240 million in mid-2025. Meanwhile, trading volumes for stablecoins, which previously dominated, fell from $200 million to $70 million over the same period.
The Role of Institutional Players and Market Dynamics
Experts indicate that the growing interest in risky digital assets is driven by economic difficulties in the country, as well as the desire of market participants to achieve additional profits.
“The timing of this surge in altcoin popularity coincides with broader economic challenges in the region,” the report emphasizes.
According to the report, the Turkish market today remains predominantly institutional: large players are increasing their presence, while retail activity is gradually declining. This dynamic indicates attempts by companies and funds to protect themselves from currency risks, while ordinary citizens have limited access to the market.
Despite its dominant position, the MENA region overall shows lower growth rates compared to other parts of the world. An annual growth rate of 33% lags behind the Asia-Pacific region (69%) and Latin America (63%). In the global ranking for crypto activity, the United States ranks second after India, which has led for the third consecutive year.