Growth is truly relative with different yardsticks or metrics for measuring the same across industries globally. The cryptocurrency ecosystem has grown by different leaps and milestones since the turn of the decade. However, the growth of the crypto space may be perceived as a small leap when compared to the global stock market.
The cryptocurrency market generally consists of the multidimensional world of digital currencies, also known as cryptocurrencies involving their marketplaces called exchanges, community, and by extension, developers, and many more. Companies with a vested interest in cryptocurrencies as well as the hoard of investors also form a vital part of the cryptocurrency ecosystem.
Two basic identifiers depict the growth of the cryptocurrency ecosystem today, and this includes the number of cryptocurrencies, as well as the industry’s market capitalization. Per the number of cryptocurrencies in the space, market data aggregator CoinMarketCap has as many as 8,475 cryptocurrencies listed, revealing that the total number of crypto projects in the space is just a few hundred short of 10,000.
The crypto projects were pioneered by Bitcoin whose whitepaper was published over a decade ago. The crypto space has evolved with outrightly unique alterations being applied to the initial standards set out by Bitcoin. Today, unique cryptocurrencies ranging from Stablecoins to Decentralized Finance (DeFi) tokens and more now permeate the space.
On the aspect of the industry’s market capitalization, a strike past the $1 trillion market cap attained a few weeks ago has paved the way for the crypto industry to soar down to $1,468,900,600,692 at the time of writing. Although Bitcoin dominates this figure by 60.5% at the time of writing, every single digital currency contributes to this overall valuation figure.
One of the major reasons why many see the cryptocurrency ecosystems as an emerging market is because the global stock market gives a big gap in terms of valuation when compared to the former. Using the United States stock market alone as an example, the entire cryptocurrency market capitalization is still below the valuation of America’s most valuable company, Apple Inc. whose market cap is currently pegged at $2.2 trillion.
The United States alone has numerous industries with mega valuations which when pulled together gives a behemoth market cap that is too ambitious to picture the crypto market space outpacing at this time.
The cryptocurrency space has great potentials to grow especially with more mainstream adoption. The digitization of inventions, markets, and art creations amongst others can integrate a wider array of cryptocurrency projects which can contribute both in number and subsequent valuation to the entire market space.
Part of the ambitious strides that will be needed will entail clamoring for more regulatory backing to the existing array of projects. With the increased adoption of the cryptocurrency projects out there, the faster and more feasible it will be for the global crypto market space to be closing the ranks with the global stock markets.