There is never a dull moment in the world of cryptocurrencies. While the industry might be subjected to waves of volatility and the occasional scandal, it is still worth over $1 trillion and earned its seat at the table. Let’s tuck into these 10 cryptocurrency statistics you didn’t know.
#10 Bitcoin Dominates The Market
This will come as no surprise, however you probably weren’t aware of the statistics behind that statement. In April 2013, just 4 years after launching and 2 years before Ethereum entered the scene, Bitcoin held 94,29% share of the crypto market. Fast forward to June 2018, a year after the infamous ICO era, and Bitcoin held only 40.07% of the market. Three years later with an epic bull run under its belt, Bitcoin is back with 61.4% dominance (at the time of writing).
#9 The Crypto Market Is Set To Hit $1,750,000,000 by 2027
According to GlobeNewswire, based on the cryptocurrency market’s compound annual growth rate (CAGR) the market is expected to reach a value of $1,750,000,000 by 2027. That doesn’t sound like an unattainable goal considering that Bitcoin alone recently crossed the $1 billion threshold. At the time of writing, the entire market is valued at $1,716,013,336,301. Could this prediction come true sooner than they anticipated?
#8 The Blockchain Industry Is Set To Be Worth $40 Million In 4 Years Time.
While still in its early years, the technology has seen a recent surge in implementation. Since 2018, the market has grown in value by approximately a billion dollars a year. As the widespread adoption of blockchain continues, it seems likely that the market could be worth $40 million in 2025.
#7 The Bitcoin Blockchain Reached 270GB In March 2020
Looking at the massive growth of the original cryptocurrency, viewing the size of Bitcoin’s blockchain is a fascinating endeavour. The size continues increasing, and according to Statista, at a rate of 1GB per day. The entire network is currently 321GB.
#6 The Bitcoin Market Value Has Grown 891% In 7 Years
In 2013, Bitcoin’s market was valued at $1.02 billion. Today, the market value is sitting at a whopping $1,011,583,905,920. Showing an incredible growth in less than a decade, these stats are sure to get more people interested in Bitcoin mining.
#5 While 89% Of BTC Is In Circulation, The Full Capacity Won’t Be Reached Until 2140
There are currently 18,635,368 BTC in circulation, contributing to 89% of the maximum supply. While this number seems large, based on the nature of Bitcoin’s design, the end is nowhere in sight. According to the halving mechanism written into Bitcoin’s code, every 210,000 blocks or roughly 4 years the miner’s reward halves. This puts the “last” of Bitcoin’s mining to take place in 2140.
#4 There Are Currently Over 15,000 Bitcoin ATMs
To be exact, there are currently 15,722 Bitcoin ATMs located across 71 different countries. The rise in Bitcoin ATMs has been slow, however there are new ones popping up regularly. You will find 92% of the world’s Bitcoin ATMs in North America.
#3 35.76% Of The World’s Crypto Mining Takes Place In The Xinjiang Region In China
It is estimated that roughly 65% of the world’s cryptocurrency mining takes place in China, with more than half of that located specifically in the Xinjiang region. To put this in perspective, approximately 7.24% of the industry’s mining takes place in the U.S. and 6.9% in Russia.
#2 It Takes 10 Minutes To Create A Bitcoin Block
The mining speed is always 10 minutes due to the nature of the mining process. When miners verify transactions and add them to a new block, they are required to solve a complicated mathematical puzzle. Due to the mining software, solving this puzzle will always take that amount of time.
#1 The Value Of Bitcoin Increased By 500% From June 2020 To February 2021
In June of 2020, the Bitcoin price was $9,165. By February 2021 the price soared to its latest all time high of $58,330.57 presenting a dramatic increase of 536%. Since correcting to roughly $54,300, it still shows incredible growth of 492%.
10 Cryptocurrency Statistics You Didn’t Know
That concludes our roundup of these interesting and insightful statistics. If you’re looking for more insightful content, or want to learn more about what’s happening in the crypto world, be sure to keep an eye on our Oobit blog as we regularly keep you updated.