The size and scope of the world’s cryptocurrency market is greater than most people assume.
There is now $54 billion invested in 600 different publicly traded cryptocurrencies, research by City University London economist Abeer El Bahrawy indicates. El Bahrawy made that discovery while trying to determine the size and scope of the cryptocurrency market, MIT Technology Review reported.
If El Baharwy’s research is correct the size of the cryptocurrency market is staggering. Some intriguing data he uncovered includes:
- There are around 1,500 known cryptocurrencies out there.
- Five cryptocurrencies; Ethereum, Ripple, Litecoin, Monero and Dash now make up 20% of the market.
- Bitcoin will be the largest cryptocurrency for some time. El Bahrwy calculated that it will make 50% of the market until 2025.
Ethereum Reaches $200
The recent explosion of cryptocurrency prices lends credence to El Bahrawy’s findings. Ethereum in particular is capable of phenomenal growth that indicates it might soon supplant or rival bitcoin as the top cryptocurrency.
It took ethereum just two weeks to reach the $200 price level. Coinbase reported that ether was trading at $89.50 on May 17, 2017; it reached $102.21 the next day on May 18, 2017, and climbed to $217.73 on May 30. Ethereum’s value increased by $214.61 between June 1, 2016, and June 1, 2017, Coinbase calculated.
The ether boom supports another thesis that El Baharwy is making that the cryptocurrency market is far more complex than most people assume. For example both bitcoin and ether are used both investments and a payment solution. Part of bitcoin’s popularity is its widespread use for payment at online retailers and ATMs.
Cryptocurrency is an Ecosystem
El Baharwy thinks that a complex cryptocurrency ecosystem that will encompass a number of different currencies is developing. He believes that no cryptocurrency will dominate the market.
It looks as if there will be plenty of room for investment and growth in the cryptocurrency market. That might make digital cash the investment of choice for the 21st Century.