Bitcoin is crashing down but users are still increasing
Bitcoin has gone into a downfall majorly due to the Ukraine-Russia war, rising inflationary fears which means more expenses on the cost of living, and uncertainty due to rising interest rates in the US and UK.
Why Bitcoin is crashing today and what does this fall mean for crypto investors?
Well, it is no secret that Cryptocurrency adoption is growing around the world and is one of the fastest-growing industries.
Though the first ever cryptocurrency was created only 13 years ago, the value and reach of digital electronic money have soared.
Below mentioned are the crypto facts and stats you must know before start investing:
There are more than 20,000 cryptocurrencies in circulation.
The top 3 cryptocurrencies by market cap in the world are Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
There are roughly 200,000 Bitcoin transactions daily as of November 2022.
It has been estimated that there are about 45 million American crypto users and 420 million global crypto users as of February 2023.
About 16% of Americans state that they have invested in, used, or traded a cryptocurrency.
The global blockchain market value was estimated $10.02 billion as of 2022.
According to multiple reports, by 2026, the global blockchain market value is expected to reach $67.4 billion, with a CAGR (Compound Annual Growth Rate) of 68.4%.
What Is Happening to Bitcoin?
Bitcoin (BTC), known as the largest cryptocurrency in the world is now trading under immense pressure.
Today, due to Bitcoin’s downward trajectory, it looks impossible that it will ever stand back to the heights that it witnessed in 2021 as per experts.
Many investors are now wondering if they should invest in Bitcoin.
In Bitcoin, recent price fluctuations in the overall crypto market were due to poor macroeconomic headwinds including the recent bankruptcies in the crypto world.
Below mentioned are the reasons for the drop in the prices of Bitcoin in 2022.
Such unexpected and unfortunate back-to-back events not only prompted severe selloffs and panic selling in markets but also played a major role in upsetting the investor’s mood.
- Ukraine-Russia war.
- Rising inflationary fears (meaning – more expenses on the cost of living).
- Uncertainty due to rising interest rates in the United States and the United Kingdom.
- China making cryptocurrency transactions illegal.
- New tax regime system in India.
- Terra-Luna crash.
- Last, the collapse of the FTX (the largest global cryptocurrency exchange).
| Month, Year | Number of Cryptocurrencies |
| April 2013 | 7 |
| January 2014 | 67 |
| January 2015 | 501 |
| January 2016 | 572 |
| January 2017 | 636 |
| January 2018 | 1,359 |
| January 2019 | 2,086 |
| January 2020 | 2,403 |
| January 2021 | 4,154 |
| January 2022 | 8,714 |
| January 2023 | 8,856 |
2013
There were just seven cryptocurrencies in April 2013 according to Coin Market Cap.
With almost 20x the value of any other cryptocurrency, Bitcoin led the way in terms of market capitalization.
Let’s see the breakdown how it played almost a decade ago:
| Rank | Currency | Abbr. | Price (2 d.p.)* | Market Cap |
|---|---|---|---|---|
| 1 | Bitcoin | BTC | $134.21 | $1.49 billion |
| 2 | Litecoin | LTC | $4.35 | $74.64 million |
| 3 | Peercoin | PPC | $0.39 | $7.25 million |
| 4 | Namecoin | NMC | $1.11 | $6.00 million |
| 5 | Terracoin | TRC | $0.65 | $1.50 million |
| 6 | Devcoin | DVC | $0.0003* | $1.42 million |
| 7 | Novacoin | NVC | $4.25 | $1.16 million |
2023
Now, it was reported that there are 22,904 cryptocurrencies in circulation more or less.
However, many of these are completely worthless or inactive.
The thousands of cryptos we have available today can be simply broken down into categories of three:
Bitcoin – The market leader and original cryptocurrency
Altcoin – Alternative to Bitcoin (not necessarily similar)
Tokens – Cryptocurrencies using pre-existing blockchains
The cryptocurrency has come a long way in a short space of time.
So, to illustrate in a better way, here is a comparison of the first seven cryptocurrencies in 2013 now:
| Currency | 2013 Rank | 2013 Market Cap | 2013 Price (2 d.p.) | 2023 Rank* | 2023 Market Cap | 2023 Price (2 d.p.) | Market Cap Change | Price Change (2 d.p.) |
| Bitcoin | 1 | $1.29 billion | $115.91 | 1 | $474.32 billion | $24,554.84 | ↑ $473.03 billion | ↑ $24,438.93 |
| Litecoin | 2 | $62.3 million | $3.59 | 16 | $5.86 billion | $80.82 | ↑ $5.8 billion | ↑ $77.23 |
| Namecoin | 3 | $6.29 million | $1.15 | 638 | $19.22 million | $1.30 | ↑ $8.73 million | ↑ $0.15 |
| Peercoin | 4 | $5.72 million | $0.30 | 735 | $13 million | $0.46 | ↑ $7.28 million | ↑ $0.16 |
| Terracoin | 5 | $1.37 million | $0.57 | 1,772 | $379,191 | $0.02 | ↓ $0.99 million | ↓ $0.55 |
| Devcoin | 6 | $1.05 million | $0.00 | – | – | – | – | – |
| Novacoin | 7 | $1.02 million | $3.69 | 2,243 | $62,644 | $0.03 | ↓ $0.96 million | ↓ $3.66 |
Continents by Cryptocurrency Usage
- Asia – About 160 million crypto users
- Europe – About 38 million crypto users
- Africa – About 32 million crypto users
- North America – About 28 million crypto users
- South America – About 24 million crypto users
- Oceania – About 1 million crypto users
Source: Yahoo, Gemini
Read more:- Cryptos under the Prevention of Money Laundering Act (PMLA)
| Rank | Currency | Abbr. | Price | Market Cap |
| 1 | Bitcoin | BTC | $24,852.93 | $480.23 billion |
| 2 | Ethereum | ETH | $1,690.57 | $206.85 billion |
| 3 | Tether | USDT | $1 | $73.26 billion |
| 4 | BNB | BNB | $307.87 | $48.63 billion |
| 5 | USD Coin | USDC | $1 | $39.48 billion |
| 6 | XRP | XRP | $0.37 | $18.88 billion |
| 7 | Cardano | CAR | $0.34 | $11.92 billion |
| 8 | Polygon | MATIC | $1.16 | $10.16 billion |
| 9 | Dogecoin | DOGE | $0.07 | $9.6 billion |
| 10 | Binance USD | BUSD | $1 | $8.39 billion |
| 11 | Solana | SOL | $20.12 | $7.71 billion |
| 12 | Polkadot | DOT | $6.11 | $7.12 billion |
| 13 | Dai | DAI | $1 | $6.45 billion |
| 14 | TRON | TRX | $0.07 | $6.08 billion |
| 15 | SHIBA INU | SHIB | $0.00 | $6.05 billion |
| 16 | Litecoin | LTC | $80.71 | $5.85 billion |
| 17 | Avalanche | AVAX | $16.38 | $5.33 billion |
| 18 | Uniswap | UNI | $6.07 | $4.63 billion |
| 19 | Wrapped Bitcoin | WBTC | $24,570.19 | $3.77 billion |
| 20 | Cosmos | ATOM | $12.13 | $3.47 billion |
All figures accurate as of March 14, 2023.
Source: CoinMarketCap
Like this post?
Register at One World News to never miss out on videos, celeb interviews, and best reads.
