Crypto has received a lot of attention over the past few years, but not always positively. Unfortunately, the rapid adoption of crypto and the growing number of prospective investors have paved the way for the biggest crypto scams, which have cheated people out of billions.

Even Netflix released a crime documentary about crypto fraud in 2024. With Bitconned quickly gathering more views and coverage about Centra Tech, it seems more people are learning about the potential of insidious crypto scams.

For those interested in other major past cases of crypto fraud, we compiled this list of the biggest crypto scams ever recorded. Keep reading to learn how the biggest crypto fraudsters conned thousands of people, plus tips on how to stay safe when investing.

The Biggest Crypto Scams of All Time – Key Takeaways

The Biggest Crypto Scams of All Time Ranked

We reviewed all the cryptocurrency-related press releases published by the US Department of Justice and selected the biggest crypto scams based on the reported financial damages.

Note that some of the charges covered below are based on indictments and cannot be counted as evidence of a committed crime. But without further ado, here are the biggest crypto scams ever reported from 2013 to date.

10. Mining Capital Coin

The damages: $62 million

Mining Capital Coin (MCC) was a purported crypto investment and mining platform that promised guaranteed returns for its investors who bought ‘mining packages.’

As per an SEC litigation release, MCC claimed to run extensive crypto mining and automated trading operations. The platform could allegedly offer investors a 1% daily profit-sharing return who lend their funds to support said mining and trading farms.

The promised returns would translate to weekly payouts of up to $84,000 for the ‘MVP Royal Package’ investors. The platform also allegedly ran a pyramid scheme, encouraging ‘sponsors’ to promote MCC’s mining packages for a promised 10% commission.

However, MCC reportedly had no mining farm or automated trading bots to invest the funds as promised. Instead, Florida CEO Luiz Capuci Jr. allegedly appropriated the investors’ money and defrauded clients of $62 million.

MCC also promoted its own token and trading platform to clients. Although investors were initially promised returns in Bitcoin, the platform later had them withdraw their returns in Capital Coin (CPTL).

Investors would have to redeem their CPTL on Bitchain, a fake crypto trading platform created by Capuci. However, users encountered purported errors that made it impossible to exchange their tokens.

According to the US Department of Justice, Capuci later attempted to launder the collected funds through foreign crypto exchanges. Shortly after the investigations began, Capuci fled to Brazil. Shortly after, the SEC initiated an enforcement action to freeze his assets.

After his 2022 indictment, Capuci was charged with conspiracy to commit securities fraud, wire fraud, and international money laundering. As of today, the FBI Miami Field Office is still investigating the case. In April, 2024, Capuci lost the appeal over his frozen assets.

9. EmpiresX

The damages: $100 million

EmpiresX ran a global cryptocurrency investment fraud scheme that amassed approximately $100 million from investors throughout 2020–2022. The Florida-based EmpiresX platform claimed to run as a hedge fund, touting a guaranteed 1% daily profit on lent funds.

EmpiresX claimed to use its own AI-powered trading bot plus the help of a licensed trader to maximize trading profitability. However, according to a press release from the US Department of Justice, EmpiresX would not actually operate as an investment platform.

In reality, EmpiresX ran a Ponzi scheme by diverting funds from newcomers to earlier investors. The said trading bot was fake, and the manual trading brought significant losses. EmpiresX founders also misappropriated large sums of investors’ money for personal use.

According to the DoJ, EmpiresX also falsely claimed to have registered its investment program as an offering and sale of securities with the SEC, likely as a way to garner investors’ trust.

In 2022, the ‘Head Trader’, Joshua David Nicholas, pleaded guilty to conspiracy to commit securities fraud. In 2023, Nicholas was sentenced to 51 months in prison, followed by three years of supervised release. He was also ordered to pay $3,379,527 in restitution.

Founders Emerson Sousa Pires and Flavio Mendes Goncalves were also charged with running the fake trading scheme, though the two fled the US and were declared fugitives. Pires and Goncalves were also ordered to pay over $45 million in disgorgement, prejudgment interest, and civil penalties.

In 2024, the US District Court released a consent order imposing fines totaling $64,356,794 and permanently prohibiting EmpiresX from engaging in further CFTC violations.

8. Forsage

The damages: $340 million

Forsage was a purported decentralized finance (DeFi) crypto platform on the Ethereum, Binance, and Tron blockchains. It worked based on blockchain smart contracts, which, in theory, would ensure complete transparency and security for the platform’s investors.

Based on these smart contracts, Forsage promoted itself as a secure and lucrative investment opportunity and claimed to work as a marketing matrix and business partnership network with built-in reward distribution.

However, the platform’s founders were later indicted in February 2023 for allegedly running a global Ponzi and pyramid scheme that gathered roughly $340 million from investors.

An analysis of the smart contracts reportedly found that Forsage automatically diverted new investors’ funds to earlier investors up the ladder.

Furthermore, according to the DoJ, over 80% of investors received fewer ETH than invested, with over 50% getting no payout. As stated in court documents, Forsage’s xGold ETH smart contract also redirected investors’ funds into the founder’s crypto accounts.

Forsage’s founders – Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov – were each charged with conspiracy to commit wire fraud and could face up to 20 years in prison if convicted.

The FBI and HSI are investigating the case. As of 2024, the DoJ still receives Victim Impact Statements from Forsage investors.

7. HashFlare & Polybius Bank

The damages: $575 million

HashFlare and Polybius Bank were two allegedly fraudulent operations by Estonian founders Sergei Potapenko and Ivan Turõgin. The two were indicted in 2022 after reportedly defrauding over $575 million out of hundreds of thousands of international victims.

HashFlare

HashFlare reportedly claimed to run a massive crypto-mining operation. Their online platform would sell ‘rental contracts’ for their mining equipment as an investment opportunity. Throughout 2015–2019, the platform amassed over $550 million from its investors.

For a fee, clients could rent a percentage of the mining operation and receive the cryptocurrency produced by their rented machines. According to the DoJ’s press release, the HashFlare website also lets investors see the purported amount of crypto mining.

However, the massive mining operation was allegedly fake, and HashFlare was actually mining Bitcoin at a rate less than 1% of what was promised. Some of the investors who tried withdrawing their funds were reportedly denied payment.

Polybius Bank

In 2017, Potapenko and Turõgin promoted Polybius as another promising investment, successfully raising at least $25 million from unsuspecting victims.

The company claimed to use the funds to open a crypto bank and would pay the investors dividends from its profits. The fundraiser seems to have been an exit scam; as per the DoJ, Polybius would never form a bank or pay back its investors.

The founders tried to launder the illicit funds through various shell companies, allegedly hiding the money in multiple cryptocurrency wallets and thousands of crypto mining machines alongside multiple luxury cars and real estate properties.

Potapenko and Turõgin were arrested in Estonia and charged with 16 counts of wire fraud, plus two additional counts of conspiracy to commit wire fraud and money laundering. If convicted, the two could face up to 20 years in prison.

The FBI is still currently investigating the case, and seeking victim information from those affected by HashFlare or Polybius wire fraud.

6. BitClub Network

The damages: $722 million

BitClub Network was active from 2014 to 2019 and marketed itself as an innovative mining and investment platform. BitClub investors could buy shares in three so-called crypto mining pools, supposedly earning part of the crypto mined by the platform.

However, the multiple mining pools and earning figures displayed on the platform were misleading. As per a 2020 IRS release, one of the scheme’s operators, Silviu Catalin Balaci, admitted he was not aware of BitClub Network ever operating multiple mining pools.

Balaci also admitted the platform would periodically change the figures displayed as BTC mining earnings to make it seem like BitClub had higher returns than it actually did. BitClub also ran a pyramid scheme, promising rewards to those who brought in new users.

According to the US Department of Justice, four of the scheme’s orchestrators also conspired to sell BitClub Network shares without disclosing that their securities were never registered with the SEC.

In December 2019, five defendants were charged by indictment in connection with BitClub Network’s multiple schemes. In 2020, Balaci, Jobadiah Sinclair Weeks, and Joseph Frank Abel pleaded guilty to wire fraud and conspiracy to sell unregistered securities.

In a subsequent 2022 court hearing, BitClub investor Gordon Brad Beckstead and the network’s creator Matthew Brent Goettsche both pleaded guilty to conspiracy to commit money laundering.

Beckstead also pleaded guilty to aiding in the preparation of a false tax return, which allowed Goettsche to avoid paying over $20 million in federal income tax.

While further case updates are underway, the US DoS is still receiving information from BitClub fraud victims via its online questionnaire.

5. HyperFund

The damages: $1.89 billion

HyperFund, also known as HyperCapital, HyperTech, HyperNation, and HyperVerse, was another purported crypto mining and investment platform that reportedly defrauded investors of roughly $1.89 billion from 2020 to 2022.

According to a USAO press release, HyperFund operators fraudulently claimed investors would earn substantial returns by supporting the platform’s mining operations, although said operations didn’t exist.

HyperFund allegedly claimed that investors who purchased investment contracts would receive 0.5–1% daily returns to double or triple their initial investment. However, the platform reportedly blocked investors’ withdrawals, denying them access to their funds.

Three were charged with the alleged scam in 2024. Australian national Sam Lee was indicted for his role as the main founder of HyperFund. If convicted, he could face a five-year sentence for conspiracy to commit wire and securities fraud.

Brenda Chunga, Maryland, pleaded guilty to being a co-conspirator and promoter of the scheme. She admitted to receiving at least $3 million for conducting online investor meetings to promote HyperFund. If convicted, she could face a five-year sentence.

Rodney Burton, Florida, was also charged with a criminal complaint for allegedly promoting the scheme. The IRS-CI and HSI are still investigating the case, and the federal district court has yet to determine any sentence.

4. BitConnect

The damages: $2.4 billion

BitConnect was a purported crypto investment platform with its own digital token, BitConnect Coin (BCC). At its peak, BitConnect had reached a market capitalization of $3.4 billion and even achieved meme status. Nowadays, it’s known as one of the biggest crypto scams.

BitConnect was active between 2016–2018 and marketed its purported crypto lending program as a safe investment with guaranteed 40% monthly returns.

The platform supposedly generated significant profits using its own trading bot and ‘volatility software.’ However, according to a court indictment, BitConnect was a textbook Ponzi scheme.

The platform allegedly paid later investors’ money to earlier investors, collectively defrauding clients of roughly $2.4 billion. The lending services abruptly shut down in 2018 under the guise of ‘continuous bad press’ and ‘attacks from hackers.’

The platform also promoted its own cryptocurrency as a payment method for investors. The project attracted a sizable user base with its initial coin offering in 2016, even though BitConnect never registered with FinCEN as required by law.

BCC even became the 8th best-performing currency on CoinMarketCap at some point in 2017. But part of BCC’s popularity was likely due to alleged price manipulation, which created the illusion of increased market demand.

Kumbhani could face a 70-year prison sentence if convicted of his charges, which include: wire fraud, conspiracy to commit commodity price manipulation and international money laundering, and the operation of an unlicensed money transmitting business.

3. Thodex

The damages: $2.6 billion

Thodex was one of the leading crypto exchange platforms in Turkey and internationally, having reached over 390,000 active users before its abrupt closure in 2021. At its peak, the platform was active in 120+ countries and had over 177 monthly transactions per user.

According to the prosecutor’s opinion, Thodex initially executed legitimate crypto exchanges to gain investors’ trust, but its intention was always to defraud customers. Later, the platform generated fake values for the supposedly executed crypto transactions.

In 2021, Thodex organized an extensive promotional campaign, promising it would distribute 2 million Dogecoins, with 150 coins going to each new user. After this campaign, the platform’s users started experiencing issues when trying to exchange or withdraw their crypto.

Shortly thereafter, Thodex founder Faruk Fatih Özer announced the platform’s ‘temporary closure’ and fled Turkey with an estimated $2 billion worth of investors’ funds. Though the real extent of the damage is unknown, Chainalysis estimates the value of lost crypto at $2.6 billion.

Özer and his co-conspirators were arrested in 2022, and the case was judged in Turkey in 2023. Özer was charged with multiple crimes, including fraud and the organization and management of a criminal group. He received an 11,196-year prison sentence.

However, Özer didn’t plead guilty. He reportedly told the court that he ‘wouldn’t act so amateurishly’ if he were to establish a criminal group and that he ‘possesses the intelligence to lead any institution globally,’ pointing to his obviously successful venture as proof.

2. OneCoin

The damages: $4 billion

Beginning in 2014, OneCoin was a fraudulent cryptocurrency promoted and sold through a global MLM scheme. Before ceasing its operation in 2017, OneCoin had defrauded millions of victims of over $4 billion.

According to US Attorney Damian Williams, OneCoin founders lured unsuspecting victims with promises of a ‘financial revolution’ and claims of dethroning Bitcoin as the leading cryptocurrency. In actuality, OneCoin’s crypto packages were entirely worthless.

An email exchange cited by the DoJ shows that the project founders distributed 1.3 billion fake tokens in 2015 alone. OneCoin also lied to its investors about the token’s valuation, claiming the price was based on market supply and demand.

However, the founders set the coin’s value arbitrarily to fabricate the illusion of steady growth. To ensure investor trust, OneCoin made further fraudulent claims about its token utility, its purported dedicated blockchain, and crypto mining operations.

In 2017, co-founder Ruja Ignatova (also known as ‘Cryptoqueen’) was charged with fraud and money laundering. Ignatova became a fugitive and was later added to the FBI’s Top Ten Most Wanted list.

Meanwhile, her co-conspirator, Karl Sebastian Greenwood, was already  arrested and sentenced to 20 years in prison for fraud and money laundering. A 2024 data leak uncovered Ignatova’s money trail from OneCoin to Dubai.

1. FTX & Alameda Research

The damages: $8 billion

Samuel Bankman-Fried, founder of FTX and Alameda Research, has been the most talked-about figure in the crypto space lately; and for all the wrong reasons. In 2023, his venture was described as ‘one of the biggest financial frauds in American history.’

According to a 2024 US DoJ press release, Sam Bankman’s scheme swindled customers of over $8 billion in one of the most complex cases of crypto fraud orchestrated to date.

Before its abrupt bankruptcy in late 2022, FTX was actually the second-largest crypto exchange on the market. Alameda, a so-called crypto hedge fund, was connected to FTX as a purported customer of the platform.

FTX’s popularity undoubtedly contributed to its perceived legitimacy. By extension, FTX’s solid reputation would also attract potential investors to its sister company, Alameda. Moreover, according to indictment papers, Bankman repeatedly and falsely claimed that:

However, as testified by Bankman’s co-conspirators, Alameda actually siphoned more than $1.7 billion from customer deposits, having access to unlimited FTX withdrawals. Alameda also defrauded its direct investors of more than $1.3 billion.

Alameda lenders and FTX equity investors received false financial statements with inflated revenue and profit figures that covered Bankman’s misuse of customer funds. The stolen money went to private investments and $100 million worth of political contributions.

Bankman was found guilty of multiple counts of wire fraud, conspiracy to commit wire and securities fraud, and conspiracy to commit money laundering. In March 2024, he was sentenced to 25 years in prison and ordered to pay over $11 billion in forfeiture.

The Latest Stats on Crypto Scams – A Worrying Trend

The biggest crypto scams to date back to 2014, though some were active as late as 2022 when crypto fraud reached its peak.

A Chainalysis investigation showed a particularly abrupt rise in crypto received by illicit addresses in 2022 when the estimated value reached an all-time high of $39.6 billion.

Chainalisys also revealed the types of crypto most frequently used for illicit transactions. For scams, stablecoins made up nearly 75% of the transaction volume, followed by Bitcoin at nearly 25%.

But these are just the lower estimates based on a number of newly identified and highly active addresses. According to Chainalysis, the real figures could likely be higher.

Crypto Scams Going Down Globally After 2021 Peak

In 2019 and 2021, scams amassed values surpassing $10 billion, with Ponzi schemes and rug pulls being the largest contributors to scam revenue.

As older Chainalysis findings show, the number of scams had been steadily increasing until 2021, while the lifespan of the average scam fell to a record low of 70 days.

However, illicit funds coming from scams have been going down recently. Scams are still the third leading contributor to crypto crime revenue, though ransomware attacks saw the biggest rise in 2023.

Crypto Scams Still Targeting a Growing Number of US Investors

Despite a downward global trend in crypto scam revenue, a 2022 FBI report found different figures in the US. Americans appear to be increasingly targeted by crypto scams, especially investment fraud.

Based on the number of reports registered by the IC3, crypto investment fraud was up 183% in 2022, when it reached a peak of $2.57 billion.

Again, in 2023, the FBI reported a further 53% growth in crypto scams, which reached a new high of $3.94 billion. Based on the number of reports, the most common targets of crypto investment scams were aged 30-49, followed closely by those over 60.

US seniors, in particular, have been increasingly losing money to crypto fraud. Over the past few years, the recorded financial losses in this group were up +1,877%. In 2022, crypto scams were the #2 financial crime affecting US adults aged 60+.

How Much Have People Lost in Crypto Scams?

While we don’t have an actual figure, Chainalysis global estimates suggest crypto scammers have been cashing in around $6 billion per year on average between 2018–2023. And a large share of crypto scam losses affect US citizens.

In 2021, an FTC report showed that more than 46,000 US victims reported a collective loss of over $1 billion to crypto scams, with a median loss of $2,600 per person. Subsequent FBI reports showed that these figures nearly quadrupled by 2023.

In 2023, approximately 80% of Americans targeted in crypto and investment scams lost a median of $3,800. But many victims lost considerably more. When including the most extreme cases, the average losses surpass $100k per victim in many states.

In fact, according to 2022 figures, South Dakota had an average loss of $998k per victim, the highest in the US. New Hampshire, Georgia, and Delaware were also in the top 5, with average losses of over $120k per victim.

How Do Crypto Scams Work?

Scammers use various intricate methods to steal your money. But in essence, crypto scams work in two ways – the scammer tries to convince you to send out your crypto, or they’ll try to steal your crypto wallet information to access the money directly.

It’s worth learning about the most common strategies to easily identify threats and keep your money safe. Here are some of the most common crypto scams to be aware of:

Pump and Dump Schemes

Pump-and-dump schemes are common in new crypto projects. The scammer hypes a new crypto token or coin, often through aggressive social media marketing campaigns. The goal is to attract as many investors as possible and bump up the token price.

After enough investors buy said coin, the scammer sells their massive coin supply to cash in at the highest price. This leads to a rapid crash in the token’s value, usually within minutes. In the end, the investors lose money and are left with largely useless tokens.

However, not all cryptocurrencies with large potential returns are scams. The volatility of some cryptos can be due to organic factors like ongoing project developments generating more interest, shifting market sentiment, and even crypto whale activity.

Rug Pull Scams

Similar to pump-and-dump schemes, rug pulls start with a new and hyped-up crypto project that promises massive returns. After attracting investors and raising money, the project suddenly shuts down, and the scammer disappears with the raised funds.

Rug pulls are especially common in DeFi projects thanks to the customizability of blockchain smart contracts. Scammers can program smart contracts to gain direct access to investors’ funds or to limit investors’ ability to sell their tokens.

This was the case for crypto platforms like Thodex and FTX. Rug pulls can also happen with NFT and crypto gaming projects. Just in 2024, the United States Attorney’s Office charged three people in connection to the Evolved Apes NFT scam.

Giveaway and ICO Scams

Giveaway and initial coin offering (ICO) scams both involve exchanging cryptocurrency for supposed massive returns. These scams often involve impersonation and phishing.

In the case of giveaways, the scammers promise the chance of winning a large amount of cryptocurrency, luxury items, and other valuable goods ‘for free.’

The fake websites and social media accounts typically impersonate known personalities and authoritative sources in the crypto space to gain the victims’ trust.

The counterfeit website then asks users to ‘verify’ their wallet address for the giveaway by sending crypto to the scammers. The fake website might also ask for the victim’s private information.

Similarly, ICO scams either promise giving away free coins, or letting investors buy a new token at a marked discount.

ICO scams trick victims into buying fake or artificially priced coins or sharing their private information. Scammers might also create fraudulent exchanges to launch their ICO and sell their tokens for other cryptocurrencies like BTC.

It’s worth mentioning that not all ICOs are fake. Initial offerings are actually a common way for crypto start-ups to raise money and attract investors, making it difficult to distinguish between fraudulent and legitimate project ICOs.

Romance Scams

Romance scams involve the scammer faking their online identity and pretending to become the victim’s lover. This type of scam can take weeks or even months to set up as the scammer tries to earn the victim’s love and trust.

Then, the scammers start asking for direct crypto payments, or they lure the victim into making crypto investments ‘together.’ In the case of a large investment scam, the scammer vanishes soon after pocketing the victim’s crypto.

Blackmail Scams

Blackmail scams involve a victim receiving threatening emails or messages. They typically contain vague claims that the scammer has compromising information about the victim, such as personal videos, photos, or internet activity.

The scammer threatens to leak the information unless the victim pays them a crypto transfer or hands over their private keys. Victims might be more likely to become targets if their email and other personal information get phished or leaked.

Fake Job Scams

In this type of scam, the scammer creates fake job listings or contacts the victim directly about a remote job offer. The scam typically kicks off by asking the victim to make a crypto payment to ‘begin their training’ or ‘start a deposit’ where they’re supposed to get paid.

Scammers might reach out to people with online resumes, though they might also contact victims directly on messaging apps like WhatsApp. These fake jobs seem highly lucrative and easy to do, and the recruitment process is quick and has no interview process.

How to Protect Yourself From Crypto Scams

Crypto scams are becoming increasingly refined and complex as more people are getting familiar with online fraud tactics. Here are a few key tips to protect yourself from these emerging threats and identify legitimate crypto investment opportunities:

We also recommend looking up a crypto project or platform on the official DFPI website. Although it takes a while for emerging scams to be reported, you might find some recent reports.

If you think you’ve been the victim of crypto fraud, you can also help others by being the first person to send a complaint.

Concluding Thoughts

While the rapid rise of cryptocurrencies has revolutionized finance, it has also attracted a slew of fraudulent schemes that have swindled billions from unsuspecting investors.

The high-profile fraud cases of FTX, OneCoin, and BitConnect prove the growing importance of due diligence in the crypto space. Despite recent declines in global scam revenues, targeted fraud remains a significant threat, particularly in the US.

By understanding common scam tactics and maintaining a healthy dose of skepticism, investors can better protect their assets and choose legitimate investment opportunities.

Remember– despite the allure of guaranteed exponential returns, if it sounds too good to be true, it probably is.

References

The post The Biggest Crypto Scams of All Time – 2024 Update appeared first on The Tech Report.

Crypto casinos have been around since 2012, but the interest in crypto gambling hit a record high only within the past few years, especially since the pandemic. 

The increased interest in cryptocurrencies, combined with the sustained growth of the global online gambling market, contributes to the vast potential of the crypto gambling segment, which is already worth hundreds of millions of dollars.

However, despite promising developments, crypto casinos also face challenges. In many countries, crypto casinos are currently under-regulated and a bit of a gray area. 

So, what’s the current state of crypto casinos, and how does the crypto gambling segment compare to fiat gambling? We cover the most recent crypto gambling market statistics to help you understand recent and emerging trends.

Key Crypto Gambling Market Statistics & Trends To Know

What Is Crypto Gambling And How Does It Work?

Crypto gambling takes place on online platforms, often dubbed ‘crypto casinos’, where players generally have access to the same games known in traditional casinos (like blackjack, poker, or slot machines). 

To place a bet or withdraw winnings, players must make digital transfers between their crypto wallet and the casino’s. Due to the very nature of crypto transactions, crypto casinos must employ blockchain technology.

Thanks to its secure, decentralized recording and sharing of transaction data, blockchain technology sets crypto gambling apart from traditional iGaming, conferring multiple benefits like:

These perks improve iGaming experience, help gambling platforms attract more customers and give crypto casinos a competitive edge.

Crypto Gambling Market – General Statistics

While crypto gambling has grown rapidly in recent years, it still represents a small fraction of the broader online gambling market, and more in-depth reports about crypto gambling segmentation are still necessary.

Based on recent data, the crypto gambling segment could mirror trends within the wider online gambling market.

Developments In The Online Gambling Market

Online gambling has seen an astronomical rise throughout the pandemic, when regular players started increasingly using online platforms during the COVID lockdowns. 

The global iGaming market nearly doubled since 2018, prior to the pandemic, going from $37 billion to over $70 billion in recent years. Since then, online gambling has maintained its peak, and this positive trend is expected to continue. 

Per 2022 figures provided by Statista and Business Wire, the global online gambling market was recently valued at roughly $64 to $81 billion (averaging a little over $70 billion across estimates).

A 2023 study published by Grand View Research came to similar numbers, placing the online gambling market value at $70.64 billion. According to these estimates, the gambling market is expected to reach over $150 billion in 2030 at a CAGR of 11.7%.

Sports betting has historically been the leading iGaming activity, and is expected to maintain its #1 spot for the foreseeable future. However, as of 2022, casino games accounted for nearly a third of all global online gambling revenue, coming in second place.

We can expect sports betting to be the leading segment for crypto gambling as well, and online betting platforms are already on their way to capitalize off this emerging trend.

According to a 2021 Statista survey, 43% of eSports executives believe crypto integration is a significant growth opportunity for online sports betting.

Additionally, 48% believe in developing a global consumer base, which crypto could help facilitate due to its decentralized nature and widespread availability, even in unbanked populations.

Crypto Segment Within The Global iGaming Market

Although the first crypto casino, SatoshiDice, first launched in 2012, crypto gambling has seen the largest uptick since 2021.

According to an article in The Daily Guardian, around 4% of all online gambling searches were crypto-related in 2022. While this might not sound like a lot, the same source found that interest for Bitcoin casinos quadrupled over less than 2 years.

While we don’t have exact numbers, the most recent crypto gambling market statistics place the crypto gambling market size at $250 million. Although still a small share of the  online gambling market, crypto iGaming adoption is at an all-time high.

A 2021 report by the iGaming developer SOFTSWISS suggests crypto is gaining traction in sports betting. This is unsurprising, since sports betting is the leading iGaming segment worldwide.

According to their findings, crypto made up nearly 8.5% of gross gaming revenue (GGR) for sports betting in 2021 across multiple global iGaming brands implementing the SOFTSWISS Sportsbook platform.

Overall, crypto was the third most used currency in sports betting after the US dollar and euro. Football bets made up 59% of the GGR share, followed by tennis (23%), and basketball (11%).

A subsequent SOFTSWISS report, which looked at data from over 600 crypto-friendly iGaming brands, found that the total crypto bet sum registered a growth of over 20% between 2022 and 2023. 

Within the same period, the total crypto bet count went up by over 50%. It seems iGamers are placing increasingly more crypto bets, driving up the total bet sum.

However, it’s also worth noting the average crypto bet sum has decreased from its early 2022 peak (over 3 euros per person), and stabilized at an average of 1.7 euro over the past two years. As of late 2023, the average crypto bet was twice the value of a fiat bet.

Most Popular Cryptocurrencies For Crypto Gambling

The same SOFTSWISS report also found Bitcoin was the most used cryptocurrency in iGaming. In 2023, BTC accounted for 73.3% of all crypto gambling transactions, followed by Ethereum at just 9.9%.

The prevalence of BTC and ETH within crypto gambling also mirrors their market dominance, with BTC accounting for over half of the global crypto market, and ETH making up over 17%, more than all other popular cryptocurrencies combined.

DOGE, one of the best memecoins, was also within the top five, accounting for 3.1% of iGaming bets and beating other popular cryptos like BNB or Solana.

Overall, Bitcoin appears the most popular cryptocurrency used in online gambling. According to some sources, the reverse might also be true – crypto gambling could be one of the most popular uses for Bitcoin, based on historical transaction data.

As a previous Bitcoin News article shows, betting accounted for over 50% of all BTC transactions in 2013. However, this could be the case for various reasons, including the low adoption of BTC in other establishments at the time and the large number of crypto casinos coming out since SatoshiDice’s debut in 2012.

It’s unclear if gambling is still the most common type of BTC transaction. According to a 2023 article by iGB, 60% of all BTC transactions are related to iGaming, and 55% of the global online gambling population owns cryptocurrency.

However, a 2022 UK paper looking at 713 crypto asset owners found that only 13% of people used their crypto for gambling, although the UK is second globally for online gambling revenue. 

In fact, over 50% of survey participants said they purchased crypto as an investment, and 55% never sold any of their crypto assets. Another 18% said they held crypto assets to buy goods and services.

A 2020 paper in Royal Society looking at gambling transactions on the Ethereum blockchain alone, found that the majority of iGamers partake in recreational gambling. 

In 2017, approximately 60-65% of the ETH gamblers only gambled 1-10 times. Less than 20% placed over 100 bets. Across approximately 250,000 individual bets observed throughout April to December, the average bet size was 1.528 ETH, although this figure also includes the large bets from high rollers.

A similar 2020 study looking at over 2 million transactions across three iGaming platforms on the ETH blockchain found that the average crypto gambler spends roughly $110 on 6 bets in a day. The heavily involved crypto gamblers spent over $120,000 over 35 days.

Crypto Gambling Market Statistics By Region

One of the advantages of crypto iGaming is its widespread global accessibility, thanks to blockchain casinos letting players bet from around the globe. Unfortunately, the anonymity of crypto also makes it difficult to track crypto gambling market statistics by region.

While we don’t currently have in-depth regional data about crypto gambling itself, looking at online gambling and crypto adoption rates gives us a general idea about potential trends.

Regions By Online Gambling Revenue

As of 2015, Europe has been leading the online gambling market, generating nearly the same revenue as all other regions combined. In 2022, Europe still accounted for over 41% of the global market share, according to the latest figures provided by Grand View Research.

However, the APAC is expected to register the fastest growth until 2030, as a result of increased internet adoption, economic growth, changes to online gambling legislation, and a high crypto penetration rate in the region.

Regional Differences Across iGaming Segments

Globally, sports betting accounts for most of the online gambling revenue, with Australia, the US, and the UK leading the sector, according to Statista’s revenue estimates. At a regional scale, Europe had the highest sports betting revenue, followed by APAC.

Europe had the most countries generating over $1,000 million in revenue in 2022, with the UK generating an estimated $3,837 million. Germany was second with $1,658 million, followed by France ($1,449 million) and Italy ($1,006 million).

In the APAC, Australia and India had the largest sports betting revenues in 2022, approximately $7,737 million and $1,389 million, respectively. Australia was also the biggest adopter in the region with a penetration rate of 23%, followed by South Korea at 8%.

In North America, the US had over 8 times the revenue of Canada in 2022, although Canada had the largest online sports betting penetration rate of 34%.

Casino games are the second most lucrative online gambling segment, generating nearly a third of global revenue. As of 2022, Europe dominates the global online casino segment, with the UK registering the highest online casino revenue of roughly $5,695 million.

Germany and Italy were also among the world’s top 5, with online casino revenues of $1,574 million and $1,388 million, respectively. North America was second for global online casino revenue, with the US generating $4,680 million. Canada was second in North America and third globally with a revenue of $1,972 million.

Overall, Europe is the biggest player on the online gambling market, in both sports betting and casinos. According to a December 2022 Statista report, sports and other betting accounted for 35% of online gambling revenue in Europe, while casinos made up 39%.

North America was second globally for casino revenue, while the APAC took second place for online sports betting. These regional differences might suggest a stronger online casino presence in Western countries, and a more active user base across all segments in Europe.

Crypto Adoption Rates By Region

According to a 2023 Statista survey of respondents from 56 countries, crypto adoption is particularly high in the APAC. In 2022 and 2023, 20% or more of respondents from Malaysia, India, Singapore, Vietnam, South Korea, and Indonesia said they owned or used crypto.

The crypto adoption rate was lower in Western countries at under 20%. Just 16% of US respondents owned crypto in 2023, followed by 15% or less of respondents in the majority of European countries.

The UK, Germany, Italy, and France, the European countries with the biggest online gambling revenues, had a crypto adoption rate of 11-12%. 

While Europe currently leads the online gambling market, the widespread crypto adoption in the APAC region could become a driving factor for the expected market expansion in the region. In India, in particular, online sports betting and crypto adoption are both at an all-time high.

Crypto Gambling Demographics – Who’s The Average Crypto iGamer?

A Statista report of 15,960 global consumers found that 12.7% of men used cryptocurrency for gambling and betting in 2022, compared to 11.1% of women. 

The total number of male crypto gamblers is likely a lot higher than that of female gamblers, considering men disproportionately outweigh women in crypto ownership.

For example, a 2023 YouGov survey of US consumers with online gambling accounts showed 62% of respondents aged 18-34 were interested in crypto gambling, compared to less than a third of those aged 35-54. 

Within this high-interest age group, men accounted for 62% for potential crypto bettors. Interestingly, potential crypto gamblers were also more likely to be interested in sports betting, particularly soccer (75% of potential crypto gamblers vs 50% of all online gamblers).

Potential crypto gamblers in the survey showed a higher preference for shorter withdrawal times and using payment apps over bank transfers. These two factors likely inform their higher interest in blockchain gambling.

Previous 2022 UK figures from the HMRC mirror these age and gender trends. Men in the survey were over twice as likely to own crypto assets compared to women, and those aged 18-24 were the most likely to own crypto out of all age brackets.

Among crypto bettors in the UK survey, 23% were self-employed or working as a business director. Around 40% of crypto bettors also worked with a financial advisor, and 17% had other active investments.

It appears crypto gamblers are also more likely to trade cryptocurrency regularly, and there’s also considerable overlap between crypto traders and high-risk stock traders. However, crypto traders and crypto gamblers are younger than stocks-only traders.

Those who partake in crypto trading and gambling are also more likely to be well-educated, technologically-savvy, and have a deeper understanding of cryptocurrency than other groups.

Main Factors Influencing Crypto Gambling Trends

Since the inception of SatoshiDice in 2012, the global crypto gambling market is estimated to have reached $250 million, and crypto might now be the third most popular betting currency after the dollar and euro.

Although crypto iGaming is still an emerging market, there are already hundreds of crypto casinos and people are showing increasing interest in crypto bets. We can expect this trend to continue thanks to a few contributing factors.

Technological Advances

A combination of blockchain technology, cross-platform integrations, and widespread internet adoption have made crypto gambling possible and accessible on a global scale.

Payment apps like Neteller or Skrill already let players deposit crypto for payments in legacy casinos like Bet365 and Unibet. But nowadays, more iGaming developers are implementing novel payment methods like Bitcoin to further facilitate crypto gambling. 

By directly providing in-app crypto payments, online casinos can reach a wider audience of players otherwise unserviced by common banks or payment apps. In-app crypto payments also ensure faster transactions and lower fees, contributing to a better user experience.

And blockchain technology doesn’t just make payments easier. It also changes gambling as we know it, providing transparency, security, and ensuring provably fair gaming to increase players’ trust.

Thanks to this, players can verify the fairness of each game and monitor every betting transaction on a decentralized, immutable ledger. These perks will likely continue to incentivize online casinos and bettors to switch to crypto.

Continued Adoption Of Cryptocurrency

iGaming is increasingly popular, though crypto only accounts for a small market share. The ongoing adoption of cryptocurrency will change that, as a growing number of potential bettors will be holding crypto in the future.

Currently, fewer than 20% of people in Western countries own or trade cryptocurrencies, although Europe and North America are the biggest players on the global online gambling market.

For example, according to 2022 data from the European Gaming & Betting Association, gross online gaming revenue in Europe went up by 12.5 billion euro over the pandemic. 

The UK registered a 65% revenue share from online gambling activity, but maintains a crypto adoption rate of 10-12%.

However, interest in cryptocurrencies is increasing globally, and countries like India or South Korea already stand out for above-average adoption rates. According to Statista data, most European countries also saw a smaller but consistent increase since 2019.

	% Crypto holders
Country	2019	2023
Italy	6%	11%
Sweden	4%	11%
Germany	4%	12%
Canada	4%	13%
Spain	10%	15%
The United States	5%	16%
Australia	7%	17%
The Netherlands	10%	19%
South Korea	6%	20%
India	8%	27%

Based on these trends, we can expect the number of crypto owners (and potential bettors) to keep going up in key regions where online gambling is already booming. 

Changing Consumer Behavior

Multiple reports we’ve shared in this article show online gamblers prefer privacy, safety, and convenience. With blockchain casinos better equipped to meet these demands, we might see more iGamers adopting crypto in the future.

According to a series of infographics from Cryptobetting.net, 23% of crypto gamblers believe blockchain technology makes gambling more secure, while 12% said they chose crypto because the blockchain protects their IP.

These findings suggest a sizable share of crypto bettors prefer keeping their banking and other personal information private while gambling, which minimizes the risk of data loss.

The same infographics show 17% of respondents thought using crypto cuts costs, likely thanks to reduced transaction fees. Another 15% said digital currency works well for handling microtransactions. 

The 2023 YouGov survey covered previously had similar findings – 34% of potential crypto bettors claiming fast withdrawals are a priority. Additionally, 40% of potential crypto bettors preferred not to use their bank account when placing bets and withdrawing money.

Additionally, the share of iGamers using phones surpassed that of desktop gamers for the first time in 2019. According to SOFTSWISS, 77% of sports bets in 2020 were placed via mobile. Since 2020, the downloads for mobile crypto wallet apps have also doubled. 

These changes could lead to an influx of crypto casino apps. However, casino websites will likely be more popular among high crypto rollers, as desktop bettors accounted for 75% of the total bet sum.

Regulatory Shifts

Crypto casinos are still controversial and under-regulated. The legality of crypto gambling also depends on local laws pertaining to gambling overall. In Australia, for example, interactive gambling is illegal, and the country went on to ban crypto gambling altogether. 

In other jurisdictions, crypto gaming remains a gray area. Within the US, the Unlawful Internet Gambling Enforcement Act (UIGEA) prohibits online gambling without mentioning crypto gaming. Even in the states where iGaming is legal, crypto casinos remain unregulated.

In Europe, crypto gambling is legal in multiple countries, though regulatory standards differ and could be difficult to implement.

For example, a 2022 paper looking at popular crypto casinos in the UK found only 47.5% held a valid operating license, and none of the operators verified the identity of new players.

Given the lack of KYC identification in many crypto casinos, money laundering and underground banking remain a concern, especially in underregulated regions.

Even the best-known crypto casinos like Stake, Jackbit, 7Bit, or Wild.io operate out of Curaçao, an international iGaming licensing jurisdiction with a controversial reputation due to its lax anti-money laundering and KYC policies.

However, the ongoing development of crypto iGaming could lead to updated regulations and improved compliance, thereby helping crypto casinos establish legitimacy and trust among clients.

In early 2024, Curaçao’s minister of finance, Javier Silvania, announced a plan to improve the jurisdiction’s anti-money laundering policies, which would imply stricter KYC standards. 

Stricter iGaming policies and regulatory success could set a precedent, encouraging wider acceptance of crypto casinos and fueling crypto’s expansion into the global gambling market.

What’s Next For The Crypto Gambling Market?

With the global iGaming market set to surpass $150 billion by 2030, the potential for crypto gambling is clear. 

As online gambling and crypto adoption rates increase, crypto casinos will likely attract an increasing audience of prospective gamers and providers. Mirroring wider iGaming trends, we expect crypto sports betting to be the leading gambling segment in the future. 

More online bettors already seek the privacy and convenience of blockchain technology, and sports betting operators are willing to meet these new demands by integrating blockchain technology within their services. 

However, crypto gambling still faces challenges like regulatory ambiguity and security concerns. Long-term success will hinge on how well the industry addresses these challenges and adapts to evolving regulations.

References

The post Crypto Gambling Market Statistics: A Look At The World Of Crypto Casinos appeared first on The Tech Report.

Some years ago, very few knew much about crypto. It was just like a tale of the monkey shadow; because it was new, many feared getting on. But nowadays, things have changed. Digital assets have become popular. According to the latest estimates, global crypto ownership in 2023 was 4.2%, with more than 420 million crypto users.

People have realized that buying, selling, or holding virtual assets is lucrative, so they want to get in. But only a few know the basics upon which the industry operates before hopping on, and that’s a big risk.

Whether you have already invested or are still considering committing your money to crypto, gathering as much information as possible is advisable. With these vital crypto statistics, you can learn much about crypto as you become the next expert digital asset investor or trader. Let’s forge ahead.

Cryptocurrency Meaning in a Nutshell

Cryptocurrency is a virtual form of currency that uses cryptography for security. To further elaborate, the term comes from using encryption to verify transactions. This is a way of ensuring advanced coding for secure storage and transmission of data between wallets and public ledgers. Unlike traditional currencies, there is no central authority governing the virtual currency. They operate on a decentralized system to record transactions and create new units. Its payment system doesn’t rely on banks for transaction verification. 

It enables peer-to-peer transactions, allowing anyone to send and receive payments anywhere. Instead of physical money, cryptocurrency transactions exist as digital entries in an online database. Bitcoin is the first cryptocurrency ever known today, and given its performances in the long run, many people get drawn to it, as well as other similar digital currencies for trading and potential profits.

Detailed Review of Enlightening Crypto Statistics

1. The Top 4 Crypto Exchanges Record 63% Daily Trading Activities.

According to the ranking of crypto exchanges, the top firms provide more daily trading volumes. The top four exchanges are Binance, Coinbase, Kraken, and KuCoin. The cumulative trading volume of the top four exchanges represents about 63% of the total daily trading.

2. More Females Have No Knowledge of Bitcoin and Crypto.

Bitcoin and crypto awareness is less widespread among women. About 77% of women know about BTC, while 78% of their male counterparts are in the know.

3. Up to 67% of Millennials Regard Bitcoin as a Safe Asset.

The millennials accept Bitcoin as a more secure investment asset than most physical assets like gold.

4. The Average Cost for BTC Mining Amounts to $4.45 Billion Yearly.

Not only does Bitcoin mining negatively impact the environment, but it also cuts deep into miners’ pockets.

5. About 60% of Bitcoin’s Network Hash Rate Relies on Non-Renewable Energy.

Data revealed that most Bitcoin’s hash rate depends on non-renewable energy sources. Coal-based technology is a key drive.

6. Bitcoin Emission Could Trigger Over 2-Degree Rise in the Average Global Temperature.

The Bitcoin mining process impacts the global environment. The process releases emissions, which could cause a more than 2-degree jump in temperature worldwide.

7. Bitcoin’s Worth of About $3.5 Billion was Moved in 2020 to Accounts Related to Criminals Worldwide.

Criminals and bad actors have crept into cryptocurrency with huge engagements. They received transfers of Bitcoins worth over $3.5 billion across the world in 2020

8. Illegal Crypto Transactions Constitute 1.1% of the Overall Transactions in the Industry Every Year.

Considering the number of crypto transactions yearly, the figure will represent a large amount of money. However, jurisdictional crypto regulations could cut down the rate of illicit transactions.

9. In 2020, Bitcoin Transfers to Crime Syndicate In America Were Over $41 Million.

With less influence of third parties on cryptocurrency transactions, criminals quickly joined the train. More than $41 million worth of Bitcoin tokens were transferred to criminals in America three years ago.

10. About 0.5% of Bitcoin Transactions Yearly Are Connected to Illegal Activities.

Bitcoin is the first and most popular crypto token, attracting many users. This positions it as a top vulnerable asset for criminal activities. Though the statistical data may seem little, it has a significant impact based on the value of BTC every year.

11. Bitcoin Miners Produce 900 New BTC Coins Daily.

The technology behind the Bitcoin network enables the production of a new BTC block every 10 minutes. This means miners solve Bitcoin mathematical puzzles to mine a new coin within the timeframe. Moreover, the average number of BTC miners is 144 daily, with each miner bringing 6.25 coins into the blockchain. The mining process produces a total of 900 new Bitcoins every day.

12. Tether Hit a Daily Trade Volume of $109 Billion on February 22 to Become the Most Prominent Digital Asset.

Tether is the leading stablecoin in the crypto market. Recent crypto statistics showed that the token gather more attention due to its independence and stability amid market price fluctuations. The stablecoin has its price pegged at the US dollar. However, it has received some criticism from some people in the past. The New York General Attorney was among those skeptical about Tether’s stance in the market. He maintained that the token is below its stability claims and doesn’t have 100% backing from the US dollar.

While stating its defense, Tether didn’t waver on its stance as a stable asset. It acknowledged that it has only 74% of USD backing. With time, Tether (USDT) proved its stance in the markets, consistently recording the highest daily trade volumes. Surprisingly, USDT’s trade volume doubles that of Bitcoin, the primary crypto asset. According to 2021 crypto statistics, Tether emerged and took the first position as the most selling coin of the year. Bitcoin and Ethereum bagged the second and third positions, respectively.

13. Crypto Token Sales in 2020.

2020 saw slower crypto token sales versus past years. Instead of billions made like in the 2017 boom, token projects raised around $20 million in 2020. Reviews link the drop to Ponzi schemes scaring investors off. Reports also found that 80% of 2017’s projects were shady and fraudulent.

14. The Crypto Market’s $150 Billion Single-Day Drop.

Despite potential big profits, Cryptocrypto carries risks that trigger huge losses. On January 11, 2021, almost $150 billion vanished from the global crypto market cap within 24 hours. Bitcoin led the hit, dropping 10% to $34,200. Ethereum dove 15% below $1,000 per token.

15. Bitcoin Reaches $1 Trillion Market Cap.

In early 2021, Bitcoin’s value shot up to surpass a $1 trillion total market cap for the first time. The quarterly increase was around $400 billion – the highest growth since Bitcoin began in 2009. The last big quarterly leap was in Q1 2017 when Bitcoin’s market cap grew from $11.9 billion to $237 billion.

16. The Global Blockchain Technology Market Size is Expected to Reach $469.49 Billion by 2030.

The trend for cryptocurrency and blockchain technology is gradually maintaining an upward movement. Notably, the virtual currency market has seen massive expansion in the past few years, opening the doors for blockchain technology. Crypto statistics show that the value of the global blockchain technology market size will be $11.14 in 2022. It has grown over $17 billion as of 2023. The value is expected to record a 56% CAGR increase and rise to $469.49 billion by 2030.

17. The Crypto Market will see a 3.5% CAGR between 2021 and 2026.

Some predictions indicated that the virtual asset market will see a 3.5% CAGR by 2026. Compared to crypto data in the past four years, the growth rate is expected to be about 50%. According to the forecasts, prominent crypto tokens like Ethereum, XRP, BNB, and Litecoin could see a market cap close to $1 trillion.

18. In the United Kingdom, 79% of Crypto Owners Have Invested in Bitcoin.

Bitcoin has seen more adoption as the primary crypto token than most assets. With an impressive acceptance rate, BTc stands among the most invested cryptocurrencies since 2009. About 79% of crypto investors in the UK owned Bitcoin.

19. China Launched Its Second Trial of Digital Currency in 2021.

China took a second leap into cryptocurrency by launching its digital currency in Q1 2021. The event was part of China’s approach to dominating the USD in Shenzhen. The country launched the second trial by pumping over $3 million into electron money. Moreover, the event involved 50% more participants than the first trial, which had 5,000 participants. China’s central bank fully supports virtual currency and is the country’s digital yuan (e-CNY) issuer.

20. The US Bagged the Country with Largest Sold Crypto Tokens in 2020.

The increasing popularity and success stories of cryptocurrency led to the emergence of more digital assets. Most networks conducted ICOs (initial coin offerings), marking the sales of tokens to generate funds for the protocols. In 2020, the United States recorded the highest token sales worldwide, with over 48% of total sales for the year. The second and third positions went to Singapore and the UK with 12.78% and 10.5% sales respectively. More than $5.6 billion was raised from token sales during the year.

Must Know Crypto Statistics

21. Nigeria Became the Top Crypto Usage and Ownership Country in 2020.

A survey on global crypto usage and possession in 2020 placed Nigeria at the lead of other countries. The statistical poll had up to 1,000 to 4,000 respondents from each country. Nigeria took the first position with a 32% representation of people who use and own cryptocurrencies. Vietnam and the Philippines emerged in the second and third positions with 21% and 20% respectively.

Moreover, the survey revealed that certain factors contributed to increased crypto adoption rates. Cryptocurrency plugins were added to cell phones in Nigeria, while the Philippines Central Bank endorsed using Cryptocrypto. In 2023, India will have the highest number of crypto owners, 157.6 million. The US came in second with 44.3 million, while Vietnam is third with 25.9 million.

22. About 68 Million Crypto Wallet Users were Available by Q1 2021.

The number of crypto wallet users rose to 68 million during the first quarter of 2021. This increased by 3 million from 65 million in the previous quarter. A crypto wallet is a digital account for holding and storing crypto assets. Users always safeguard their wallets by protecting personal data or pins connected to their digital accounts. 

23. The Global Blockchain Technology Market will Increase by 56% Between 2022 and 2029.

Blockchain technology has received more adoption following the advent and popularity of cryptocurrency. The global blockchain technology market is estimated to increase by an average of 56% annually between 2022 and 2029. Moreover, the market is expected to accumulate a revenue of over $20 billion in 2024 and over $39 billion in the next year. With its immutable distributed ledger, blockchain technology has provided great opportunities in different business sectors. Its numerous potentials have shifted it to evolve as a separate industry. The banking sector stands as one of the biggest investors in blockchain, boasting over 30% of the market value of the technology. 

24. Banks will Save $27 Billion Through Blockchain Technology by 2030.

The banking sector has recorded huge financial losses through different occurrences and incidents on data records. These include reconciliations, money-laundry checks, compliance, payment processing, treasury operations, etc. Banks could reduce their losses and expenses by over 50% with blockchain technology. A broader analysis will see the financial sector saving over $25 billion by 2030 using blockchain.

25. Bitcoin Daily Transactions in 2023 Hit a Peak 670,000 in May.

Bitcoin records the highest number of transactions daily besides Ethereum. In 2023, the primary crypto token reached a daily peak of more than 670,000 transactions in May. During Q1 2021, Bitcoin daily transactions rose to almost 400,000. The value increased by over 78,000 from its average daily transactions in the same quarter of 2018. The transaction volume includes BTC transactions successfully registered on the Bitcoin blockchain. Note that this is completely different from trade volume. Usually, Bitcoin transactions that are recorded in the blockchain include different types like P2P and B2C. 

26. In 2020, Peru Recorded 16% Crypto Adoption to Emerge as the Top Among South American Countries In Crypto Usage.

With the challenges of COVID-19 and lockdowns in most countries, the use of cryptocurrencies skyrocketed. Many people depend on digital assets to complete their transactions and payments. Peru reached the top with a 16% crypto adoption rate in the South American crypto market in 2020. Crypto statistics on users for that year show Peru to have the highest value. Additionally, Latin American crypto users held $25 billion in 2020. However, while some countries provided crypto-friendly rules for people within their regions, some restricted the use and trade of digital assets.

27. About 43 Million People Used Coinbase in 2020.

Coinbase is one of the prominent and largest crypto exchanges in the world. It recorded a user base of over 43 million by the last quarter of 2020. With its huge number of users, the crypto exchange posted a revenue of $1.4 billion in 2020 against $480 million in 2019. Also, the company saw a net profit of $322 million in the same year. Coinbase’s customer base has increased to 150 million verified clients. The value spiked from its 68 million verified customers report in Q2 2021.

28. There’s an Average Cost of $1,576 for a Yearly Running of an Extensive Mining Operation.

As the adoption rate for Bitcoin increased, more enthusiasts became miners of the crypto token. This overflowing interest from many has saturated the BTC mining fields. It has become more difficult to mine Bitcoin, raising the mining expenses as well. As of 2021, miners require up to 40TH/s computer power to ensure an efficient and effective mining process. The machine has a daily cost of $4.32, which is $1,576 yearly. The overhead costs for rewards are about 0.8875 BTC coins, equivalent to $3,017 as of Jan 2021 based on Bitcoin’s price.

29. In 2021, Bitcoin Miners Received 6.25 BTC Coins for Each New Block Produced. 

Following its inception in 2009, Bitcoin miners received 50 BTC coins as rewards for each new block. But the earnings have been dropping as the years roll. The major declining factor in miners’ rewards is the Bitcoin Havling event. This involves halving rewards for BTC new blocks and occurs every four years. Crypto Mining statistics show miners have received 6.25 BTC for each new block since 2021. Moreover, the next Bitcoin Halving event is expected to occur in 2024. 

30. Ethereum Validators Made an Average Daily Income of 0.0075 ETH.

The earnings of Ethereum validators keep changing over the years. After its creation, Ether validators received a reward of 5 ETH daily. After the blockchain implemented the Byzantium hard form in 2017, the reward value dropped to 3 ETH per day. However, the validators earned an average of 0.0075 ETH by 2021. Moreover, the number of Ether validators increased by 10% weekly following the launch of the network The Merge in September 2022.

31. Bitcoin Has An Average Verifying Time of 10 Minutes.

The verification period for Bitcoin transactions on the blockchain is 10 minutes. This represents the time miners take to produce new blocks on the blockchain. Once a BTC transaction is verified, it is transferred to the node and added permanently to the network.

32. In 2021, Crypto Ranked the Eighth Position in the Global Economy.

Crypto hit a cumulative market cap of over $2.19 trillion as of 2021. This placed digital assets as the 8th largest economy worldwide during the period.

33. Crypto Theft Saw Almost 60% Decline in 2021.

Despite its amazing benefits and solutions in the financial world, Cryptocrypto has its fair share of risks. Cryptocurrency thefts have been a major threat in the industry, with different forms emerging with time. Reports revealed that incidents of crypto thefts dropped by about 60% in 2021 compared to the previous year. Similarly, as of June 2023, the total crypto losses neared $2.4 billion, representing a 65% decrease compared to last year.

34. Bitcoin Rose by 227,173% Between 2012 and 2021.

The success story for Bitcoin was huge and impressive regarding its performance between 2012 and 2021. The primary crypto token surged by over 227,000% over nine years.

35. Crypto-Jacking Accounts For 4.32% of the Total Monera Circulating Supply.

A significant portion of Monera’s circulating supply is fueled by crypto-jacking inflows supporting its mining activities. Notably, Monero mining stands out for its simplicity. Compared to Bitcoin, Monero transactions boast enhanced anonymity and are highly untraceable. The beginning of 2021 witnessed the theft of over $64 million worth of Monero coins based on the total supply.

36. Crypto Daily Trade Volume Has Hit $112 Billion.

Massive adoption of crypto trades and investments, driven by their benefits and high returns, has led to a daily trade volume of about $112 billion in the crypto market. Many enthusiasts are hopping on the crypto bandwagon to capitalize on its vast potential and opportunities.

37. Bitcoin Leads with 52% Market Dominance in December 2023.

Bitcoin has solidified its position as the foremost digital asset in the market, holding a dominant stance with a market share exceeding 52% over altcoins as of December 2023. The potential for Bitcoin to expand its current market share remains a possibility.

38. We have 600+ Crypto Exchanges in the World.

By November 2023, a global count revealed the existence of 671 crypto exchanges and trading platforms. These firms offer users various digital assets to engage in trading, purchasing, selling, swapping, staking, and other activities.

39. The Size of Bitcoin’s Blockchain is up to 530 GB.

The primary crypto token experiences growth in transaction rates and engagement activities. As of December 10, 2023, the Bitcoin blockchain has reached a size of 532.51 GB. This marks a 20.38% increase from the previous year’s value of 442.35 GB and a significant rise from the 2021 size of approximately 320 GB

40. Global Mining Market Size Increased by 6.1% CAGR in 2023.

Amid several challenges in crypto mining, the global mining market size rose to $2.145 trillion in 2023. This represents a 6.1% compound annual growth rate (CAGR) from $2.022 trillion the previous year.

41. All Stablecoin Trade Volume Makes Over 80% of the Total Crypto Market.

Trading volumes of the stablecoins are quite massive compared to the other sectors of the crypto market. The total stablecoin daily trade volume constitutes over 80% of the overall crypto market volume. Notably, Tether, the leading stablecoin, always records the highest daily trade volume in the market.

42. The Crypto Industry Lost Over $200 Million to Crypto Theft in 2020.

Over $200,000,000 of digital assets were stolen 4 years ago (2020 – 2024). However, almost 80% of the lost funds have been recovered and returned to owners.

43. A Majority of Bitcoin Traders and Owners Are Male.

The male folk seem to engage more in Bitcoin activities. A survey revealed that they represent over 85.77% of Bitcoin traders and owners.

44. Crypto Mining Consumes More Energy Than Some Countries Like Norway.

Bitcoin mining requires more electricity than most countries, such as Australia and Norway. While BTC used over 127 TWh of power in 2022, Norway consumed approximately 124 TWh. Notably, BTC mining consumes more electricity than over 10 million homes yearly. Its high energy usage placed it among the top 30 global entities of high power consumption. The remaining entities within the category are countries. 

45. There’s a Post About Bitcoin on Social Media Every Three Seconds.

A survey on the trend of cryptocurrencies shows the growing popularity of Bitcoin on the internet. The analysis revealed more than 28,866 social media posts about Bitcoin. A breakdown of the value indicated an average of 1,203 posts on Bitcoin per hour. Further calculations reflected a minimum of 20 posts every minute and one post every three seconds.

46. The Price of Bitcoin has Risen by 66% Since February 2021.

Bitcoin’s price revolved around $30,000 in January 2021. The change represented a more than 200% increase, as the value of BTC was less than $10,000 at the beginning of the previous year. The growth marked part of Bitcoin’s milestone in the history of its price changes. Moreover, the primary token peaked at over 69,000 in November 2021. Bitcoin stirred much excitement among its proponents and enthusiasts. More people joined the crypto trading with more confidence in potential higher returns from BTC investments in the future. At the press time, Bitcoin’s price hovers around $43,416, with a market cap of $849.48 billion. The token dropped by 37% from its ATH.

47. Ethereum Recorded Over 1 Million Transactions Per Day in 2020.

The second-largest crypto token, Ethereum, remains the biggest competition to Bitcoin. It became the top cryptocurrency with the highest number of transactions daily during Q4 2020. According to available data, Ethereum’s transactions were 4x those of Bitcoin. Ethereum outpaced BTC, surpassing 1 million in daily transactions, which recorded approximately 330,000 transactions. As of 2023, Ethereum boasts a daily total transaction count exceeding 1.3 million.

48. The Top Ten Crypto Assets Dominate the Market.

According to data from CoinMarketCap, the top ten crypto assets make up 88% of the total value of all cryptocurrency. As of December this year, the dogs are Bitcoin, Ethereum, Tether, Binance Coin, and others. That means the other 12 percent is spread across the other 20,000-plus cryptos out there, so while there are a ton of different cryptocurrencies, just a handful control most of the market.

49. Investors’ Trust in Crypto Got to Almost 100% by January 2021.

2021 was a very good year for cryptocurrencies. People became more interested in the tech. According to a survey of over 60,000 people in January 2021, 97% trusted Cryptocrypto. They believe the industry will grow and do better in the future. That’s a lot of faith for something digital. It doesn’t end there – over half the people surveyed also said they had gotten into cryptocurrency. They hope to make huge profits when the value starts up. Imagine how many people got rich when Shiba Inu reached its all-time high. Even the likes of PEPE and BONK also made people a lot of money.

Categories of Virtual Currencies

Of all the existing virtual currencies, there are 4 categories which each asset falls under. These include utility, equity, asset-backed, and intrinsic tokens.

Utility Token

50. This type is like a digital key that grants access to specific services or functions within a network or server. A utility token works like a membership pass. It lets people participate in activities or access features and services on a specific network. 

Equity Tokens

51. Equity tokens give ownership rights to valuable stuff like a business or asset. Owning equity tokens means you get a money cut when that company or asset makes money.

Asset-Backed Tokens

52. Asset-backed tokens digitally represent real assets like silver, gold, or property. These tokens connect to tangible things, making their value easier to understand. 

Intrinsic Tokens

53. Intrinsic tokens give access to services like utility tokens. But intrinsic tokens work across multiple networks – not limited to one closed system. Bitcoin and Litecoin allow services beyond their networks.

Taxing Digital Assets

54. The IRS has seen Cryptocrypto as property for taxes since 2014. That made every transaction potentially taxable. To stay compliant, record income and expenses. Also, know if gains were short-term or long-term to determine the tax rates.

55. Cryptocurrency tax laws differ widely among countries. On the one hand, you might enjoy complete exemptions from crypto profits taxes. However, on the other, you could face a hefty 55% tax rate without the option of using strategies like tax-loss harvesting.

56. Many individuals using cryptocurrencies for daily transactions overlook potential tax consequences. In certain areas, you’re technically obligated to record and report crypto capital gains for each transaction, even for that $15 in Bitcoin cash you sent to a friend for dinner.

57. Adding to the complexity, approximately 75% of countries haven’t established clear guidelines on crypto taxation. The ever-changing crypto landscape leaves many questions unanswered, even in regions with proactive regulators. 

58. Regardless of whether you’re a passive investor, active trader, business accepting crypto payments, or a regular crypto user, you likely have significant tax responsibilities. Understanding your country’s tax laws influences your trading approach, business practices, and daily crypto activities.

59. Delving into legal papers or hiring a tax lawyer isn’t practical for many. Fortunately, various tools can help ensure compliance with tax laws. 

60. One recommended option is TokenTax, a crypto tax software platform and calculator that simplifies the process. It connects to exchanges, tracks trades, and generates crypto tax returns automatically, regardless of your country of residence.

Conclusion

Cast your mind back to 2008. A mysterious figure named Satoshi Nakamoto conceived a radically decentralized currency called Bitcoin. Early devotees were scarce and dismissed as fringe anarchists and gamblers.

Yet their numbers grew as pioneers grasped Bitcoin’s potential to revolutionize finance. Over the last decade, the meteoric rise of digital assets like crypto and NFTs proves these early visionaries were onto something big.

Just look at the adoption metrics: Turkey leads the charge, settling 20% of all global transactions in crypto. Household brands from Microsoft to Starbucks now accept payment in Bitcoin. El Salvador has even adopted Bitcoin as a legal tender.

Crypto is going mainstream. Early backers are laughing all the way to the (digital) bank. Those who got in on the ground floor have bagged truly insane ROI. They’ve seen 190,000% growth from 2012 to 2020! Yet some institutional titans remain hesitant to dive into these strange waters. Learning curves around wallets, exchanges, and volatility seem off-putting.

But make no mistake – widespread adoption isn’t a question of if, but when. Analysts project that the value of the ballooning crypto market will exceed $1 trillion globally by 2026.

So, as the finance world of tomorrow takes shape, an opportunity awaits savvy individuals to stake their claims. The next big score could be a few clicks away. Can you afford to miss out? Jump aboard the rocket ship today.

FAQs

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Shiba Inu, a coin that started as a joke online in 2020, has become very popular. Somehow, this meme interested big investors, and its value shot to the moon. Even with all the other coins, the dog-themed token, without any prominent utility, kept increasing in value.

The journey has been rough, not that it’s, in any way, easier for other coins, but Shiba Inu (SHIB) has taken in the hardship. Within one month, Memecoin Shiba Inu’s price soared by more than 300%, evoking Dogecoin’s early 2021 trading frenzy.

Despite the erratic price ups and downs, SHIB hints at a massive recovery ahead. The developer team is on their toes. They want to ensure Shiba Inu gets all the utility it can get. This is a sure way to get the price balling. And everyone hopes Shiba Inu can reach $1 soon. In this article, we want to spill the beans on Shiba Inu statistics, what the SHIB developers have built so far, how it is doing, and how high its price can rise. Let’s get started.

Quick Shiba Inu Statistics and Facts

1. In October 2021, Shiba Inu hit its highest price ever. We’re talking a peak of $0.00008841 per token. And that hype pushed this meme coin’s total value to over $50 billion.
2. But, the table turns too fast. Just about a year later, by November 2022, Shiba Inu crashed. Its total value dropped to a mere $5 billion. This happens as the wider market plummets. 
3. The broad digital asset bazaar is oscillating, and many assets have shed their prices. As a result, the market cap of the crypto assets at large lingers around $1.4 trillion.
4. Shiba Inu exists on the Ethereum blockchain, making it stand out from the meme coin market. Nevertheless, others like Dogecoin work with a Proof-of-Work mechanism similar to Bitcoin.
5. There is no endpoint for the number of Shiba Inu to be supplied. So, there are roughly 589.3 trillion SHIB tokens in the market.
6. Shiba’s originator, Ryoshi, gifted the lead designer of Ethereum, Vitalik Buterin, with almost half of the SHIB supply. He did it confidently, believing Buterin would help uphold the worth of the meme coin as the years passed.
7. Vitalik Buterin burned ninety percent of his SHIB tokens, strengthening several individuals’ confidence in SHIB. Given this fact, it’s safe to say that the action also plays a role in the face of the meme token.
8. Buterin used the remaining ten percent of his holdings worth $1 billion to support a Covid-19 Relief Fund outreach in India.

How Shiba Inu Was Born

1. The rise of decentralized finance (DeFi) gave birth to Shiba Inu in 2020. Considering how people found interest in managing their finances without intermediaries, an anonymous team of developers decided to make something valuable out of nothing.

2. The team, Ryoshi, developed a meme token, $SHIB, that works on the Shiba Inu ecosystem. To give value and create an income stream for interested users, the team built the Shiba Inu ecosystem on the Ethereum blockchain using the concept of memes and their viral nature.

3. This way, users can get paid for participating in a few activities within the ecosystem, and by using blockchain technology, they can claim their rewards without intermediaries or any third parties.

4. The name Shiba Inu originates from a Japanese dog, and its meme nature has added to the fame of the project. It’s now one of the most traded meme coins in the crypto market.

5. Notably, Ryoshi held no SHIB coins while launching the project, ensuring optimum decentralization. Next, the team commenced an Initial Exchange Offering (IEO) campaign on Uniswap to spread the tokens among interested individuals.

6. To ensure no intermediaries, the developing team put 50% of the token’s liquidity to sponsor the IEO. As a result, tons of investors are flooding the project in no time.

7. Since the token is Ethereum-based, its price increase was and remains speculative, and its affordability made it a considerable investment option for crypto enthusiasts.

8. Like other digital assets, Shiba Inu’s token has tested the rollercoaster since its birth. Did you know that when it first started to trade in August 2020, it was priced at $0.000000000972? It is worth $0.0000081, according to data provided by one of the trusted crypto analytics platforms, CoinMarketCap.

SHIB Price History Statistics Since Birth

9. The platform also revealed that SHIB reached the barest minimum in September 2020. And that’s around $0.00000000008165.

10. In May 2021, the price of the Shiba Inu coin suddenly skyrocketed from essentially nothing to around $0.00003469. Investors were stoked as the meme cryptocurrency shot up.  

11. But the celebration didn’t last long. According to the volatile crypto market’s “law of gravity,” what goes up can come crashing back down. Within the same month of its peak, Shiba Inu plunged to $0.0000065.  

12. Talk about a wild rollercoaster! The unpredictable crypto prices mean coins can spike or sink fast. After its plunge, Shiba Inu eventually rebounded when the market boomed again.

13. However, that surge got cashed in quickly, causing another free fall to around $0.000008. Some folks likely took those chances to grab their profits after the comeback peak.

14. The dramatic ups and downs just continued in the following months. When the overall crypto market rallied later on, Shiba Inu bounced upwards, too. But no one knew how long the coin could defy gravity before its next steep drop. That’s just how the rollercoaster ride tends to go!

15. This puppy coin eventually follows the hype. It exploded up over 1100% to a high value of $0.00008845.

16. Sadly, for investors, 2022 maltreated lots of coins as heavy regulations shook things up. Even the Terra ecosystem mess also affected things. Shiba Inu also felt the heat, losing over 75% of its peak value. This shows how sudden hype can lift or hinder a project’s growth.

Facts You Didn’t Know About Shiba Inu

17. The reason for Shiba Inu’s emergence on the Ethereum blockchain is to provide a less ambiguous approach to crypto speculation at an affordable rate.

18. The project boasts a community set to maintain decentralization and transparency within the ecosystem.

19. Shiba Inu regularly burns a certain percentage of its tokens to cut down its supply because there is no limit to the amount that can be supplied to the market.

20. Ethereum’s smart contracts allow developers to integrate and run applications within the Shiba Inu ecosystem.

21. The ecosystem comprises products like ShibaSwap 2.0, Shibarium, Shib the Metaverse, Shiboshis, SHibaNet, etc.

22. Shiba Inu (SHIB) is tagged the “Doge Killer” because of the direct competition it brings to Dogecoin.

23. Even though its existence in the crypto world was a playful response to the Doge meme, it’s showing traits of overtaking the market in no time.

Why Call SHIB The ‘Doge Killer?’

24. Notably, Dogecoin emerged as a parodic joke of the primary crypto token, Bitcoin. While Dogecoin uses a real dog’s face to make its identity unique, Shiba Inu imitates this logo style, using the face of a Japanese special breed, Shiba Inu.

25. Shiba Inu’s goal is to simplify all the processes so users can engage in the SHIB community with even little money. Investors, no matter their financial levels, own the coins because of their low prices.

26. Moreover, the low price of Shiba Inu is a great advantage that will allow anyone to get a million of the tokens. Also, it allows users to make mouth-watering gains on their investments.

27. The team behind Shiba Inu has put in more innovative products as they vie to increase the ecosystem’s input.

28. Due to these changes, the Shiba Inu ecosystem comprises several products. These include Shibarium, ShibaSwap 2.0, ShibaNet, Shib the Metaverse, Shiboshis NFTs, and Shiba Eternity P2E game.

29. Some ecosystem tokens include SHIB, BONE, LEASE, Treat token, and SHI Stablecoin. 

30. Further, some measures are being put in place in the SHIB ecosystem that could help to sustain its value as time progresses. One is the SHIB burning process, which takes out a certain percentage of Shiba Inu coins after making transactions.

31. With the commitment of the SHIB Army, Shiba Inu has destroyed more than 410.66 trillion since the inception of the project.

32. While Shiba Inu has up to 589.3 trillion coins in circulation, Dogecoin has about 141.86 billion tokens in its circulating supply. For Bitcoin, the coins are capped at a maximum supply of 21 million.

Major Developments In Shiba Inu Ecosystem

The Shiba Inu team has brought several improvements to the project’s ecosystem over the years. The changes moved the token from an ordinary meme coin to a strong crypto asset within the DeFi space. Here are some outstanding inclusions in the SHIB ecosystem:

Shibarium

33. Layer-2 blockchain of the Shiba Inu ecosystem, Shibarium, solves scaling problems. August 16 marked the release of the mainnet, creating excitement among the flux of the SHIB community and other users.

34. Before its mainnet launch, the Shibarium testnet platform, Puppynet, has recorded outstanding milestones in the industry. It had over 17 million wallet addresses and more than 32 million transactions completed on the platform.

35. Shibarium aims to improve scalability and transaction speeds. It will be an attractive edge for the Shiba Inu ecosystem, increasing the user base and community’s loyalty.

36. Already, the network has recorded more than 3.98 million transactions and 1.2 million wallet addresses. It parades an average block period of 5 seconds.

ShibaNet

37. This decentralized marketplace has unique features that simplify user engagements. It enables customers to buy, sell, and trade digital assets within the Shiba Inu ecosystem.

38. A marketplace is created to function on the network, ensuring very low gas fees. Additionally, ShibaNet will use SHI as its token to maintain stability in all payment processes.

ShibaSwap 2.0

39. ShibaSwap version 2.0 is the updated exchange that lets people trade different coins. This new decentralized platform is convenient for traders. That’s because they can stake tokens and earn sweet rewards.

40. Also, the project will introduce a nice liquidity mining program. Notably, this will come after the launch of this latest version. Above all, this version 2.0 aims to improve trader’s experience.

SHI Stablecoin

41. SHI Stablecoin is a new product from the Shiba Inu team. This coin is pegged to the US dollar. This peg will help stabilize the price, but that doesn’t stop the coin from being a DeFi coin.

42. The stablecoin is a payment option for transactions in the Shiba platform. Some individuals can also use it as a store of value since it’s not volatile like others.

Treat Token

43. Treat tokens come with a new approach for people in the Shiba Inu ecosystem. This TREAT can be used to reward customers as an encouragement. This is indeed an excellent strategy. Additionally, you can use TREAT to provide liquidity for that SHI stablecoin we mentioned earlier.

Conclusion

Shiba Inu is enriched with attractive features that support its sustainability over the years. The project came into the market in August 2020. All of a sudden, the token became the favorite coin among traders. Its value rose two years ago in October to $0.00008845, creating beautiful delight among early buyers. But this excitement didn’t last long as SHIB’s value went south. However, the token could pick up in the next bull run, most likely due to some of its appealing developments and products in its ecosystem.

Frequently Asked Questions

References

The post 40+ Shiba Inu Statistics You Should Know in 2024 appeared first on The Tech Report.

Launched as a digital joke to parody crypto, Dogecoin and its iconic Shiba Inu meme mascot have had the last laugh by vaulting DOGE into the top 10 cryptocurrencies with a jaw-dropping $20 billion+ market cap today. Yet the eccentric crypto asset dubbed “the people’s coin” traces a rollercoaster ride filled with flash crashes like last year’s 75% May plunge and headline-grabbing surges thanks to cheerleaders like Elon Musk.

As DOGE flirts with a long-dreamed price point of $1 in 2024, its future rides a razor’s edge between wider adoption and charges; its bark lacks real bite. This Dogecoin 2024 forecast dives into statistics from 120,000 daily crypto traders now accepting DOGE to the currency’s questionable utility beyond hype-driven speculation. Love it or hate it, the data suggests this meme coin could stay crazy enough to survive crypto’s harsh headwinds. This article on Dogecoin statistics considers the token’s origin, past performance, and present valuation in the market. Let’s get in.

Summary of Dogecoin Statistics and Facts

1. Born in 2013, Dogecoin came as an online joke.
2. It is the first meme coin to exist in the world of cryptocurrency.
3. DOGE is the code for the Dogecoin crypto network.
4. Dogecoin’s market value is $10 billion.
5. Jackson Palmer and Billy Markus are the creators of Dogecoin.
6. Dogecoin has an initial supply limit of 100 billion coins.
7. In May 2021, DOGE climbed to its highest price of $0.7376.
8. A single Dogecoin wallet contains about 28% of DOGE coins.
9. 65% of the total DOGE coins are held in less than 100 wallet addresses.
10. Elon Musk supported and contributed to putting Dogecoin in the spotlight.

What is Dogecoin?

The asset uses blockchain technology to provide a secure and decentralized system. The system relies on several networks of computers known as nodes for recording and storing data and transactions in a public ledger. The entire process ensures the data on the network remains tamper-proof. 

Dogecoin came into the field in 2013, offering investors a very low price to engage in cryptocurrency. However, through massive acceptance and the influence of prominent crypto moguls like Elon Musk, DOGE climbed to the spotlight. The founders of Dogecoin included a community-centered approach to the project to support its decentralization. This raised the interest of many observers and quickly increased the token’s user base after its creation. Subsequently, Dogecoin transformed from a light-hearted joke to a notable crypto asset among other top contenders.

DOGE – The Native Coin of Dogecoin

DOGE is the code for Dogecoin, also known as its native token. It empowers the running of the entire Dogecoin ecosystem. As a meme coin, DOGE has no intrinsic value or use cases. It majorly serves as a speculating crypto asset for traders and investors. This accounts for the highly volatile nature of Dogecoin, which could trigger a huge risk for investors through excessive fluctuations.

Uses of Dogecoin

1. As a digital asset, Dogecoin is a peer-to-peer payment method among its users. It trades physical items on Reddit, Twitter, and others.

2. Its highly volatile attribute makes it a speculative asset for some crypto traders who benefit from its price fluctuations.

3. It is largely traded against other crypto assets and fiat currencies on crypto exchanges.

4. Due to its humor features, Dogecoin is a favorable option for online tipping. Some social media content creators receive DOGE tips from other users for creating interesting and attractive content.

History of Dogecoin

5. In 2023, two software engineers, Jackson Palmer and Billy Markus, brought in an element of internet joke with Dogecoin. They brought the concept of a cryptocurrency that offers humor to users.

6. Initially, Plamer jokingly tweeted about an upcoming blast into the crypto space in the form of Dogecoin. The post received warm and massive responses from many crypto enthusiasts. 

7. Palmer and Markus introduced a digital payment system by blending the popular Bitcoin and internet meme Doge, calling it Dogecoin. This positioned Dogecoin as the first meme coin in the crypto industry.

8. Following its inception, Dogecoin gained much attention within the first month. The token’s official website recorded more than one million visits from interested crypto investors and speculators.

9. Dogecoin grew to become the dominant and leading meme coin. Its official social media account on the X platform comprises over 3.8 million followers and has many members in its crypto community.

10. The famous crypto personality and Tesla’s CEO Elon Musk contributed to Dogecoin’s explosive rise.

Unique Features of Dogecoin

No supply Limit

11. Unlike most crypto assets like Bitcoin, Dogecoin has no limit to its coin supply. Dogecoin miners received 10,000 DOGE coins for each successful block they produced. 

12. Moreover, each block on the network has an average mining period of one minute. This means that miners could produce up to 14,400,000 new DOGE coins in a single day. 

13. The massive production rate positions Dogecoin as a highly inflationary cryptocurrency with an infinite maximum supply.

Decentralization

14. The decentralized attribute of Dogecoin conforms with the usual security features that distinguish crypto assets from traditional ones. It removes the impact of a central party which could control or even manipulate the functions of the network.

15. Notably, the security of the Dogecoin network lies in the hands of selected users across the globe. The token maintains stable operations through decentralization and ensures its records remain immutable.

16. For a crypto asset like Dogecoin, its decentralization usually depends on its number of nodes and miners’ distribution. The network has over 6,000 nodes of individual computers that maintain and support its decentralization.

Coins are Concentrated in a Few Hands

17. A few Dogecoin wallets hold most of the coins in circulation. The biggest holder has about 28% of the total Dogecoin in circulation. 

18. On average, an estimated 0.002% of DOGE wallets contain almost 70% of the total coin supply.

19. This ownership level could pose liquidity risks and price fluctuation for the meme coin since the holders could control the token. The case differs for Bitcoin, whose coin wallet holders are evenly distributed.

What Could Influence Dogecoin and Other Cryptocurrencies

Here are some conditions that could influence Dogecoin and other crypto assets:

The Place of Political Changes

20. Several governments of different countries have started regulating crypto using some agencies and authorities. Also, they make some decisions and laws that could affect crypto assets directly or indirectly.

21. Like other assets, Dogecoin can grow rapidly with favorable declarations in some regions. Notably, positive changes in the economic growth of a nation will push up the token’s value and even raise investors’ interest.

22. Conversely, some conditions in a country can limit the expansion and rise of DOGE. These include violence through war, terrorist attacks, economic crises, natural disasters, and others.

Rise and falls in Fiat Currencies’ worths.

23. When there’s inflation, where a lot of money purchases few goods, the overall price of any currency or asset will also fluctuate; this does not exempt any fiat currency as they respond like other payment mediums. 

24. When this happens, Investors will turn to alternatives like crypto, such as Dogecoin. These assets provide a haven for investors to avoid the effects of inflation. Notably, a slight rise in DOGE’s demand often increases the price dramatically within a short period. 

Intermittent Issues

25. It’s common knowledge in the crypto market that the price of cryptocurrencies responds to some stimulus or unpredictable elements. The unpredictable nature of the absolute crypto marketplaces, owing to policies and principles guiding the marketplace, conflicts and rivalries, or embargoes, influences the development of Dogecoin and other monies.

26. In 2022 FTX crypto give-and-take activities, nearly every crypto token experienced a great reduction in their worth. Dogecoin was one of the payment gateways that saw a fall in its value. Furthermore, the Securities & Exchange Commission (SEC) restriction on numerous crypto firms in the United States, such as Coinbase and Binance, brought DOGE and other currencies down in value.  

The impact of Social Media and News

27. Rumors are one of the factors that disturb crypto organizations and marketplaces. Information about plans affects the market so that it could lead to irregular changes in activities. Thus, many social media posts and news could completely alter crypto’s move towards development and expansion in worth. 

28. Furthermore, an atom of propaganda on would-be tokens with more prospects of gains could alter investors‘ goals within the crypto marketplace. 

29. An example of hype and its result could be seen in the case of how Elon Musk’s peeps and annotations concerning Dogecoin generated a helpful desire for it. 

30. Most investors adopted DOGE through Musk’s active promotions. Notably, many people believe in digital assets that have the support of prominent personalities and influencers.

How Dogecoin Moved in the Past

Following its creation, the Dogecoin community sees the token as a humorous meme coin with a relatively small value compared to most cryptocurrencies. Gradually, Dogecoin started making waves in crypto, paving its path amid different hurdles through the years.

2013

31. The overwhelming acceptance of people on the Reddit channel encouraged Palmer and Markus to bring Dogecoin into the industry. Within 48 hours from December 17 to December 19, 2013, DOGE’s value rose by over 460%.

32. Moreover, when Bitcoin and other crypto assets faced restrictions in China, Dogecoin saw more acceptance from users from different countries. Dogecoin closed the year with its value at $0.0004222.

2014

34. At the beginning of 2014, Dogecoin garnered more investors’ investors than almost all available tokens. It saw a massive growth in its trading volume, slightly exceeding the combined volumes of all other assets. However, DOGE’s market value still falls below that of Bitcoin.

35. Additionally, DogeTipBot emerged in 2014, creating more excitement for Reddit users. DogeTipBot is a tipping app that rewards great content creators and active users for commenting and promoting Dogecoin.

36. Through the inspiration of the DogeTipBot, the Dogecoin Reddit channel had up to 70,000 new users in August 2014.

37. Though the application lasted three years, it significantly impacted the Dogecoin community. For instance, the app generated $170,000 for charitable projects such as water cleansing in Kenya and distributing service dogs for blind kids and others.

38. The DOGE’s value had pronounced swings through the year amid competition from other crypto assets like Steller, Monero, and others. From its opening price of $0.0004228, Dogecoin ended the year at $0.0001866, reflecting a more than 120% decline in value.

2015

39. Dogecoin faced a huge blow in 2015 as one of its founders, Jackson Palmer, quit his stance on cryptocurrency. Palmer noted that his initial belief in crypto as a libertarian option to fiat currencies was wrong.

40. Palmer stated that his observation of cryptocurrency is a basic exploitative option that favors top proponents. He mentioned that such fundamentals parallel his ideas and political opinions and that he didn’t intend to return to crypto again.

41. While concurring with Palmer, Markus sold out all his Dogecoin holdings and other crypto assets. However, he expressed his shock in January 2021 after Dogecoin grew by 900%, commenting on how an internet joke succeeded. 

2016 and 2017

42. Dogecoin had no remarkable shift in its price trend in 2016. The coin’s price hovered between the $0.00020 and $0.00030 regions.

43. In 2017, Dogecoin indicated more potential for massive price change. Progressively, the value of DOGE scaled up to remove a fractional zero in the price and closed at $0.008972.

2018

44. On January 7, 2018, Dogecoin recorded a new milestone as its market cap reached almost $2 billion. The price of the meme coin climbed to $0.01877. 

45. However, Dogecoin failed to sustain the rise as the price slipped gradually downward in the following weeks. Amid the price swings in the crypto market, DOGE closed the year at $0.002346.

2020

46. There was no significant price movement for Dogecoin in 2020. The price of DOGE revolved around the $0.001 region from the beginning of the year.

47. Yet, Dogecoin stood its ground in the mean price range of $0.0020 to $0.0030 all through 2020. This little range in price could be connected to the virus, COVID-19, and international lockdown.

2021

48. The story changed for Dogecoin as it experienced a price rise and a boost in its performance in 2021. Many customers linked with the Reddit platform confess they are more interested in the token. Dogecoin witnessed a 210% price rise between January 28 and 29, 2021.

49. The after-effect of the post by Musk on his platform of 54 million followers was Dogecoin’s publicity and general acceptance. Next was a rise in its price to $0.07797 on January 29.

50. Furthermore, Dogecoin became the talk of the town among notable personalities and celebrities like Gene Simmons, Snoop Dogg, and Elon Musk. The currency got higher publicity in its worth by $0.08.

51. The coins kept rising in value until April, when they jumped to a mark above 527%,  and then the value added another figure, $0.7376, to mark its apex since initiation. It rose to $50 billion and above in 2021, came down by 26% ($0.2042) in September, and stayed at $0.1744 that year. 

2022

52. The coin’s market value dropped to $0.07029, contrary to the price of $0.1705 it recorded at the beginning of 2022.  

2023

53. Dogecoin rose in value to $0.09733, by a proportion of 0.35% on January 1.

54. Doge gained 17%, rising to $0.0953 in April and dropping by 19% to $0.07563 on November 23. So far, November has seen DOGE registering a 22% gain.

Conclusion

Dogecoin has remained unshaked while pushing more growth signals through the years. Thus, 2021 remained the best for Dogecoin, with significant achievements. The price of DOGE reached $0.7376, and the market value rose above $50 billion. In 2023, Dogecoin was a resilient and popular cryptocurrency characterized by volatility and widespread adoption. Its unique blend of humor, utility, and a devoted community continue to set it apart in the ever-evolving crypto landscape. Despite fluctuations in its price history, Dogecoin remains an intriguing contender, symbolizing the dynamic nature of the market and its journey from a “memecoin” to a legitimate player.

Frequently Asked Questions

Sources

• Wikipedia
• CoinMarketCap
• CoinMarketCap
• X Platform
• X Platform
• Earthweb
• Investing
• Statista
• Statista
• Dogecoin
• Coinbase
• CFI
• Binance
• CoinGecko

The post Dogecoin Statistics 2024 and DOGE Price History appeared first on The Tech Report.

The cryptocurrency space has exploded over these past few years. When Bitcoin, the first cryptocurrency, was created, the general public was skeptical. Despite their disbelief in the asset, its price kept going up. This attracted many to join the trend. More people and businesses are now interested in acquiring it. However, the only problem they were having was how actually to buy or store these assets. Fortunately, that’s the role crypto exchanges like Kraken are playing. Kraken ranks third on the BitDegree Exchange Tracker. The crypto exchange has a weekly trading volume of $138,192,522,565 on average. 

Kraken helps users to buy, sell, and trade different cryptocurrencies without stress. To add to the joy, all these are done in one place. This platform is an all-in-one forum, making things easy for even newbies in the space.

Since many started using the platform, it has gained much popularity. Surveys show that Kraken has brought over 8 million users from around the globe to its platform. This indicates that millions of people have come to depend strongly on this platform. As such, one of every five crypto traders relies primarily on Kraken to exchange and store assets. This article will examine more facts and Kraken statistics that crypto lovers need to know about the exchange.

Some Exciting Kraken Statistics

1. The exchange has exploded to over 10 million active users in 2023 alone. 
2. Kranken receives nearly a million visitors every week. As of October 2023, Kraken got an average of 970,000 weekly visits from users. 
3. The United States has always been at the forefront of expanding cryptocurrency. Therefore, it’s no surprise that over 36 percent of Kraken’s audience comes from this place.
4. Demographically, Kraken attracts a lot of digital assets enthusiasts in their late 20s to mid-30s. 
5. Surprisingly, more dudes are trading on Kraken. The report says they make up almost 74% of Kraken’s customers. 
6. Most people visiting Kraken come directly to the website or app, not links or search engines. 
7. Beyond that, this company keeps extending its reach all over the world. Presently, it serves customers from more than 190 different countries. 
8. Kraken recorded yearly high inflows and outflows on the same day in November 2023. The customers also moved lots of funds in and out of the platform on the same day.

About Kraken

Created in 2011, Kraken remains among the long-existing crypto exchanges. Its headquarters is located in the United States. It was among the first Bitcoin exchanges listed on the Bloomberg terminal. Users from more than 190 countries have access to the Kraken exchange. These include people from the United States, Australia, the UK, Japan, Canada, and Germany. However, the exchange is restricted in some regions and countries. Notably, Kraken is not available in some OFAC nations like Iran, Cuba, Afghanistan, Libya, Iraq, Syria, Lebanon, North Korea, Yemen, and others.

Kraken Regulation

Kraken complies with regulatory standards and requirements in different regions:

• The exchange runs business as a Money Service Business (MSB) in the United States. 
• In Canada, the exchange bagged an MSB.
• In the United Arab Emirates, it acquired a Financial Service Provider (FSP) license.
• The United Kingdom confers the exchange of the title of a crypto asset company with a futures trading license.

Globally, Kraken has licenses from the following regulators.

• Financial Crimes Enforcement Network (FinCEN) in the United States.
• Financial Conduct Authority in the United Kingdom.
• Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada.
• Abu Dhabi Global Market (ADGM) in the United Arab Emirates.
• Abu Dhabi Global Market (ADGM) by FSRA in Abu Dhabi.
• Digital Currency Exchange (DCE) by AUSTRAC in Australia.
• Virtual Asset Service Provider (VASP) by OAM in Italy.

Kraken User Statistics You Should Know

1. Kraken has an Army of Crypto Traders These Days.

We’re talking about over 10 million people who use the platform regularly. The customers depend on the platform to satisfy their different crypto needs. This is amazing, considering they had 6 million customers a few years back.

2. Nearly a Million Folks Drop by to Visit the Platform Every Week.

Sometimes, we wonder if they’re checking the coin’s price or trying to take a quick trade. However, Kraken has captured many crypto traders.

3. The United States has the Highest Number of Kraken Users, Representing 36.65% of Kraken’s Core Audience.

Data on Kraken.com website traffic by countries showed that the United States has the highest number of Kraken users. It has 1.95 users, representing about 36.65% of Kraken’s global audience. 67.35% of US users use Kraken through mobile devices, while 32.65% come through desktops. Below is a table showing Kraken’s customers in some countries and the devices they use:

4. 33.62% of Kraken Users are in the Age Category of 25 – 35 Years, Representing the Largest Age Class.

According to Kraken’s official user demographics by age, 33.62% of users are between 25 and 34. Audiences in this age category are the largest class of users. The 35 – 44 years category came second, representing about 22.09% of users, while the 18 – 24 years class came third, making up 18.06% of users. The 45 – 54 years and 55 – 64 years classes represent 13.35% and 7.73% respectively. The lowest class, comprising just 4.61% of the total users, belongs to those up to 65 years and above.

5. 73.97% of Kraken Users are Male.

Male clients on Kraken constitute 73.97% of the exchange’s total user base. This indicates that males prefer Kraken more than females, comprising 26.03% of users.

6. 67.44% of Visitors on the Kraken Website are From Direct.

Kraken records visit from different sources. About 67.44% of visitors on the Kraken site come from Direct, representing the highest source of visitors. Google takes the second place for the source of visitors with 16.68%. However, 48.25% of visitors on Kraken.com move to Google.com as their top destination. With 4.37%, etana.com takes the second top destination for visitors from Kraken.com.

7. Kraken’s Monthly Visits Plummeted by 3.33% for September 2023.

Kraken recorded about 5.32 million visits for September 2023. This value reflected a 3.33% drop from the 5.5 million visits in August. Meanwhile, the exchange saw up to 6.19 million visits in July. The monthly visits for September have an average session duration of 12.06.

8. 63.17% of Visitors on Kraken.com Use Mobile Devices.

According to a study on traffic by device shared on Kraken.com, 63.17% of visitors to the site are from mobile devices. Desktops constitute just 36.83% of the total visits on Kraken.com.

9. YouTube Bags the Largest Social Media Traffic to Kraken With 77.57% Engagement.

Most social media traffic to Kraken comes from YouTube, with 77.57% engagement. Instagram claimed the second position with 17.52% and Facebook the third with 4.91% user engagement.

10. Kraken is the Third-largest Crypto Exchange, With a Ranking Score 8.3.

According to CoinMarketCap ranking, Kraken is the third-largest crypto exchange, after Coinbase and Binance. Kraken scored 8.3, while CMC scored Binance and Coinbase 9.9 and 8.6, respectively.

11. Kraken is Available in More Than 190 Countries Across the World.

Users from more than 190 different countries have access to Kraken. These include the United States, the United Kingdom, France, Spain, Canada, Japan, Germany, Australia, and others. It is known that Kraken might not be the biggest crypto exchange presently. However, this company has prioritized the safety of its customers’ funds while making trading very simple. This means that both retail traders and institutions can now trade different crypto assets at ease. Regretfully, certain individuals who reside in New York and Washington are prohibited from creating new accounts on the platform. Additionally, American clients can no longer participate in Kraken’s staking programs to get payouts. However, the door is wide open for users outside of America.

Kraken Exchange Statistics

12. Despite the market being dominated by platforms like Coinbase and Binance, Kraken could still take a tiny piece of nearly 3% of the worldwide volume. 

13. According to experts, more than 400 million people currently possess some amount of digital assets. It now makes sense why exchanges like Kraken are growing exponentially. 

14. Just this November, Kraken saw massive spikes in customers putting in and taking out of the platform. 

15. The report shows that exchange accounts for 2% of global trading activity. Meanwhile, OKX has the highest while Binance follows as the second.

16. Not so fast; Kraken’s workforce alone has doubled recently. Incredibly, the workforce is now more than 225 people. Therefore, even if an army of new crypto converts comes knocking, Kraken has the staff and equipment to let them in.

17. “Kraken” is the top keyword search for Kraken, with 32.53%. The most-searched keyword in all Kraken-related inquiries is “Kraken,” which accounts for 32.53% of total searches. Other fascinating stats show Kraken searches are on the rise big time.

18. Keywords like “Kraken crypto” make up almost 2% of online searches lately. 

19. And “Kraken login” plus “Kraken exchange” combine for over 2.5%. Even searches concerning staking on Kraken are approaching 1%. This figure means millions of crypto fans flow into Kraken monthly to open accounts, access their wallets, stake, trade, etc.

Kraken Financial Statistics

Kraken has proven to be more useful in the cryptocurrency market. Outside crypto trading, few things are more important than liquidity (the ability to rapidly buy and sell assets without crashing the price).

20. In 2023, Kraken has facilitated around $1 billion of daily trading volume, but that’s on average. This figure might seem like a drop compared to 2021’s bonanza, when different crypto assets hit an all-time high.

21. Kraken supports about 228 different cryptocurrencies and fiats in 2023. Also, it has up to 657 trading pairs available for investors and traders on the platform. So whether you’re an institutional whale looking to move large money or just a little fish for buying crypto assets, Kraken has the volume and infrastructure to get you swimming through the crypto market.

22. Bitcoin/US Dollar pairing see the highest 24-hour trade volume at $105 million for just one day. This makes it the most popular trading pair in the exchange. Also, it means that despite the growth of other cryptos, Bitcoin remains the most in-demand asset on Kraken.

23. On average, Kraken facilitated almost fifty billion dollars in monthly trades last year. As mentioned before, this huge trading volume enables smooth liquidity and shows how active users are on the platform. Here is a view of the exchange’s monthly trading volume in the past few years:

The crypto market has been on a wide ride these past few years. Prices of different assets shoot up very high and then drop back. Kraken and other similar platforms have probably had a tough time trying to make the market stable.

Additional Kraken Statistics

24. Last two years ago, in 2021, when the price of Bitcoin was near $70,000, Kraken moved around $800 billion in assets each day. But this didn’t last for as long as expected. 

25. Last year, 2022, when the crypto winter kicked in and prices tanked, trading volume on Kraken plunged by half. But, the exchange still facilitated almost $400 billion in trades.

26. Adding to this, its revenue dipped a little last quarter by over 3 percent. But remember, that’s how the cryptocurrency works. Nothing is 100 percent sure! So, while Kraken rides both the market’s peaks and valleys, its continued growth over the long run has proven that the exchange is here to stay. Here is a representation of Kraken’s yearly revenue over the past few years.

Kraken keeps making its customers proud by keeping its head above water. Running or operating a big trading exchange like Kraken isn’t cheap. You will need infrastructure, staff, marketing, and top security mechanisms.

27. Kraken recorded a small net loss of $1.8 million in 2022. And reports show that it hasn’t had a profitable year since 2016. Despite these losses, the platform still focuses on its long-term goals.

28. The good news is Kraken has turned the hand of the clock. Its net income turned positive in the first half of this year to $1.14 million. This figure is not huge, but it is still better than being negative. The table below reveals Kraken’s total income over the past few years:

Conclusion

Through this article, you’ve discovered that more than 10 million people use Kraken. Based on its simple and thrilling user interface and low trading charges, the exchange has risen among the prominent platforms in the industry. Moreover, the Kraken exchange performed satisfactorily, increasing most of its users’ trust over the years. You can browse the Kraken platform and check if the features satisfy your investment activity. However, consider your risk tolerance in the highly volatile crypto market.

Frequently Asked Questions

Sources

• Semrush
• CoinMarketCap
• Kraken.com
• Similarweb
• SignHouse
• Ycharts
• Ycharts
• Sacra
• Statista
• Watcher.Guru
• CryptoBreakdown
• Bloomberg
• Investopedia
• PitchBook
• YahooFinance

The post Kraken Statistics – How Many People Use it in 2024? appeared first on The Tech Report.

Looking at some key Coinbase statistics illustrate the exchange’s meteoric rise. As of 2023, the company boasts a valuation of around $18.6 billion and an enterprise value of approximately $16.5 billion. The user base paints an equally remarkable picture. To date, over 89 million users have signed up for Coinbase. A testament to the popularity of the exchange is the fact that 9 million traders used its platform in the last quarter alone. Revenue and profit numbers tell a success story, too. In 2021, Coinbase raked in $7.8 billion in total revenue while clearing $3.6 billion in net profit. For Q1 2022, revenue stood at $1.17 billion.

With its iron grip on 43% of the US crypto market share, Coinbase has become a major force in the industry. This article features some vital information about Coinbase’s business valuation. These include its user base, net worth, revenue, profit, market share, growth, and other helpful information. Let’s get started.

Key Coinbase User Statistics

1. Coinbase Global Inc. had 56 million verified users in August 2023 and could reach 150 million verified users before the end of 2023.
2. Every month, about 6.1 million users at Coinbase execute at least one transaction.
3. The crypto exchange has a total valuation of $18 billion in 2022.
4. Coinbase generated a revenue of $3.1 billion in 2022.
5. It recorded an annual loss of $2.6 billion in 2022.
6. Coinbase holds 11.3% of the entire crypto market capitalization.
7. Coinbase Global has over 3,400 employees.
8. It recorded about 9 million active users who performed more than one transaction in a month in 2022.
9. An average of the total number of Coinbase users have crypto assets that are worth more than $5,000.
10. The company gets 86% of its total generated revenue from transaction fees.

Coinbase Overview

The table below gives an overview of the crypto exchange:

The Number of Users at Coinbase Global

1. Coinbase user base depreciated in 2023, reflecting a decline of 20% from the exchange number of users in 2022.

Coinbase Monthly Active Users

2. The crypto company has 6.1 million users who perform at least one monthly transaction.

3. Coinbase has recorded steady growth in its monthly active users since it started operating in the crypto industry. Between 2020 and 2021, the company witnessed significant growth, from 2.8 million to 8.8 million.

4. In 2022, Coinbase had 9 million month active users, a slight increase from the value it recorded in 2021.

5. The growth could be due to the public’s growing adoption of crypto assets, Coinbase’s effective marketing plans, etc. Notably, the monthly active users execute at least one transaction per month in the exchange.

Coinbase Global Inc. Yearly Revenue from 2019 to 2023

6. The table below shows Coinbase’s Net Revenue from the 1st quarter of 2019 to the 2nd quarter of 2023.

7. Coinbase recorded a net revenue of $482.9 million in 2019. In 2020, its net income rose to 1.1 billion.

8. Notably, in 2021, the crypto exchange witnessed a 564% growth in revenue as it generated $7.3 billion. 

9. However, in 2022, the company’s net revenue dropped to $3.1 billion, resulting in a loss of approximately 58%.

10. Between the 1st and 2nd quarters of 2023, Coinbase Global generated a net revenue of $1.4 billion.

Coinbase Global Inc. Transaction Revenue

11. According to research, the crypto exchange company generates 86% of its total revenue from transaction fees.

12. Notably, between 2019 and 2020, Coinbase generated $463 million and $1.1 billion, respectively, from transaction fees.

13. The increment in 2020 represents a 2.37 times growth against the value of 2019.

14. Studies reveal that the worth of cryptocurrency is directly proportional to the transaction revenue crypto firms generate.

15. In the 2nd quarter of 2021, the company recorded $1.9 billion in transaction revenue. 

16. This also influenced the value of the firm’s stock, making it yield 50% profit to its stockholders above expectations.

17. Analysts expected the Coinbase stock to make about $2.33 a profit per stock, but it surpassed the prediction, giving a $3.45 profit per stock.

18. Even though Bitcoin’s market value dropped significantly in this period, Coinbase was still able to attain this transaction revenue milestone.

19. The growth in the transaction revenue marked the second-highest the company ever recorded.

20. Moreover, in the 1st quarter of 2021, Coinbase Global recorded $122 billion from institutional customers.

Coinbase Global Service and Subscription Revenue

21. Remarkably, in the second quarter of 2023, the largest crypto exchange in the US realized more revenues from subscriptions and services. This time, it exceeded the transaction revenue generated in the same period.

22. One of its subscription offers, referred to as Coinbase Pro, is reported to be appealing to severe traders. The reason could be its transaction fees, which are between $0% and 0.5% per transaction.

23. Coinbase Prime is another exciting service the company offers users, allowing them to manage their crypto holdings efficiently.

Coinbase Yearly Profit and Loss

24. Coinbase recorded a loss of -$97.41 million in the second quarter of 2023.

25. However, the crypto firm’s net profit of 91.09% is higher than the value in the second quarter of 2022. The table below shows Coinbase’s Profit and Loss from 2017 to the 2nd of 2023:

Coinbase Global Inc. Users

26. The crypto exchange company maintained a progressive number of users until 2023 when the value dropped in the 3rd quarter.

27. During this period, Coinbase users dropped from 98 million recorded in 2022 to 56 million. However, analysts projected that the firm could record 150 million users before the end of 2023.

Coinbase Global Inc. Valuation

A business valuation is a metric that determines a company’s worth. We can calculate it by subtracting the value of a company’s liabilities from the fair values of its entire assets.

28. Interestingly, Coinbase Global Inc. has recorded a progressive valuation between 2017 and 2021, with enormous growth between 2020 and 2021.

29. Based on this growth, the company’s shareholders must have made a tremendous return on investment.

30. However, in 2022, the US largest crypto firm had a fall in its valuation, marking a decline of 72% from its 2021 value. The table below shows Coinbase’s Valuation from 2017 to 2022

The Worth of Crypto Assets Coinbase Global Manages

31. Research shows that the worth of crypto assets under Coinbase care increased progressively yearly until 2022, when it dropped.

32. It recorded the highest in 2021, managing $223 billion worth of crypto assets against $36 billion in 2020.

33. However, in 2022, the quantity of managed assets dropped to $80 billion following the persistent bearish market last year. Notably, the worth of these managed assets depends on the crypto market’s price fluctuations.

34. The more crypto deposits enter the exchange, the more the managed assets are worth.

What Crypto Assets Does Coinbase Support?

35. In 2023, Coinbase Global supports over 10,000 cryptocurrencies and multiple blockchains.

36. With this, investors can buy and sell various crypto assets like Bitcoin, Cardano, Litecoin, Ether, Bitcoin Cash, and many more. 

37. The exchange supports all ERC-20-based tokens and allows crypto-to-crypto conversions through the Ethereum network. This table shows the breakdown of the assets Coinbase supports from 2019 to 2023.

The Most Held Crypto Assets on Coinbase Global Inc.

38. In most cases, Bitcoin remains the dominating crypto asset in the industry, followed by Ethereum.

39. The most held crypto assets on Coinbase include Bitcoin and Ethereum, representing 83% of the entire cryptos on Coinbase.

40. Litecoin, which has lower transaction fees and a faster transaction rate, is considered the third-most-held cryptocurrency in Coinbase.

41. Litecoin has an 84 million maximum supply with a current circulating supply of over 73.7 million in the crypto market.

42. Ripple’s native coin, XRP, is regarded as the fourth most-held crypto asset following its application in the real world.

43. Ripple allows lower rates on currency exchange in real time.

44. Another interesting help crypto on Coinbase is Zcash. Its blockchain allows anonymous transactions and lacks a public ledger.

The Most Traded Cryptocurrencies on Coinbase Global Inc.

45. In 2019, Bitcoin made 58% of the total trading volume on Coinbase Global.

46. But in 2020, this value dropped as the company recorded 41% of its total trading volume from Bitcoin.

47. Statistics revealed that  NuCypher, a token belonging to an Ethereum-based network, is the next most traded on the Coinbase platform. This could be due to the price of acquiring the token and its role in decentralized finance (DeFi).

48. In 2020, a single unit of NuCypher traded at $2, affordable for investors to purchase with the hope of making huge returns owing to its potential. Moreover, after NuCypher, Ethereum is the third most traded asset on Coinbase.

Crypto Market Capitalization Share for Coinbase Global

49. Coinbase Global share in the general crypto market cap has increased since 2018.

50. In 2018, it had a share of 4.5% of the entire crypto market cap and rose to 8.3% in 2019.

51. Most of the market share comes from Bitcoin and Ethereum.

52. Between 2020 and 2021, the firm held an 11.1% and 11.3% share of the global market cap, respectively. This feat was possible through the help of 50 popular crypto assets managed by Coinbase Global Inc. The table below shows Coinbase’s share in the general crypto market cap from 2018 to 2021.

Coinbase Global Total Transaction Volume

53. The crypto firm recorded fluctuations in its total Transaction volume each year. 2021 had the most significant value, the highest the company recorded between 2017 and 2022. The table below shows Coinbase’s Yearly transaction volume from 2017 to 2022 in billions of US Dollars.

Retail Trading Volume on Coinbase Global

54. In the fourth quarter of 2020, Coinbase recorded a share of 35.95% of the entire trading volume on the exchange. This occurred as it processed trades worth $32 billion during that period.

55. Between 2018 and 2020, Coinbase witnessed the highest retail trading volume in the 1st quarter of 2018.

56. During this time, it recorded $45 billion, which resulted in 80.36% of the crypto firm’s trading volume. Furthermore, the retail trading volume grew by 2.15 times the value Coinbase recorded in 2019.

57. In 2023, Coinbase Global Inc. has over 3,400 employees who work synergistically toward the company’s success.

58. Coinbase has 20 work categories listed on its official website when there is a vacancy. These categories include Marketing, design, recruiting, product development, HR, finance, legal, engineering, etc.

Institutional Trading Volume on Coinbase Global

59. Coinbase has steadily grown institutional customers between 2019 and 2021. This cut across corporations, financial institutions, and hedge funds.

60. In 2019, the company had 4,200 institutional customers; in 2020, it saw a 66% increment as it recorded 7,000.

61. Coinbase had over 2,000 new institutional customers added to its platform in 2021, as it recorded over 9,000 such customers. The table below summarises Coinbase Global institutional customers from 2019 to 2021:

62. Remarkably, between the 1st quarter of 2018 and 2021, the share of the total trade volume recorded from institutional customers has tripled.

63. In that period, it only had a 19.67% share, but the value in the later times represented a 3.26 times increase.

64. in the fourth quarter of 2020, Coinbase realized $57 billion in trading volume from its institutional customers, accounting for a 64.05% share of the company’s total trades.

65. This amounted to an extra $65 billion added to the value it processed in the last quarter of 2020. The table below showcases trading volume from institutional customers on Coinbase from 2018 to 2021.

Conclusion

Coinbase Global Inc. has thrived since it launched in 2012 with encouraging business valuations before it faced challenges from the US SEC. It has garnered the interest of investors, giving it an impressive number of verified users, making Coinbase the largest crypto exchange by trading volume in the United States. As of August 2023, it recorded 56 active users and could have more before the end of the year. Data suggests that Coinbase will continue to expand in number of users and revenue in the coming years. 

FAQs

Sources

• LinkedIn
• deel
• Backlink
• Business of Apps
• Decrypt
• Coinbase
• Statista
• Kaiko
• Reuters
• INDmoney
• Investopedia

The post Coinbase Statistics: 2023 Market Share, Profit Breakdown, & More appeared first on The Tech Report.

Binance, founded in 2017 by Changpeng Zhao, emerged as a major player in the cryptocurrency industry. With a large crypto exchange volume of $7.7 trillion in 2021, it ranks among the world’s largest exchanges. According to 2021 estimates, Binance has over 28 million users.

The platform’s inception was marked by rapid growth and success, with its headquarters in Hong Kong. However, due to mounting regulatory constraints, Binance relocated its servers and headquarters from Hong Kong to Malta. Below are the must-know Binance statistics highlighting everything you need to know about the giant crypto exchange.

Key Binance Statistics 2023

1. Binance generated $20 billion in revenue in 2021, a 263% increase from the previous year.
2. In 2020, Binance reported a profit of between USD 800 million and USD 1 billion.
3. Binance last reported a profit of between $800 million and $1 billion in 2020.
4. In 2019, the company’s net income declined to $570 million from $850 million.
5. In 2020, it recovered from the downturn, generating over $900 million.
6. Binance is the world’s largest exchange by trading volume.
7. As of October 2021, Binance had an estimated 28.6 million users.
8. Institutional investors are responsible for most of the trading volume on Binance.
9. Binance’s 24-hour trading volume reached $76 billion in 2021, more than twice its 2020 peak.
10. Binance dominated Bitcoin spot trading in 2022, accounting for 92% of all spot Bitcoin trading by the end of 2022.
11. Data shows that 55% of global spot crypto trading was hosted on Binance in January 2023.

What is Binance?

Binance Coin (BNB) is the cryptocurrency with the 4th-highest market capitalization, only behind Tether, Ethereum, and Bitcoin. It also acquired Trust Wallet, a decentralized cryptocurrency wallet, in July 2018. Binance Smart Chain supports smart contracts and is compatible with the Ethereum virtual machine (EVM)

However, there have been multiple criticisms of Binance Smart Chain concerning its level of centralization, which has led to several exploits on the network. Overall, Binance is a popular and reputable cryptocurrency exchange that offers a wide variety of coins for trading with low fees. Binance generated $20 billion in revenue in 2021, a 263% year-on-year increase. In 2020, Binance reported a profit of between $800 million and $1 billion.

It has yet to publish its 2021 figures. Binance’s annual revenue grew tenfold in the last two years, topping around $12 billion in 2022. However, its trading volumes have been declining, which could impact its revenues. It is important to note that Binance is a private company that does not disclose its revenue but reports its profits. Binance’s revenue and profits have been growing in recent years, and it remains the largest cryptocurrency exchange in the world.

Binance Statistics for 2023 in Detail

1. Binance has experienced consistent growth in its user base since its inception. In 2017, the cryptocurrency exchange platform boasted more than 1.5 million users. 

2. This number significantly jumped the following year, reaching 13.3 million users. By 2019, Binance had 16.5 million users, and this upward trend has continued. 

3. In 2020, Binance reported having 21.5 million active users, which climbed to 28.6 million in 2021. Binance’s number of users was 89.5 million in August 2023.

4. Binance’s research reveals that 48% of its users are enthusiasts in the cryptocurrency space, while 15% rely on the platform as their primary source of income. A majority, around 65%, of Binance users hold Bitcoin in their portfolios, with most allocating between 1% and 20% of their crypto holdings to Bitcoin. 

5. Additionally, more than 90% of Binance’s user base consists of males, and the average age of its users is approximately 35 years old. 

6. Binance remains the world’s biggest crypto exchange, boasting 6,440 employees, with about 45 million American crypto users and 420 million global crypto users in 2023. Its revenue grew tenfold in the last two years, topping around $12 billion in 2022.

7. Binance Coin has a $70 billion market cap as of October 2021. As of October 2021, Binance Exchange has 337 coins on its platform. Its stablecoin, BUSD, exceeded $17 billion in market capitalization during the first half of 2023.

8. Overall, Binance remains the world’s largest cryptocurrency exchange by trading volume, with a growing user base and many coins available for trading. Its revenue and profits have been growing in recent years, and it continues to dominate the market regarding trading volume.

Binance’s 24-hour Trading Volume and its Peaks

9. Binance, a prominent cryptocurrency exchange, has witnessed remarkable growth in its trading volumes. 

10. In 2017, it started with a peak trading volume of $3 billion, and since then, its trajectory has been consistently upward. 

11. The following year, it surged to $19 billion in peak trading volume, although it faced some regulatory challenges in 2019, causing a slight dip to $15 billion. 

12. However, Binance made a strong comeback in 2020, reaching a peak trading volume of $35 billion, and it currently stands at an astonishing $76 billion.

13. These statistics indicate a significant acceleration in the platform’s activity. Binance Coin, the native cryptocurrency of the exchange, boasts a market capitalization exceeding $70 billion, with 168 million coins in circulation. 

14. Regarding crypto exchanges, Binance holds a substantial market share, with trading volumes exceeding $26 billion as of November 8, 2021. 

15. The second-place exchange was Mandala, with a trading volume of $21.76 billion, while OKEx secured the third position with $6.83 billion in trading volume.

16. Binance’s 24-hour trading volume as of October 5, 2023, was $5.9 billion, and it had 362 coins and 1,316 trading pairs available on the exchange.

17. It is worth noting that Binance’s 24-hour trading volume reached $76 billion in 2021, which was more than twice its 2020 peak.

Binance Annual Exchange Volume

18. The most recent data from Binance reveals a significant upward trend in the annual crypto exchange volume on their platform since its inception. 

19. In 2017, they reported an annual exchange volume of $59 billion. This figure experienced an almost tenfold increase, surging to over $515 billion in 2018. 

20. Despite a slight decrease the following year, the exchange volume at $401 billion remained impressive. However, in 2020, the exchange volume skyrocketed to an astonishing $1.07 trillion. 

21. Binance’s annual crypto exchange volume 2021 was $9.58 trillion, a 9x increase from the previous year.

22. Binance’s annualized volumes slowed to $16.8 billion a year in 2023, down around 28% from the first three months of this year and measured against 2022.

Binance Users by Country

23. In May 2023, Similarweb, a competitive intelligence and traffic analytics platform for websites, revealed that Binance had 5 high traffic sources.

24. These traffic sources represent users by country on the Binance platform. The highest traffic came from Turkey (6.13%), which added an extra 0.82% to the value it recorded in February 2023.

25. The second highest traffic by country is from Vietnam, with 5.44% of the total Binance users.

26. Similarweb disclosed that the third highest traffic on Binance by country is from Russia, with 5.16%. In the fourth position is Argentina, with 4.63% of the total users on the crypto exchange company.

27. On the list of top 5 traffic sources on the Binance platform, the fifth position is India, with 4.61% of the total users on Binance.

Binance Pricing and Earnings

28. Binance earns from its customers by taking some percentages from user transactions.

29. The percentage charged also depends on users’ status on the platform. Binance has Regular user status and VIP1 to VIP9 user ranking.

30. Moreover, the percentages Binance collects from each transaction also depend on the type of product and services it offers. Also, the crypto exchange platform takes 3.5% from its customers on transactions greater than $10.

31. However, not all transactions incur fees on the platform. Some include the Binance P2P service and internal funds transfer between Binance accounts.

Impact of Regulatory Crackdown on Binance

32. Binance is one of many crypto firms that faced difficulty following regulatory crackdowns from countries, world organizations, and the U.S. SEC.

33. Most regulations were based on the safety and security of investors’ funds, money laundering, and terrorism financing.

34. Some regulatory authorities focused on the impact of crypto on its nation’s fiat currency and economy.

35. Despite these crackdowns, Binance is among the crypto firms that are still thriving. In 2023, the company has up to 150 million users against the 90 million it recorded in 2022. However, due to the effect of the crypto regulations, Binance had witnessed a drop in daily trading volume.

36. In August 2023, statistics show that Binance recorded a daily trading volume of $9.23 billion against $76 billion in August 2022.

How Did Binance Attain the Number 1 Crypto Exchange Position?

37. Binance was launched in July 2017, and since then, it has thrived in the crypto industry owing to its potential and business strategies. This made it the world’s largest cryptocurrency exchange company by a broad margin. 

38. The success was achieved largely due to its ability to capitalize on the huge surge in cryptocurrency interest. Binance attracted a lot of users by providing them with a fast and easy way to trade a wide variety of cryptocurrencies.

39. The platform’s user-friendliness sets Binance apart from other exchanges. Again, it offers low trading fees and makes various trading options available to crypto investors.

40. Another interesting strategy that helped Binance is its focus on providing a safe and reliable crypto trading platform. With this, it built trust with its users and attracted more traders to its exchange platform.

Binance for U.S. Citizens

41. Notably, Binance has two factions of its crypto exchange platform. These include Binance.US and Binance.

42. Binance.US was developed for the citizens of the United States because of the U.S. financial regulations. However, crypto investors can access both platforms using strong VPN services for passing the Binance blocking system by countries.

Conclusion

Binance is the world’s largest cryptocurrency exchange platform, widely used for storing and trading cryptocurrencies. With Binance, crypto enthusiasts can access a lot in the crypto space. The exchange supports crypto activities like trading, staking, farming, and NFTs. It has established itself as a crypto exchange trusted by investors, maintaining its status despite crypto regulations. Moreover, in 2023, Binance recorded 150 users on its platform despite pressures from the United States SEC.

Frequently Asked Questions

Source

• Binance
• CoinMarketCap
• Statista
• Corporate Finance Institution
• Stilt
• Coinranking
• Business of Apps
• Buy Bitcoin Worldwide
• Finder

The post Binance Statistics 2023 (Data on Usage, Revenue, and More) appeared first on The Tech Report.

Bitcoin, blockchain, and NFTs are all technical concepts tying into the world of cryptocurrency – and they’re likely more frequently discussed than understood. 

But there’s a lot more to it than that. And despite many misconceptions, cryptocurrency is an important trend that’s poised to only become more important in the coming years.

With the release of new crypto coins, the rise of the Metaverse, and the growing role of NFTs, as well as many other technical and regulatory trends, it can be tricky to stay on top of it all.

We’ve put together an overview of today’s key cryptocurrency statistics and trends, including investor demographics, key influences, and risks, as well as some insights into crypto revenue. Let’s take a look.

Key Cryptocurrency Statistics for 2023

1. 39% of American crypto investors are in the 25-34 age bracket, with women making up 43% of that group.
2. Asia is a leader in crypto adoption, with 260 million crypto owners, eight times more than Europe.
3. There are over 80,000 NFTs on Ethereum as of 2022, and 4.64% of its users hold an NFT asset.
4. As of May 1, 2023, the NFT trading volume was $150 million, with 930,000 NFTs sold.
5. In 2021, the FBI received over 4,325 complaints from cryptocurrency romance scam victims, who collectively lost $429 million.
6. In 2023, the amount of energy consumed by Bitcoin mining equaled 81.7% of the total energy consumption of The Netherlands and exceeded that of Czechia by 36%.
7. As of July 12th, 2023, the cryptocurrency market cap is $1.22 Trillion.

Cryptocurrency Investor Demographics Statistics

Source: Morning Consult

First of all, let’s take a look at who cryptocurrency investors are.

We reviewed cryptocurrency and financial market reports for the last couple of years to study crypto investor demographics and trends. Let’s dive into the details – and they may surprise you.

Crypto Investors by Demographic

Like this infographic? Feel free to use it on your website or blog, but please remember to give us credit by linking back to techreport.com/statistics/cryptocurrency-statistics in your post.

According to Pew Research and Gemini, men still make up the majority of crypto investors in the US. Gemini research tells us that as of 2021, this majority equaled 74%, with women making up 26% of crypto investors. Despite this, over 53% of those interested in investing in crypto in the future were female. 

39% of crypto investors are in the 25-34 age bracket, with women making up 43% of them. 35-44-year-olds aren’t far behind, with 35% of the total and with men making up 38% of that age group. Gen Z makes up the smallest group of cryptocurrency investors – only 3% of investors are aged 18-24.

Meanwhile, 45% of female crypto owners are under 35, while only 4% are over 55. However, the latter group makes up as much as 25% of potential crypto-curious investors looking for new crypto to invest in, signifying a potential shift in the conventional “millennial man” crypto investor profile.

Crypto Investors by Region

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Triple-A estimates that as of 2023, around 4.2% of the world’s population were crypto investors/owners. That amounts to approximately 420 million people, or almost two times the population of Brazil.

Asia is a leader in crypto adoption, with 260 million crypto owners. That’s eight times more adopters than in Europe. Switzerland is the biggest European crypto adopter, with a 21% adoption rate. The USA’s rate is 16%.

Here’s a detailed breakdown of adults invested in cryptocurrency across APAC, Africa, and LATAM as of 2023:

Cryptocurrency Trends & Projection Statistics

Source: Statista

The cryptocurrency ecosystem might be peer-to-peer based, but it’s nonetheless impacted by external events and trends. We’ve taken a look at the key cryptocurrency trends of the last few years, key influences on crypto, the best crypto to buy, and possible future trends. Let’s dive in.

Key Crypto Trends

De-Fi

Source: Statista

Decentralized finance (De-Fi) is one of the cornerstones of cryptocurrency, as decentralization of finance underpins the whole idea of crypto.

The fintech behind De-Fi is based on secure distributed ledgers (e.g., blockchain) and often involves peer-to-peer (P2P) money exchanges, as opposed to bank-to-peer, which is how centralized financial systems work. So, cryptocurrency is part of De-Fi.

In recent years, De-Fi’s has had its ups and downs. In November 2021, the De-Fi market was worth $248.84 billion, but it suffered significant dips in January, April, and May 2022, and it’s been worth less than $50 billion since April 2023.

Blockchain

Source: Statista

Blockchain technology often goes hand-in-hand with cryptocurrency trading, although many other blockchain use cases exist that are unrelated to crypto. This technology allows decentralization, however, and enables the global nature of cryptocurrency, making it the perfect partner. 

Blockchain’s ability to facilitate fast and transparent transactions is an essential part of the adoption of crypto. The Bitcoin (BTC) blockchain has grown rapidly in recent years, increasing to 475.36 gigabytes in June 2023 from 440.76 gigabytes in January 2023. 

NFTs

Source: Statista

The first non-fungible tokens (NFTs) were created in 2014, but it wasn’t until 2017 that they became known to the world and began to appear on the Ethereum cryptocurrency blockchain, which facilitates token development.

Ethereum provided a low-cost and simple framework for NFT projects’ creation and trading. There were over 80,000 NFTs on Ethereum as of 2022, and 4.64% of its users hold an NFT asset. 

NFT gained momentum in 2021 when NFT artwork sales began to grow post-COVID-19. In March 2021, an NFT artwork was sold for $69 million by a major auction house.

And although the NFT market almost collapsed in 2022, there have been signs of recovery, and some experts predict that the NFT market will reach $231.98 billion by 2030. 

As of May 8, 2023, NFT trading volume was $150 million, with 930,000 sold. That’s a decline compared to April 10, 2023, when over 1.07 million NFT units were sold, with a trading volume of $350 million.

Future Crypto Trends

The increasing popularity of cryptocurrencies across established and emerging markets means they’re not going anywhere anytime soon.

Here are some of the key crypto trends we expect to see in the future:

• Web 3.0 in the mainstream
• Metaverse, crypto, and NFT marriage
• Regulation – which we’ll look into more closely in the next section

Key Influences on Crypto Trends

COVID-19

At the start of the pandemic in 2020, the value of Bitcoin (BTC) plummeted to below $4,000. It has restored its value since, but the drop highlighted how volatile crypto can be.

This example is just one of many cases of the adverse impact of COVID-19 on the crypto industry, highlighting the instability and unpredictability of cryptocurrency as a financial instrument.

Regulatory Environment

Source: Thomson Reuters

Cryptocurrency works on the principle of P2P, which, in theory, shouldn’t be constrained by borders. Nevertheless, different countries have imposed very different regulations on crypto – from a total ban in Bolivia to total legalization in Estonia.

To add to that, some countries treat crypto as a commodity rather than a currency, such as Czechia and Canada. And in some countries, there’s no regulation at all – although given crypto’s increasing prevalence, we expect that to change soon.

These different approaches around the world are shaping the crypto investment landscape. Stricter regulations mean fewer investments in crypto in those countries.

On the other hand, crypto-related laws that don’t ban it but regulate it, such as the American Infrastructure Investment and Jobs Act, which specifically addresses crypto reporting requirements, would likely encourage investment and make it more transparent.

Market Volatility & Regulatory Risks

Cryptocurrency is still a very new financial instrument, making it vulnerable to the volatility of financial markets. The consequences of a negative outcome for even one player can adversely impact the whole market – which is exactly what happened after the collapse of FTX in 2022 and the fraud investigations that followed.

It’s expected that it’ll take many years for FTX clients to get their money back, causing significant damage to crypto’s reputation.

Cryptocurrency Security & Privacy Statistics

Source: FTC

A big reason why cryptocurrency adoption is still not widespread is the scale of security and privacy concerns associated with it. That’s also a big reason why lawmakers around the world are working to impose regulations on cryptocurrency.

There are many serious, legitimate concerns that should be considered as the cryptocurrency ecosystem grows. Let’s take a closer look at some of them. 

Key Crypto Security & Privacy Concerns

Some of the key concerns and issues related to security and privacy in crypto are:

• High risk of scams with no recourse
• Digital wallets vulnerable to hackers
• False idea that crypto transactions are private
• Cryptojacking

Crypto Romance Scam Statistics

Source: FTC

Romance scams of all kinds are devastating. But in the last few years, romance scams involving cryptocurrency have skyrocketed, raking in millions of dollars from victims.

The idea of the crypto romance scam originated in China, where the crime is known as “pig butchering.” In 2021, the FBI received over 4,325 complaints from cryptocurrency romance scam victims, who collectively lost $429 million.

Experian reports that the average loss incurred by a crypto romance scam victim was $10,000 in 2021

Other Crypto Scam Statistics

Source: FBI

According to the FBI Internet Crime Report 2022, cryptocurrency investment scams rose by 183% that year. This figure represents an increase from 2021’s $907 million in crypto scams to $2.57 billion. Overall, crypto investment scams made up almost 79% of all investment scams that the FBI uncovered in 2022.

Cryptocurrency Breach Statistics

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Unfortunately, Crypto privacy security breaches and crypto-related crimes, such as cryptojacking, go hand-in-hand with the growth of the crypto market. As more people get access to crypto, more malicious actors emerge to take advantage of them.  

Until 2021, the most common criminal crypto security breach was the infiltration of crypto exchange systems (CEX). However, that trend has shifted, and now DeFi hacks (DEX) are the most common. In the 2022-2023 period, there have been 132 DeFi breaches worldwide. 

The biggest DeFi hack was in March 2022 and saw the Ronin Network come under attack. The network is an Ethereum sidechain built for the play-to-earn NFT game Axie Infinity. The total value of the hack was over $600 million.

Cryptojacking Statistics

Source: Statista

The term “cryptojacking” refers to the unauthorized use of people’s devices to mine cryptocurrency. In 2022, there were almost 140 million cryptojacking attempts globally – a record high and an almost 2X growth from 2020.

According to Kaspersky, cryptojacking initiated through “backdoors” was the most common type of cryptojacking in 2022. The top three countries targeted by cryptojackers were Ethiopia, Kazakhstan, and Uzbekistan. The most commonly mined currency was Monero (XMR).

Role of Blockchain in Addressing Crypto Privacy Concerns

In theory, the decentralized nature of blockchain technology and the way it stores data mean that that data can’t be accessed or tampered with. It uses public and private keys which contain no personal data.

However, in public blockchains like Bitcoin, these keys are visible to users and can be used to trace a user’s activity and transactions.

Moreover, despite decentralization, many blockchains are, in practice, centralized due to the amount of power required to keep them running. This means that a relatively small group of individuals control most of the processing, creating privacy and security concerns.

Cryptocurrency Mining Statistics

Cryptocurrency is generated by a process known as “mining,” which requires a lot of computer processing power. In return, computers are rewarded with coins for providing their power or “hashing.”

Mining is hence central to the idea of cryptocurrencies. However, its vast use of power raises environmental and energy-saving concerns. Let’s take a look at the associated crypto-mining statistics.

Crypto Mining Energy Consumption Statistics

Source: Statista

It’s no surprise that countries that mine the most cryptocurrency, such as Bitcoin, are countries with cheaper energy prices, as mining consumes a lot of power. 

In 2023, the amount of energy consumed by Bitcoin mining equaled 81.7% of the total energy consumption of The Netherlands and exceeded that of Czechia by 36%. To put this in perspective, mining a single Bitcoin requires the amount of power used by an average American household for 50 days.

These statistics show that crypto’s energy footprint is substantial, and it’s expected to increase, given that Bitcoin’s supply is reaching its end and more power is required to mine it.

Regional Growth of Crypto Mining Power 

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In an optimal decentralization scenario, the mining power wouldn’t be concentrated in just a few regions but rather spread more or less evenly around the world. However, given different levels of crypto uptake, diverging crypto regulations, and different energy prices around the world, that isn’t currently the case.

As you can see from the infographic, China was a crypto mining powerhouse before the second half of 2021, when the government banned cryptocurrency. The power balance then shifted in favor of the US. According to CCAF, the average monthly US share of hashrate was 34.75%.

Environmental Impact

Source: Daniel Batten

It would appear that high energy consumption is a must for mining cryptocurrency. Indeed, environmental concerns are acute and are a key criticism voiced by crypto opponents.

However, there are companies that are working to change this by introducing sustainable crypto mining into the market. They’re adopting green energy to power their mining facilities. In fact, a recent study noted that around 50% of BTC mining is powered by hydro, wind, solar, and other renewable energy. 

Cryptocurrency Revenue Worldwide Statistics

We’ve taken a look at crypto investors, crypto risks, and key crypto influences and trends. Among the most important things for any topical market trend, though, are financial considerations. How much revenue is generated by crypto? Let’s find out.

Total Global Crypto Revenue & Market Cap

Source: CoinGecko

In 2023, total revenue in the crypto market is expected to reach $37.87 billion. That figure is predicted to grow at a CAGR of 14.4% to reach $64.87 billion by 2027, by which time crypto will have almost a billion users. 

Given the volatile nature of crypto, its market cap fluctuates significantly. For example, CoinGecko tells us that crypto’s total market cap was $1.22 Trillion as of July 12th, 2023. As little as 7 months before, at the start of 2023, the cap was less than $900 billion.

Crypto Transactions by Platform

Source: Statista

Cryptocurrency exchange Binance has the biggest slice of the crypto pie at 28% of the market. That lead position is reflected in BTC daily trading volume on the platform, which was at $18.6 billion at time of writing, while Coinbase took the second spot at $2.8 billion.

Crypto Revenue by Region

As of 2023, the US is the region that generates the most crypto revenue in the world. Here’s an overview of cryptocurrency revenue statistics by region (excluding NFT and Web 3.0):

Hot or Hype: Is Crypto Here to Stay?

We’ve seen that the interest in cryptocurrency investments is growing among audiences who haven’t traditionally been engaging in investing, signifying behavioral shifts. However, we’ve also seen that the rise of the crypto market and increased interest have been matched by an increasing prevalence of crypto breaches and scams.

We also saw the impact that market fluctuations and changing regulations can have on the crypto market and its potential environmental impacts. 

Despite the controversies and the relative instability of the crypto phenomenon, the market is growing, and uptake is increasing. Marketers should therefore be paying close attention to developments and the impact that these innovations will have on different industries and on society as a whole.

References

• 10 Promising Cryptocurrency Trends to Watch for in 2023 (Imaginovation)
• 46% of Americans who have invested in cryptocurrency say it’s done worse than expected (Pew Research)
• Annual number of cryptojacking attempts worldwide from 2018 to 2022 (Statista)
• Bitcoin average energy consumption per transaction compared to that of VISA as of May 1, 2023 (Statista)
• Bitcoin By Energy Source (Batcoinz)
• Bitcoin’s Privacy Problem—And What Cypherpunks Are Doing to Solve It (Decrypt)
• Bitcoin Uses More Electricity Than Many Countries. How Is That Possible? (The New York Times)
• Blockchain: A Solution for Data Privacy Concerns (BusinessTechWeekly)
• Cryptocurrencies – Worldwide (Statista)
• Cryptocurrency Market Size, Share & COVID-19 Impact Analysis… and Regional Forecast, 2021-2028 (Fortune Business Insights)
• Cryptocurrency Ownership Data (Triple-A)
• Cryptocurrency regulations by country (Thomson Reuters)
• Crypto mining – statistics & facts (Statista)
• Digital Art & NFTs (Christie’s)
• Distribution of Bitcoin mining hashrate from September 2019 to January 2022, by country (Statista)
• Distribution of total value locked (TVL) in decentralized finance, or DeFi, worldwide across various blockchains as of November 29, 2022 (Statista)
• Energy consumption from Bitcoin compared to the total energy consumption in selected countries worldwide as of May 1, 2023 (Statista)
• FBI Internet Crime Report 2022 (FBI)
• Global Cryptocurrency Market Cap Charts (CoinGecko)
• Global Non-Fungible Tokens Market Size By Product Type (Personal, Commercial), By End User (Media And Entertainment, Gaming), By Geographic Scope And Forecast (Verified Market Research)
• H.R.3684 – Infrastructure Investment and Jobs Act (Congress.gov)
• NFT Market Nearing Sub-$1 Billion Era? (DappRadar)
• Number of unique wallets that either bought or sold an NFT asset worldwide from 1st quarter of 2020 to 3rd quarter of 2022 (Statista)
• Reports show scammers cashing in on crypto craze (Federal Trade Commission)
• Romance scammers’ favorite lies exposed (Federal Trade Commission)
• Share of respondents who indicated they either owned or used cryptocurrencies in 56 countries and territories worldwide from 2019 to 2023 (Statista)
• Sha Zhu Pan “pig butchering” scams – the modern-day cryptocurrency romance fraud (Mishcon de Reya)
• Size of the Bitcoin blockchain from January 2009 to June 8, 2023 (Statista)
• The aftermath of Axie Infinity’s $650M Ronin Bridge hack (Cointelegraph)
• The Average Crypto Investor Is White and Male. Survey Shows That Could Be Changing. (Cheddar News)
• The Collapse of FTX: What Went Wrong with the Crypto Exchange? (Investopedia)
• The Future of Fraud: Caught in a Bad Romance (Scam) (Experian)
• The History of NFTs (LCX)
• The impact of COVID-19 pandemic upon stability and sequential irregularity of equity and cryptocurrency markets (Chaos, Solitons & Fractals)
• The State of Consumer Banking & Payments Report: H1 2023 (Morning Consult)
• The state of cryptojacking in the first three quarters of 2022 (SecureList)
• The State of U.S. Crypto Report 2021 (Gemini)
• Top 10 Blockchain Security Concerns for 2023 (Analytics Insight)
• Top Cryptocurrency Spot Exchanges (CoinMarketCap)
• TVL (total value locked) across multiple Decentralized Finance (DeFi) blockchains from November 2018 to April 24, 2023 (Statista)
• What is Cryptojacking and how does it work? (Kaspersky)
• What Is Decentralized Finance (DeFi) and How Does It Work? (Investopedia)
• What Is Sustainable Crypto Mining? (Terawulf)Will FTX traders get their money back? Bankruptcy experts weigh in (ABC News)

The post Cryptocurrency Statistics: Price Charts, Facts & Trends 2024 appeared first on The Tech Report.

Many individuals are unaware of what Blockchain stats and cryptocurrencies entail. But it is one of the latest additions to tech with fast-spreading tentacles. This article will serve as an aid to provide quality insight into Blockchain, highlighting statistics surrounding the industry, market, users, businesses, and general facts. 

If you have yet to understand what people mean when discussing Bitcoin, Ethereum, and other blockchains, you will better understand the meanings and crucial data to know with the stats below. Let’s dive in.

Did You Know?

• In 2022, global expenses on Blockchain were predicted to hit $11.7 billion.
• The estimated revenue for the blockchain technology global market is expected to reach $20 billion by 2024.
• By 2029, the blockchain industry will experience a compound annual growth rate (CAGR) of 56.3%, making it worth over $163.83 billion.
• With blockchain implementation, companies in the finance sector can save at least $12 billion annually.
• The blockchain system can reduce 30% of infrastructure costs on banks.
• Total spending in healthcare upon integration of Blockchain will increase to $5.61 billion by 2025.
• The FBI owns 1.5% of the global Bitcoin supply.
• As per the March 2022 data, the number of registered wallets under Blockchain was over 81 million.
• By 2025, 55% of healthcare apps will have commercialized Blockchain.

Up-to-date Statistics in the Blockchain Industry

Let’s quickly look into the trending statistics on the blockchain industry.

1. Blockchain-based Cryptos are Poised to Generate $1 Billion in Revenue for the Banking Sector.

Recent statistics from the blockchain industry indicate a swift integration of blockchain technology into the worldwide financial sector, particularly banking. Numerous banks in countries such as Japan, the United States, Belarus, Switzerland, and others have already begun incorporating cryptocurrency transactions into their operations, and many more are expected to join soon.

(Source: Medium)

2. The Blockchain IoT Market is Anticipated to Achieve a 40% Annual Growth Rate by 2026.

The Internet of Things (IoT) industry has already reached remarkable revenues, amounting to billions of dollars, with billions of IoT devices dispersed worldwide. Blockchain statistics reveal that integrating the technology will bolster the security of data exchange between connected devices and IoT platforms.

Moreover, including automated backup files in the event of a successful breach provides an additional advantage. This is possible by the extensive network of individual nodes within the Blockchain, which facilitates system data storage.

(Source: Mordor Intelligence)

3. The Global Blockchain Market is Expected to Exhibit a CAGR of Over 69% From 2019 to 2025.

The growth rate of blockchain technology has been consistently on the rise, experiencing substantial year-on-year increases. Recent blockchain statistics from 2022 indicate that Blockchain is set to become an integral part of various key industries. 

Back in 2017, the growth rate of Blockchain stood at a CAGR of 35.2%. By 2018, this figure had escalated to 41.8%, and projections suggest it will surge to nearly 70% within three years.

(Source: Globe News Wire)

4. The Financial Sector Leads as the Primary Investor in Blockchain Technology With a 46% Market Share.

The financial sector emerges as the dominant investor in blockchain technology, capturing a significant market share of 46%. Other sectors, like the energy and manufacturing sectors, each hold a share of 12%, while healthcare accounts for 11%. Government entities allocate 8% of investments, followed by the retail sector with 4% and the media and entertainment industry with 1%.

On a global scale, approximately 77% of the financial sector is expected to incorporate blockchain-enabled services into their systems and processes, highlighting the widespread adoption of this technology within the industry.

(Source: Compare Camp)

5. More Than 83 Million Blockchain Wallets are Registered Worldwide.

Data on blockchain wallets indicates a significant surge in their numbers. In Q4 2016, the total count stood at a modest 10.98 million. However, as of July 2022, the figure has skyrocketed to 83.4 million. Blockchain technology’s growing importance and popularity in recent years.

(Source: Statista)

6. Mobile Wallets Reign is the Preferred Choice for Blockchain Users.

Out of 4.57 billion internet users worldwide, a staggering 3.5 billion individuals utilize mobile phones. Consequently, it is no surprise that 62% of all blockchain storage options cater to mobile blockchain wallets.

Despite the availability of other types of blockchain wallets, such as hardware, desktop, mobile, and web wallets, most users strongly prefer mobile wallets.

(Source: Compare Camp)

7. January Transaction Rate Reaches 2.87 Transactions Per Second.

Blockchain statistics reveal intriguing insights into pool activity. The lowest recorded number of additions was 1.133 transactions per second on January 27, 2018. Conversely, the highest recorded value reached 7.56 transactions per second on May 2, 2019, followed by 2.58 transactions on June 22, 2021. As of January 28, 2022, the transaction rate settled at 2.87 transactions per second.

(Source: Block Chain)

8. Blockchain Ranked as a Highly Disruptive Technology in 2020.

According to a report from Gartner in 2020, blockchain technology was identified as one of the most disruptive technologies. The technology’s widespread applicability has been observed across various sectors, including manufacturing, agriculture, insurance, banking, and more.

(Source: Gartner)

9. The Healthcare Sector’s Blockchain Integration Spending is Expected to Reach $5.61 Billion by 2025.

$5.61 billion could be spent in this area by 2025. Notably, US blockchain stats show a significant increase in health sector investment as the country allocates 20% of its GDP to healthcare expenditures.

(Source: BIS)

Blockchain Business Statistics 2023

Blockchain technology can have a significant impact on businesses. Using blockchain can help companies gain a competitive advantage in myriad ways.

10. 60% of CIOs are Set to Integrate Blockchain by 2022.

Data suggests a significant shift in blockchain technology adoption among CIOs. Blockchain is expected to be integrated into the infrastructure of 60% of CIOs across different sectors by 2022. This marks a notable departure from previous years, where most CIOs expressed no intention to incorporate blockchain technology.

(Source: MVP)

11. 53% of C-Level Officers Recognize Blockchain’s Significance in Organizational Infrastructure.

In 2020, a substantial 53% of C-level officers, ranging from CEOs to chief financial officers and chief human resource managers, acknowledged the importance of blockchain technology as a crucial component of their organizational infrastructure. They recognized Blockchain’s potential to enhance operational efficiency and drive positive organizational outcomes.

(Source: Deloitte)

12. 90% of Blockchain Enterprise Platforms are Expected to Require Replacement in 2021.

Gartner’s analysis suggests that 90% of blockchain enterprise platforms implemented in 2021 will necessitate Replacement. The evolving nature of the technology, changes in the competitive landscape, and potential early-stage failures contribute to this prediction.

(Source: Gartner)

13. 40% of Top Health Executives Prioritize Blockchain Adoption.

Blockchain technology has gained significant attention in the healthcare industry, with 40% of top health executives identifying it as one of their top five priorities. Implementing Blockchain in healthcare offers benefits such as enhanced interoperability and secure transfer of patient information between healthcare centers, ensuring accurate and reliable data exchange.

(Source: Healthcare Weekly)

14. Value Chain, New Business Models, and Enhanced Security Drive Blockchain Adoption.

Based on recent business blockchain statistics, 23% of respondents identified the value chain and new business models as primary drivers for their adoption. 

Another 23% highlighted the pursuit of heightened security as a compelling reason. Considering the alarming cybercrime statistics and the need for secure solutions, it is no surprise that organizations are turning to Blockchain to address these concerns.

(Source: Compare Camp)

General Statistics about Blockchain Technology

Since introducing technology about 15 years ago, many people have followed the blockchain trend. Judging by the new projects and the millions of decentralized wallets, the world is interested in this aspect of finance. 

Here are general stats surrounding the tech evolution:

15. Satoshi Nakamoto Conceptualized the First Blockchain in 2008.

The creation of Bitcoin and the foundational concept of Blockchain can be attributed to Satoshi Nakamoto. Despite Dorian Nakamoto’s denials of involvement, numerous coincidences have led to speculation that he is the most likely candidate for the creator of Bitcoin.

(Source: The Sun)

16. There are About 5 Ideal Countries for Blockchain and Crypto Startups.

Blockchain and crypto startups have identified five countries as ideal locations for their operations: Gibraltar, Switzerland, Slovenia, Bermuda, and Malta. These countries provide favorable environments and incentives for flourishing blockchain and crypto startups.

(Source: Coinnounce)

17. September 2019: Over 42 Million Blockchain Wallet Users Worldwide.

As of September 2019, the global count of blockchain wallet users surpassed 42 million. These wallets serve as a cryptocurrency storage mechanism, enabling users to buy, sell, and utilize digital currencies for transactions.

In January 2015, the number of individuals worldwide with a blockchain wallet was slightly over 3 million; by June 2018, it exceeded 28.8 million. The continuous increase led to a milestone of 42 million in September 2019.

(Source: Statista)

18. Over 80% of Central Banks are Exploring the Introduction of Their Cryptocurrencies.

According to reports, over 80% of central banks globally are contemplating the implementation of their digital currencies. Countries such as the United States, China, and select nations in the European Union possess the required infrastructure, technology, and resources to support such initiatives.

Encouragingly, other countries are making progress in this domain, with 10% of those planning to launch their cryptocurrencies already conducting pilot projects to explore the feasibility and potential of this technology.

(Source: Decrypt)

19. Coincheck Hack: Over $500 Million Worth of Cryptocurrency was Stolen in 2018.

In 2018, the Japanese cryptocurrency exchange Coincheck experienced one of the largest blockchain hacks in history. Over 58 billion yen, equivalent to $500 million, was illicitly transferred from Coincheck’s wallet to another account. 

The stolen cryptocurrency was not widely recognized like Bitcoin or Ethereum but rather a newer digital currency called NEM coin. Each NEM coin had an average value of under a dollar, resulting in the hackers absconding with more than 534 million NEM coins.

(Source: CNBC)

20. The IoT Market is Projected to Reach $1,463.2 Billion by 2027.

The Internet of Things (IoT) is set to flourish, with a projected value of approximately $1,463.2 billion by 2027. The intertwining of Blockchain and IoT has proven beneficial, as both technologies have experienced substantial growth and rely on each other. 

Blockchain offers enhanced security for IoT devices, while IoT facilitates the growth and expansion of Blockchain through its widespread adoption. The IoT market is expected to maintain a CAGR of around 25% on its path to reaching the predicted value.

(Source: Globe News Wire)

21. Accenture and Microsoft Collaborate to Provide a Digital ID Network for 1.1 Billion People.

Microsoft and Accenture have joined forces to develop a blockchain-powered digital ID network, aiming to offer legal identification to over 1.1 billion individuals worldwide who lack official government documents. This initiative targets refugees, undocumented immigrants, and others with identity verification challenges.

(Source: Reuters)

22. Blockchain Facilitates Over $270 Billion in Distributed Transactions.

Blockchain technology has facilitated the management and distribution of more than $270 billion of cryptocurrencies. Notably, since 2010, Blockchain has surpassed Western Union in the volume of money transferred annually. While Western Union handles around $5.5 billion in money transfers, Blockchain has emerged to enable significantly larger transaction volumes.

(Source: Nividous)

23. FBI Holds 1.5% of Total Bitcoins in Possession.

Due to its active involvement in combating cybercrimes and investigating fraud cases related to cryptocurrencies, the FBI has acquired a significant amount of Bitcoin. The agency has received over $20 million in funding to prevent and address cybercrimes. 

This accumulation of funds has positioned the FBI as one of the largest holders of Bitcoin worldwide, representing over 1.5% of the total supply.

(Source: Forbes)

24. Half a Percent of the World’s Population is Engaged with Blockchain Technology.

Approximately 0.5% of the global population, equivalent to around 40 million individuals, uses blockchain technology. However, even conservative estimates indicate that this figure is projected to quadruple within five years. Furthermore, within the next decade, it is anticipated that as much as 80% of the population will be involved with blockchain technology in some capacity.

(Source: Edureka)

25. Ripple Holds XRP Worth $30 Billion.

A San Francisco-based company, Ripple, has emerged as a significant success story in crypto investing. The founders of Ripple introduced the XRP coin, which rapidly gained popularity and propelled the company’s value to over $30 billion within a few months.

(Source: The New York Times)

26. IBM and Hu-manity Co-launched a Blockchain App Enabling Patients to Sell Anonymized Data to Pharmaceutical Companies.

The pharmaceutical industry requires access to population data to enhance drug development, testing, and customer satisfaction. To address privacy concerns and build trust, IBM and Hu-manity collaborated to develop a blockchain-based app. This application enables patients to sell their anonymized data to pharmaceutical companies directly, ensuring data security and utilizing valuable information for research and development.

(Source: ComputerWorld)

Statistics on Blockchain Market and Revenue

The market is growing, and significant revenues come with its size expansion. We’ll look at some stats that show its upward movements.

27. The Blockchain Technology Market Will Reach $20 Billion in Revenue by 2024.

According to blockchain growth statistics, the global market will generate revenue worth $20 billion by 2024. Comparatively, the revenue generated by Blockchain in 2015 was a mere $315 million.

(Source: Cision)

28. US to Invest $2.6 Billion in Blockchain Solutions.

The United States leads as the largest regional spender on blockchain solutions, with an estimated expenditure of around $2.6 billion. Western Europe follows as the second-largest client, investing approximately $1.6 billion in the technology, while China secures the third position with an investment of $777 million. 

Central and Eastern Europe are projected to experience a CAGR of around 50% in the next five years, while China’s CAGR is expected to reach 54.6% over the same period.

(Source: IDC)

29. By 2030, Blockchain’s Business Value is Expected to Surpass $360 Billion by 2026 and $3.1 Trillion.

As blockchain technologies continue to attract investments across various industries, current estimates suggest that the business value added to Blockchain will exceed $360 billion within the next four years. Looking further ahead, by 2030, the projected business value is anticipated to exceed $3.1 trillion.

(Source: IT Web)

30. Blockchain Technology Offers Banks an Annual Savings Potential of $8-12 Billion.

Beyond enhancing transaction security, blockchain technology can potentially deliver substantial cost savings to industries by reducing data transfer and storage expenses.

In the financial sector, adopting blockchain technology could yield remarkable returns on investment (ROI) and enable annual savings of up to $12 billion. Banks can unlock significant cost efficiencies and drive substantial financial benefits by leveraging Blockchain for their transfer and storage requirements.

(Source: Sipotra)

31. Blockchain can Cut Banks’ Infrastructure Costs by 30%.

Banks worldwide allocate a significant portion of their IT budgets to maintain outdated data storage methods, which pose security risks given the presence of personal and sensitive information.

Blockchain presents a secure alternative for storing such data, utilizing encryption and distributed storage across millions of points without containing complete names or account numbers. Besides enhancing security, Blockchain can reduce infrastructure upkeep costs by up to 30%, amounting to $12 billion in savings, as previously mentioned.

(Source: Coin Journal)

32. 71% of Business Leaders Acknowledge Blockchain’s Key Role in Technological Advancement.

Most business leaders, precisely 71% of those actively leveraging blockchain technology, recognize its pivotal role in propelling their progress. Technological advancements in logistics and shipping would be notably slower without blockchain implementation, particularly in ocean shipping.

(Source: SAP)

33. 90% of Government Organizations Intend to Invest in Blockchain Technology.

An impressive 90% of government entities have expressed their plans to invest in Blockchain, highlighting their commitment to exploring and harnessing the benefits of this transformative technology.

(Source: BTC Manager)

34. 52% of Enterprises Prioritize the Permissioned Blockchain Model.

When it comes to blockchain development, organizations can implement either a public or permissioned blockchain model. A permissioned blockchain restricts access to the system of record, granting permission only to authorized participants.

According to the survey, 52% of enterprise respondents stated that their organizations focused on a permissioned blockchain model in 2018. This preference for permissioned models highlights the importance of controlled access and privacy considerations within enterprise blockchain implementations.

(Source: Statista)

35. 74% of Consumer Products & Manufacturing Companies are Progressing in Blockchain Development.

According to the survey, an impressive 74% of respondents from this industry indicated that their companies are actively involved in blockchain development. They reported being in either the experimentation or production phase, demonstrating a solid commitment to leveraging Blockchain for various aspects of their business.

(Source: Statista)

36. 53% of Companies Focus on Supply Chain Use Cases for Blockchain.

Blockchain usage statistics reveal that a significant focus for companies lies in utilizing technology to enhance their logistics and supply chains. More than half of the surveyed executives, approximately 53%, have expressed their intention to leverage Blockchain specifically for this purpose.

(Source: Statista)

37. 36% of Payment Industry Professionals Anticipate Blockchain Impact by 2025.

According to industry professionals in Europe’s payments sector, approximately 36% believe blockchain technology will impact specific niches or payment activities by 2025. These professionals foresee changes that will positively affect their work within the industry. This indicates a growing recognition of the transformative potential of Blockchain in revolutionizing payment processes, fostering greater efficiency, security, and innovation in the payments landscape.

(Source: Statista)

38. 70% of Asia-pacific Executives See a Competitive Advantage in Blockchain Adoption.

A survey of senior executives in the Asia-Pacific region revealed that a significant majority, 70%, believed incorporating blockchain technologies could provide them a competitive edge. This perspective highlights the growing recognition of Blockchain’s potential to enhance business operations, improve efficiency, and drive regional innovation.

(Source: Statista)

39. Coinbase Secured $251 Million in Venture Capital Funding Between 2014 – 2017.

A prominent digital currency exchange, Coinbase, raised over $251 million in venture capital funding between 2014 and 2017. This substantial investment was vital in transforming Coinbase into a leading exchange platform with a global user base comprising millions of individuals.

(Source: Statista)

40. South Korea’s Blockchain Market Value to Surge from $20.1B to $356.2B by 2022.

The blockchain market value in South Korea witnessed exceptional growth, starting at around $20.1 billion in 2016. Within two years, the market expanded by over $150 billion exceeding all expectations.

Further, projections indicate that this remarkable growth trajectory will continue, with the market expected to more than double its current value reaching approximately $356.2 billion in just four years.

(Source: Statista)

41. 44% of Gamers Purchased or Traded Blockchain Game Items.

Gamers have earned a reputation for being open to embracing new internet trends. Therefore, it is not surprising to discover that 44% of gamers have participated in purchasing or trading game-related items on the Blockchain. Among the various methods of transaction, Bitcoin emerges as the most commonly used, followed by Ethereum and XRP.

(Source: Statista)

42. 109 Chinese Blockchain Companies are Empowering the Actual Economy with Applications.

As of the end of March this year, recent data and blockchain adoption statistics reveal the presence of 109 Chinese companies actively offering blockchain applications in the real economy. These companies specialize in providing innovative blockchain solutions that enhance the efficiency and cost-effectiveness of banks and similar financial institutions. Their offerings contribute to streamlining operations and reducing expenses in the sector.

(Source: Statista)

43. 55% of Healthcare Applications to Adopt Blockchain for Commercial Deployment by 2025.

In response to the numerous data breaches experienced in the healthcare industry, it is anticipated that by 2025, 55% of the industry’s administrative requirements will be carried out using blockchain technology. The implementation of Blockchain in healthcare aims to enhance data security and privacy.

(Source: Statista)

44. A Survey Reveals 77% of CIOs Lack Interest or Plans to Deploy Blockchain Technology in 2018.

Based on the survey findings, 77% of Chief Information Officers (CIOs) expressed a lack of interest in blockchain technology and had no immediate plans to integrate it into their business operations for the year. Furthermore, the same survey highlights that only a mere 1% of the interviewed CIOs had already initiated adopting blockchain technology within their organizations.

(Source: Statista)

45. Regulatory Hurdles Impede Investment in Blockchain Technology for 39% of Respondents.

A significant 39% of organizations faced regulatory issues that hindered their ability to increase investments in blockchain technology. Countries with optimized regulations for blockchain technology tend to witness a higher prevalence of blockchain startups.

(Source: Statista)

46. KuCoin Allocates a $3 Million Investment in Bitcoin Australia.

A Singapore-based cryptocurrency trading company, KuCoin, has strategically invested $3 million in Bitcoin Australia. Bitcoin Australia facilitates Bitcoin and Ethereum trading in this specific world region.

(Source: AFR)

47. Bittrex Recorded Trading Volume Exceeding $86M in 24 Hours.

Bittrex is a prominent blockchain trading hub in Seattle, enabling users to trade cryptocurrencies, including Bitcoin, Ethereum, and nearly 200 others. It caters to a global audience, including individuals from Latin America and the Caribbean. Bittrex closely monitors real-time Bitcoin statistics, allowing users to stay updated.

(Source: LinkedIn)

48. Centra Secured $32M Through an ICO Endorsed by Boxer Floyd Mayweather.

Renowned boxer Floyd Mayweather was among the early endorsers of cryptocurrency. He lent his support to the controversial Centra coin, which initially gained traction and displayed significant potential. Centra raised over $32 million in their Initial Coin Offering (ICO). However, the Securities and Exchange Commission (SEC) swiftly intervened and shut down Centra’s operations due to fraudulent practices, leading to the project’s downfall.

(Source: CNBC)

49. By 2026, Blockchain in the Financial Sector will Achieve a $22.46 Billion Market Size.

In 2018, the market size of blockchain solutions tailored for financial institutions was estimated at $280 million. The banking and finance industry collectively invested over $550 million in blockchain technology during the same year. The market size has reached $2.53 billion, demonstrating substantial growth. 

Looking ahead to 2026, predictions suggest that this upward trajectory will persist, with Blockchain in the financial sector anticipated to reach an impressive market size of $22.46 billion.

(Source: Statista)

50. Blockchain in the Manufacturing Market is Expected to Reach $778.05 Million by 2026.

Blockchain in manufacturing is projected to grow remarkably, with a predicted market value of $778.05 million by 2026. The market is currently valued at $85.64 million, exhibiting a robust compound annual growth rate (CAGR) of 73%. This positive trend is expected to continue, with the CAGR further increasing to 73.6% by 2026, indicating significant progress and adoption of blockchain technology within the manufacturing industry.

(Source: The Business Research Company)

51. Manufacturing and Resources Sector Invested $334m in Blockchain Technology in 2018.

The manufacturing and resources sector stands out as another significant investor in blockchain technology. In 2018 alone, this sector allocated over $330 million towards blockchain-based technologies.

(Source: Builtin)

52. Blockchain Technology Market is Projected to Reach $7.59B by 2024.

The market size is projected to surge, reaching an estimated worth of $7.59 billion by 2024. Various sectors, including financial services, media, transportation, consumer products, and healthcare, will drive this growth.

(Source: Cision)

53. Global Blockchain Market will Exceed $60B by 2024.

The global blockchain market will grow exponentially, with projections indicating it will surpass $60 billion by 2024. Despite being in its early stages, blockchain technology is witnessing widespread adoption across various industries.

(Source: Forbes)

54. Global Spending on Blockchain to Approach $20B by 2024.

The global expenditure on blockchain technology is experiencing significant growth, reaching record levels. This upward trajectory will continue in the coming years based on current trends. In the last quarter of 2021, global spending on Blockchain reached $6.6 billion. Furthermore, according to blockchain growth statistics, this spending will surge even further, reaching $19 billion by 2024.

(Source: Statista)

55. 13% of Senior IT Leaders have Firm Plans for Blockchain Implementation.

Blockchain statistics indicate that 13% of senior IT leaders within large companies have established precise and current plans to integrate blockchain technology into their organizations’ day-to-day operations. While the reduced costs associated with data transfer pique the interest of company executives, IT leaders are particularly drawn to the enhanced security aspects that Blockchain offers.

(Source: The Enterprisers Project)