According to new data, after one of the industry’s most difficult years in 2022, the global crypto market is showing signs of a double-digit recovery, which will see user growth and global transaction value significantly increase in 2023.
According to data presented by BitcoinCasinos.com, cryptocurrencies are expected to account for $42.7 billion in transactions in 2023, or nearly 25% more than a year ago, with more than 36 million new crypto users projected in 2023, bringing the global total to nearly 294 million.
The expected double-digit growth is the result of moves by heavyweight institutions such as Tesla and Mastercard in the last two years to embrace digital currencies.
The global crypto transaction value recorded on cryptocurrency exchanges, crypto trading platforms, and neobanks increased more than tenfold between 2017 and 2020, rising from around $2 billion to $22.5 billion, according to Statista data.
Despite a significant slowdown in 2022, it increased by 52% over the next two years to $34.3 billion. Statista predicts that after reaching $42.7 billion in 2023, the global crypto transaction value will increase by an average of $8 billion per year in the following years, reaching more than $58 billion by 2025.
Over half of that value is expected to come from the United States, the world’s leading crypto market, which is expected to account for $22.7 billion in crypto transactions this year, or 22% more than in 2022.
India, the world’s second-largest crypto market, will see even faster growth, with total transaction value increasing by 33% year on year to $3.33 billion.
Japan will have $1.82 billion in crypto transactions in 2023, representing a 20.5 percent year-over-year increase, while the United Kingdom will have $1.5 billion in crypto transactions, representing a 26% increase over last year.
The number of people using cryptocurrencies continues to be one of the most important drivers of impressive transaction value growth.
Between 2017 and 2021, approximately 200 million people around the world began using cryptos as a payment method or long-term investment. Despite the massive volatility in the crypto space, the number increased in 2022. In one of the worst years in crypto history, the number of crypto users increased by 7% year on year to 257 million globally.