The Cryptocurrency Market Value and Its growth drivers 2022

What is Cryptocurrency?

Cryptocurrency is digital or virtual tokens that use cryptography for security and are decentralized, indicating they are not subject to governance or financial institution control—the first and most well-known Cryptocurrency, Bitcoin. Cryptocurrencies are usually directed to as altcoins, fast for alternative coins. Ethereum, the second largest Cryptocurrency by market capitalization, is an example of an altcoin. Cryptocurrencies are an alternative to fiat currency and have become popular because they are decentralized, anonymous, and secure.

There are many popular cryptocurrencies, but the four most well-known and by market capitalization are Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. These are all similar to each other in that they allow users to transfer value. However, some cryptocurrencies are based on various technologies or have new segments that separate them from traditional transfer-only coins. For example, Tezos, EOS, and ZCash all have unique features that make them more versatile than your average Cryptocurrency.

Crypto provides the ability to transfer value online without using a third-party intermediary such as a bank transaction or payment processor. That allows weight to be shared globally and almost instantaneously, 24/7, with low fees.

CryptoCurrency Market Size:

The economic impact of COVID-19 has been far-reaching and staggering, with cryptocurrencies witnessing increased demand across all regions amid the pandemic. As per reports, the global cryptocurrency market grew by a significant 10.0% in 2020, compared to the year-on-year growth from 2017 to 2019. The market is projected to rise from $910.3 million in 2021 to $1,902.5 million by 2028, at a CAGR of 11.1% during 2021-2028. The increase in CAGR can be attributed to the demand and growth of this market. It is expected to return to its pre-pandemic levels once the pandemic is over.

The market’s growth is propelled by the rise of distributed ledger technology and a growing number of digital investments in venture capital. More and more countries are utilizing digital currency as a financial interaction medium. The increasing favor of digital assets like Bitcoin and Litecoin will likely drive market growth further in the coming years.

The growth drivers of cryptocurrency

Financial instability is a huge problem for not only traditional banking but the economy as a whole. When the stock market plummets or an unforeseen economic crash causes severe global ripple effects, The value of a currency is one of the first things to drop, leading to mass panic and a host of other issues.

Cryptocurrencies, like Bitcoin, are becoming more popular daily due to the worldwide financial crisis. More and more people are seeing the benefits of using cryptocurrencies, especially in regions with unstable economic structures. The value of Bitcoin is balanced universally, meaning that it is not influenced by the financial crisis as much as other currency options. That is one of the multiple reasons why cryptocurrencies are becoming a major driving force in the market.

As Bitcoin becomes more widely adopted, demand for Cryptocurrency is expected to increase exponentially. That will have a positive impact on the whole market as more people turn to digital currencies as a way to store and exchange value.

Here is a checklist of the top 5 cryptocurrencies:

Bitcoin

Bitcoin is the original Cryptocurrency and continues to be the space leader.

Ethereum

Ethereum, the digital token which sparked the rise of the initial coin offering (ICO), is second on the checklist of cryptocurrencies by market cap. It is much smaller than bitcoin; the current market cap is around $50 billion, with a trading outlay of about $500 per token.

Ripple

Ripple with a whole market capitalization of more than USD 19.8 billion.

Bitcoin Cash

Bitcoin cash is the fourth largest digital currency by market capitalization. It was created due to a hard fork of bitcoin and had a total market cap of $14.5 billion. Each bitcoin cash coin has a market price of $843, with just over 17.2 million BCH in circulation.

EOS

EOS comes in fifth place, with a market cap of USD7.83 billion and a total circulation of over 896 million tokens.

The types of tokens in crypto projects include metaverse gambling, meme tokens, and others.

There are four important kinds of cryptocurrency: Payment, security, utility and stablecoins. Utility tokens are the numerous expected, followed by payment tokens. NFTs, Defi tokens, and asset-backed tokens are furthermore live.

Metaverse project: A new world of gaming

The metaverse is an online universe that operates on the blockchain. In the metaverse, users can explore different digital worlds, explore casino «districts,» lottery sambad offering a variety of games such as slots, poker, roulette, blackjack, and more. You can also attend shows and nightclubs or purchase real estate.

The Metaverse coins are what people use to buy things in the metaverse. It is a 3D universe where people can purchase avatar clothing, real estate, and other products. Can also use coins to create and sell products, goods, or services within the platform.

There are three kinds of metaverse coins in the market. Play-to-earn (P2E) games, 3D virtual metaverses, Metaverse platforms

Here is the list of the Top 7 metaverse crypto Projects worldwide.