Its been a bumpy ride since bitcoin first emerged in 2009, however during that time the cryptocurrency market has undergone substantial growth. And while there are many new entrants, bitcoin continues to lead. A recent post by FinTech expert, Graham Hatton on Linkedin detailed:
“Since it’s launch bitcoin has dominated the cryptocurrency market accounting for between 80%-95% of cryptocurrency market capitalisation. This market cap has moved between $4bn and $10bn over the last few years. However, bitcoin’s dominance appears to be declining.
Over the last three months a huge amount of money has moved into the cryptocurrency market taking the total market capitulation to $47bn, up from $17bn at the start of the year. However, this hasn’t all gone in to bitcoin.”
New entrants include Ethereum, Ripple, Litecoin and Dash. The website CoinMarketCap lists over 800 different cryptocurrencies.
What is driving this growth? Cryptocurrency is certainly more accessible than it previously has been. It is now possible to easily buy cryptocurrency direct from a mobile app, widening the availability and making it an intriguing offer to many.
Industry research firm, Research and Markets predict that,
The Crypto-Currency And Blockchain Technology Market to Grow at a CAGR of 35.2% During the Forecast Period 2016-2022 to Aggregate $42.16 Billion By 2022
They predict that India and Africa will lead growth with the popularity and the usage of various crypto-currencies are expected to increase in the coming years.
In the current market scenario, the crypto-currency and blockchain technology market is at a nascent stage. But, a lot of new players are entering the market as it holds huge business opportunities. Especially, new start-ups are coming with new products/services in the market and they are expecting to see a double-digit growth in the upcoming years. In this space, venture funding in this market is expected to grow and collaborations, merger & acquisition activities are expected to continue.
This space will bring much innovation in coming years.