The UK
cryptocurrency market is not only one of the largest in the world, but also the
fastest growing. According to data presented by Statista, it is expected to be
worth $1.89 billion in 2023, rebounding more than 125% from cyclical lows that
the broad digital asset industry recorded last year.
Current
forecasts project that revenue generated by the US cryptocurrency market will
reach $17.36 billion in 2023, making it the largest in the world. In 2023, the
industry saw its first-ever decline in revenue, including in the United States,
sliding from $12.93 billion in 2021 to $8.63 billion reported in 2022.
However,
the end of the cryptocurrency winter, a prolonged decline in the valuations of
major digital assets, has meant that miners, investors, and crypto
entrepreneurs can again look forward to sizable gains in 2023.
The UK is
in second place after the United States, as mentioned in the introduction, with
a projected revenue of $1.89 billion and the highest year-on-year (YoY) growth
rate among the five largest cryptocurrency economies. Third place goes to
Germany with a YoY growth rate of 72% and projected revenue of $1.61 billion,
followed by Canada in fourth place (projected revenue of $1.42 billion, up
107.5% YoY), and Japan in fifth place (projected revenue of $1.37 billion, up
108.7% YoY).
Source Statista.com, BitcoinCasinos.com
The global
cryptocurrency industry’s total revenue was $18.52 billion in 2022, after a
sharp decline from the record $31.91 billion in 2021. However, the crypto sector is projected to earn nearly
$38 billion in 2023 and profit around $65 billion in 20217.
The Dominance of Crypto Is
Growing
According
to Statista, in 2022, the dominant cryptocurrency exchange
