As the cryptocurrency community continues to ride the current Bitcoin wave, one can’t help but wonder how this is impacting the overall world of digital assets? How big, exactly, is the cryptocurrency industry? The question itself has many answers, some of which we’ll visit in this post.
Total Market Capitalization
For instance, if we’re talking about how much is the industry worth, then we’re currently looking at around $300 billion in total market value. Compared with a worldwide market cap of $44 trillion, cryptocurrency is merely a drop in the bucket.
We all remember when Bitcoin reached $20,000 back in 2018. At that time, the total market cap touched $800 million, more than double what we’re seeing today. However, that number was short lived as the bottom fell out and valuation dropped to $425 million in less than a month’s time.
Total Number of Coins
The answer to this one is much trickier, as you’ll get various answers throughout the community. Some users don’t consider certain types of coins (we’re looking at you Libra) to be cryptocurrencies. No matter how you define them, there are hundreds, if not thousands of coins on the market today.
Aside from Bitcoin, some of the more popular coins available include Ethereum, Litecoin, Bitcoin Cash, and Ripple. These coins, along with Bitcoin, make up the vast majority of the total market cap when it comes to digital assets. You can read more here about how to buy some of these more popular altcoins like Ethereum.
Total Number of Exchanges
In much the same way it’s difficult to get a definite number on cryptocurrencies, its also a challenge to determine how many exchanges are available as well. There are hundreds available from which you can choose. The largest exchange by trading volume is Binance. This review on Binance gives you all the information you need about getting started in the world of crypto.
Of course, there are other exchanges available around the world. Some are only available in certain countries, so your access may depend on where you live. Additionally, certain exchanges only support certain coins. Look for an exchange ranking to determine which cryptocurrencies each one offers.
Total Trading Volume
Directly tied to the number of exchanges in the world of crypto is the amount of total trading done on a daily basis This tells us how much volume is traded within a 24-hour period. While cryptocurrency doesn’t come anywhere near the amount traded throughout the world, it does do a respectable $46 billion every day. By comparison, the New York Stock Exchange (NYSE) does over $170 billion.
Room for Growth
As you can see, the cryptocurrency is fairly big but pales in comparison with what the rest of the world has to offer. Therefore, plenty of opportunities still exist within the industry, as there is still a lot of room for adoption and growth. New coins and projects pop up on a daily basis, and while many aren’t going to amount to much, you never know when one might disrupt an entire industry.
