Adedapo Adesanya
By Adedapo Adesanya
New data show that after one of the most challenging years for the industry in 2022, the global crypto market is showing signs of double-digit recovery which will see users growth and global transaction value significantly increase in 2023.
According to data presented by BitcoinCasinos.com, cryptocurrencies and tokenized equity are expected to account for $42.7 billion worth of transactions in 2023, or almost 25 per cent more than a year ago, while more than 36 million new crypto users are projected in 2023, making it almost 294 million worldwide.
The double-digit growth expected is coming on the back of moves from heavyweight institutions like Tesla and Mastercard which took steps to embrace digital currencies in the last two years.
According to Statista data, the global crypto transaction value recorded on cryptocurrency exchanges, crypto trading platforms, and neobanks grew more than ten times between 2017 and 2020, jumping from around $2 billion to $22.5 billion.
In the next two years, it spiked by another 52 per cent and hit $34.3 billion, despite the significant slowdown seen in 2022. After reaching $42.7 billion in 2023, Statista expects the global crypto transaction value to grow by an average of $8 billion in the following years and hit more than $58 billion by 2025.
It was projected that over half of that value will come from the United States, the world’s leading crypto market, which is expected to account for $22.7 billion worth of crypto transactions this year, or 22 per cent more than in 2022.
India, the world’s second-largest crypto market, will see even more impressive growth, with the total transaction value jumping by 33 per cent year-over-year to $3.33 billion.
Japan follows with $1.82 billion worth of crypto transactions in 2023 and a 20.5 per cent year-over-year growth, while the United Kingdom will see $1.5 billion worth of crypto transactions, 26 per cent more than last year.
The number of people using cryptocurrencies remains one of the biggest drivers behind impressive transaction value growth.
Between 2017 and 2021, around 200 million people worldwide started using cryptos as a payment method or a long-term investment. The number continued growing in 2022 despite the massive volatility in the crypto space. In one of the worst years in the history of crypto, the number of crypto users increased by 7 per cent year-over-year and hit 257 million globally.
