After one of its harshest years ever, analysts say that the global crypto market continues showing signs of recovery in 2023 with impressive user growth and an expected significant increase in transaction value.
Research organisation BitcoinCasinos.com says cryptocurrencies are expected to account for $42,7-billion worth of transactions in 2023, or almost 25% more than a year ago.
Global crypto adoption has exploded over the past two years, especially after heavyweight institutions like Tesla and Mastercard took steps to embrace digital currencies. According to Statista data, the global crypto transaction value recorded on cryptocurrency exchanges, crypto trading platforms, and neobanks grew more than 10 times between 2017 and 2020, jumping from around $2-billion to $22,5-billion.
In the next two years, it spiked by another 52% 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. Over half of that value will come from the US, the world’s leading crypto market.
The US market is expected to account for $22,7-billion worth of crypto transactions this year, or 22% 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% YoY to $3,33-billion. Japan follows with $1,82-billion worth of crypto transactions in 2023 and a 20,5% year-over-year growth. According to Statista, the UK will see $1,5-billion worth of crypto transactions, 26% more than last year.
The surging number of people using cryptocurrencies remains one of the biggest drivers behind impressive transaction value growth.
According to Statista, 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 seen in the crypto space. In one of the worst years in the history of crypto, the number of crypto users increased by 7% year-over-year and hit 257-million globally.
Statista expects more than 36-million new crypto users in 2023, with their total number reaching almost 294-million worldwide.
