The world is heading towards a complete digital era when almost
everything could be traded or communicated online. The biggest impact of
the digitisation could be seen on today’s currency as the world is
slowly but steadily embracing cryptocurrency. No wonder, the total value of cryptocurrency transactions is estimated to surpass $1 trillion in 2017.
According to the latest report
from Juniper Research, cryptocurrency is gaining momentum with each
passing day. As more number of people are joining the next wave of
currency revolution, the daily trade value of cryptocurrency is already
exceeding $2 billion. Analysts also believe that with the current growth
rate and adoption, this value will exceed $100 billion before the end
of this year.
In the first half of 2017, the total transaction
value of cryptocurrency exceeded $325 billion and is estimated to cross
$675 billion in the second half of the year. The total value of cryptocurrency transactions in 2017 has risen 15x as compared to the last year.
of the main reason behind this unprecedented surge in the valuation and
number of transactions of cryptocurrency is the growing popularity of
Bitcoin. Though buyers are finding Bitcoin as the trade-of-the-time,
industry analysts have warned the depreciation in the value of Bitcoin
by the end of 2017.
According to research author Dr
Windsor Holden: “There is no resolution in sight to the continuing and
fundamental disagreements between many Bitcoin miners and Bitcoin Core
developers over the future of the cryptocurrency. This, in turn, could
lead to uncertainty about Bitcoin’s future and downward pressure on its
The price of Bitcoin has gone up to more than $4000 recently from just $1000 in January 2017.
Bitcoin, Ethereum, Dash, Monero and Ripple are the top five most popular cryptocurrencies worldwide.
However, as the cryptocurrency is gaining momentum in a number of
countries, the dominance of Bitcoin is being challenged by other
In the last two years, between March 2015 and 2017, Bitcoin lost 14%
point of its market share to Ethereum, which has become the second most
popular cryptocurrency in just one year of the launch.