HomeTechnology & InnovationCrypto transaction values see unprecedented rise
By Mayank Sharma
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November 1, 2022 9:09 am

Crypto transaction values see unprecedented rise

What crypto winter?
Crypto transaction
Crypto transactions

According to data presented by the crypto tracking website, Crypto Presales, crypto adoption has exploded over the past two years and will continue to skyrocket, the current market situation notwithstanding. 

Crunching the numbers from Statista, the firm claims that the crypto transaction value across the world ballooned more than ten times in four years, jumping from less than $2 billion in 2017 to over $22 billion in 2020.

And it’s not showing any signs of slowing down. 

Read more: The Middle East is the world’s fastest-growing crypto market

Having already clocked over $34 billion worth of transactions in 2022, the company expects the figure to exceed $37 billion by the end of the year. This represents an almost 10% jump over the $32.5 billion worth of transactions recorded in all of 2021. 

Interestingly, despite the ongoing crypto winter, and the unprecedented price correction, the company expects 2023 will witness an even bigger year-over-year growth, with the worldwide crypto transaction value rising by a whopping 25% to $43.5 billion.

“More than half of that value will come from the United States, the world’s leading crypto market,” notes Crypto Presales. “Statistics show the US will generate $18.5 billion worth of crypto transactions this year, seven times more than India, the second-largest market, and ten times more than the United Kingdom.”

In fact, the figures suggest that all major crypto markets will witness double-digit growth next year. For instance, the crypto transaction value in India is set to grow by 31% year-over-year to $3.1 billion in 2023, while the UK will witness a 36% jump with over $1.5 billion worth of crypto transactions. 

Another major positive development emerging from the statistics is that the ongoing volatility in the crypto market has had little impact on the adoption of cryptos, which has continued to increase.

According to the data, the number of users who use cryptos either as a payment method or a long-term investment has gone up from just under 40 million in 2017 to over 239 million in 2021. 

Crunching the figures, Crypto Presales expects the number of crypto users to grow at double-digit rates through 2023, despite the prevailing market conditions.. It expects the number of crypto users to reach over 257 million before the close of 2022, infusing an additional 36 million users before the end of 2023. 

Combining the two, Crypto Presales suggests that the average crypto transaction value per user is set to increase to $148 in 2023, marking a 9% growth from the average transaction value of $135/user in 2022.