Many people, despite age, are familiar with cryptocurrencies, their uses, and their value. Millions of people actively use it daily for different reasons like trading, exchanging, and investment. Since cryptocurrency has gained a wide range of popularity these days, most sellers are also accepting it as a payment method. Thus, people can utilize cryptocurrencies anywhere like for buying products and making transactions in the real estate business using cryptocurrencies.
Cryptocurrency as mentioned in this platform is one of the essential digital payment methods that are used by many people these days. It involves a peer-to-peer system that allows you to send and receive money from anywhere. From the lowest beginning value, cryptocurrencies have gained unexpected growth within a few years until 2022. Even though cryptocurrencies are highly volatile and their value is changed from every second to minute, it is gaining importance year by year.
About Cryptocurrency in 2022 and Onwards
Most people are familiar with the fact that Bitcoin, the first cryptocurrency, was valued at $0 in the beginning. It was only used by a few numbers of people initially, but it has now gained so much popularity and around 320 billion people are using it these days. Initially, there was only one cryptocurrency named bitcoin but, now in 2022, there are about 20,628 cryptocurrencies. Research has revealed that many cryptocurrencies lost their value and disappeared from the crypto market. But, there are still around 10,953 cryptocurrencies with millions of users across the globe.
The current worth of the global cryptocurrency market in 2022 is around 1.41 trillion. Studies have found that the global cryptocurrency market's worth has significantly increased over the last few years. But while considering the growth of cryptocurrencies in 2022 alone, it was not the same case. Initially, in 2022, the crypto market declined significantly. In the second quarter of the year 2022, bitcoin the leading cryptocurrency lost around 58% value. Apart from Bitcoin, Ethereum, the second top cryptocurrency, lost about 50% of its value during this period. But there have been some rises in the value of cryptocurrency recently.
Growth of the Leading Cryptocurrencies in the World
1. Bitcoin
From last year's or 2021’s report, Bitcoin reached an all-time high value of over $68,000 in November, leading to a new market cap of $2 trillion. Ethereum, on the other hand, obtained a recent rise in value of over $4,800 in 2021. But in 2022 Bitcoin price received bad growth, and the highest value this year was over $28,000.
2. Ethereum
This is the second cryptocurrency per value and popularity after bitcoin, which received the highest value of around $4000 in 2022. From the beginning, Bitcoin holds the highest position in the crypto market until 2022. Currently, it has a share of around 36.8% in the crypto market (in 2022). Ethereum is holding the second-largest share in the crypto market.
Why Cryptocurrency is Popular in 2022 and Onwards?
Even though cryptocurrencies like Bitcoin are highly volatile, it has gained so much popularity in 2022. Many people are joining the cryptocurrency world via advanced The reasons cryptocurrency becomes popular are:
1. The all-time benefit of easy transactions
You can send and receive cryptocurrency within a short time effortlessly. Since it is now accepted as a payment method by most sellers you can use it everywhere even in real estate. Thus, its benefit of offering easy transactions has improved and is used more frequently by many people in 2022.
2. It helps you save money
While paying or sending money abroad, you will have to pay some amount for transaction charges (via banks). It will cost you a lot of money if you are involved with it frequently. But using cryptocurrency for transaction purposes will make the transaction charges negligible or even close to zero. It will be highly beneficiary in 2022 and many people are using it.
3. Massive industry growth
Even though there are few losses regarding the growth of cryptocurrency, it is still a fast-growing market with a worth of over $1 trillion.
Conclusion:
The growth of cryptocurrency and smart wallet in 2022 was not as predicted by researchers and is comparatively lower than that of the last year. Initially, in 2022, cryptocurrencies, especially Bitcoin and Ethereum, lost their value. But it has gained some value afterward. If you are looking forward to knowing the details of cryptocurrency in 2022, you can find some helpful information here. Some reasons which show why it is still popular are also provided here.
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