The valuation of cryptocurrencies is around $1.49 billion in the U.S market. The projected valuation can reach the extent of US $4.94 billion, if not more, by the year 2030. So you should not miss this chance to get a high return from this market.
Again, it is predicted that the compound annual growth rate or CAGR can be around 12.8% from 2021 to 2030. With banking interest going down, banks becoming bankrupt and people are investing in cryptocurrency to get good returns.
However, one should always go through the statistics before investing their bounty and let us discuss the same for various cryptocurrencies including Bitcoin.
The market of cryptocurrencies is based on various segments. It may be the process, the offering, type, region, and end-user. While the hardware segment has the highest market penetration, the transaction segment looks bright and is expected to grow with the highest CAGR during 2021 and 20230, giving around 14.6%.
If we look at the past of Bitcoin, we see a staggering gain of this currency by almost 194,000% from 2012 to 2020.
image credit: Statista
Various currencies are available in the market, with Bitcoin taking the lead, followed by Ethereum, Tether, Binance coin, Cardano, Ripple, and others. However, of all the cryptocurrencies, Bitcoin will steadily grow and maintain the leadership position in the crypto world. Although the pandemic has made the market a bit bearish, and the e-commerce & retail segment dominates the market at present, there will be ups and downs in the crypto market. The growth of cryptocurrencies in the Asia Pacific region will be highest, having a CAGR of 14.5%, followed by North America, Europe, and Lama countries.
You can invest your amount in Bitcoin, but it is suggested to diversify your portfolio and add other cryptocurrencies to your investment plan.
The Market Acceptance
With more and more payment gateways accepting Bitcoins for online payment systems, including PayPal, which started to trade with Bitcoin as early as October 2020, the market acceptance is also growing. Furthermore, in February 2021, Mastercard partnered with Island Pay and introduced the CBDC-linked card for the first time globally.
The developing economies of many countries are indeed allowing Bitcoin to enter into untapped markets and expand its market share considerably in the near future. The change in consumer purchase pattern, the emerging demography, the acceptance of new technology like Blockchain, IoT, and AIML should provide a friendly market to the leading cryptocurrencies.
Recently, the Philippines have allowed 16 cryptocurrency exchanges, making the future bright, and Turkey has the highest adoption rate of around 20%. Moreover, Smartphone and internet users increasing in Latin American and African countries, and there is a huge growth in the crypto market has been seen.
Apart from that, major investors like PayPal have invested a huge amount in the crypto market and you can find many large companies who are accepting digital payment with Bitcoin, such as Microsoft, Overstock, Starbucks, and Travala.
You must check whether cryptocurrencies are legal in your state or not because such digital currencies are banned in some countries and you cannot trade or invest in crypto market from these locations.
Some More Stats On Bitcoin
As of 21st February 2021, the market capitalization of Bitcoin is US $ 1072.21 billion. It is expected that the blockchain market will increase to US$ 23.3 billion around 2023, and it will further grow from then onwards. With the daily Bitcoin transaction in the first quarter of 2021 rising to 367536, the demand is growing, and the overall market size is predicted to reach around the US$ 1087.07 million within the next five years.
If we consider the user index of confidence, it reflects 97% of the users are confident in trading in cryptocurrencies expecting good returns in the future.
In conclusion, we can say that though there may be some humps at times on the road to the growth of Bitcoins and other cryptocurrencies, the future is quite bright, and one should invest now to reap the benefits. Start by selecting and registering in a user-friendly trading app to invest in the most popular cryptocurrencies, like Bitcoin.