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.
One 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 valuation.”
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 cryptocurrencies.
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.