Turkey has emerged as the largest cryptocurrency market in the Middle East and North Africa (MENA) region, with an annual transaction volume of nearly $200 billion, according to a recent report by Chainalysis. However, the growth is fueled less by real-world adoption and more by speculative trading in altcoins, analysts note.
Altcoin trading dominates the Turkish crypto landscape
The Chainalysis report highlights that while Turkey’s prolonged inflation has pushed citizens and institutions toward digital assets as a hedge against currency depreciation, most of the market’s activity remains speculative.
Unlike in the United Arab Emirates, where crypto is increasingly used in business and payment operations, Turkey’s market is heavily focused on short-term trades.
Altcoin trading has become the primary driver of this surge. Chainalysis data shows that the 31-day moving average for altcoin transactions jumped from $50 million at the end of 2024 to $240 million by mid-2025. Meanwhile, stablecoin trading volumes—which once dominated the market—fell from $200 million to $70 million over the same period.
Institutional players rise as retail activity fades
Experts suggest that the growing appetite for high-risk tokens is linked to macroeconomic stress and investors’ search for yield.
“The spike in altcoin popularity coincides with broader economic hardships in the region,” the report notes.
Chainalysis also indicates that institutional investors now dominate the Turkish crypto market, while retail traders are becoming less active. Large firms and funds are increasingly using digital assets to hedge currency and inflation risks, whereas average citizens face limited access to such opportunities.
MENA lags behind global crypto growth
Despite Turkey’s dominance in MENA, the region as a whole still trails behind other global markets. Annual crypto growth in MENA reached 33%, compared to 69% in the Asia-Pacific region and 63% in Latin America.
Globally, India remains the top country for crypto activity, followed by the United States, which ranks second in the Chainalysis Global Index.
