Cryptocurrency paved the way for a decentralized banking system.
It is truly remarkable to witness the transformation brought forth by cryptocurrency over the years. The emergence of Bitcoin in 2009 has paved the way for an unprecedented shift towards a decentralized banking system. This development has resulted in the creation of a plethora of cryptocurrencies, commonly referred to as altcoins, all with unique and distinct functionalities.
While the adoption and application of cryptocurrency is still debated among investors, there is no doubt that there is consistent growth in this emerging industry.
Perhaps one of the most significant benefits of cryptocurrency is the lack of government intervention, which often serves as a burden on traditional fiat currency investors. Regulatory policies have been criticized for their preference towards the system rather than the investors, resulting in inefficiency and high costs for transactions.
The increasing acceptance of cryptocurrencies by various businesses worldwide is a notable indication of the shift towards a decentralized financial system, intended to provide an alternative option for investors to diversify their investment portfolios.
If you’re looking to explore the crypto market, you’re in luck! We have compiled a comprehensive list of the most vital cryptocurrency statistics for 2022 and 2023, which we hope will be a valuable resource in guiding your next move in the crypto market.
- 1. As of 1 December 2022, the global crypto market cap is $858.43 billion
- 2. Trading volumes of crypto investment products surge 127%
- 3. Confidence towards cryptocurrency is almost 100%
- 4. 67% of Millennials see Bitcoin as a safe haven asset
- 5. Older generations are also showing interest
- 6. Bitcoin is still the most popular crypto
- 7. Over half of crypto investors aim for income
- 8. Owners are comfortable with using crypto as money
- 9. Daily trading volume in crypto is down to $47.1 billion
- 10. The first ten cryptocurrencies comprise almost 84% of the total cryptocurrency market value
As of 1 December 2022, the global crypto market cap is $858.43 billion
Cryptocurrencies have been hit by a wave of uncertainty over the past year, with fluctuating market conditions and a series of crises that have left many investors feeling bewildered and uncertain about the future. This has resulted in a significant decline in overall market capitalization, with the crypto market losing over $100 billion in value in recent months alone.
Despite the challenges that the crypto market is currently experiencing, however, there are reasons to be optimistic about the future. Analysts have noted that institutional investors are increasingly turning their attention to cryptocurrencies, and there are signs that the market may be poised for a comeback in the coming year.
Additionally, with interest rates expected to slow down in the near future, the environment for cryptocurrency investments is likely to become more conducive to success. While there may be some turbulence in the short-term, the future of cryptocurrencies looks bright indeed.
Trading volumes of crypto investment products surge 127%
In November 2022, the digital asset investment products market, which includes cryptocurrencies, witnessed a remarkable surge in trading volumes. The trading volumes registered during this month rose to an astonishing $139 million, breaking the downward trend that had been observed since the middle of the year. Attributed to this surge, the collapse of FTX brought about significant changes to the market.
Market analysts suggest that the FTX collapse was one of the driving factors that contributed to the sudden increase in trading volumes. This market disruption caused traders to seek alternative trading options, leading to an increase in demand for digital asset investment products, despite the apparent risks involved. As a result, the market experienced a tremendous influx of investors who were seeking high returns.
In conclusion, the surge in trading volumes during November 2022 in the digital asset investment products market comes as welcome news, particularly after the slump experienced during the earlier part of the year. With continued market disruptions and changes, it remains to be seen whether this trend will continue or taper off over time.
