The cryptocurrency market has shown signs of recovery since the downturn in May 2021. Let’s dive into seven key charts that illustrate the current state of the market.
1. Crypto Market Capitalization
In May 2021, the total market capitalization of cryptocurrencies peaked at $2.4 trillion before declining. Compared to 2019 ($900 billion) and even the 2018 bubble ($720 billion), 2021 has been remarkable.
Today:
- 77 digital assets exceed $1 billion in market cap.
- 1,600 currencies have valuations above $1 million.
👉 Explore top-performing cryptocurrencies
2. Bitcoin’s Dominance Is Declining
Since 2009, Bitcoin has led the crypto market. However, its dominance is gradually eroding as altcoins gain traction.
3. Top Countries Using Cryptocurrency
Nigeria ranks first in crypto adoption—surprising, but logical:
- A youthful population seeks hedges against economic volatility.
- Despite strict regulations, Nigeria is a leader in Bitcoin transactions, second only to the U.S.
4. Coinbase’s Rocky Post-IPO Journey
Coinbase made history on April 14, 2021, as the first major crypto exchange to go public in the U.S. (valuation: $86 billion). However, its stock price later mirrored Bitcoin’s decline, raising questions about sustainability.
5. Institutional Investors Warm Up to Crypto
78% of U.S./European investors (Fidelity survey) find digital assets attractive—up 6% from 2020. Key draws:
- Low correlation with traditional assets.
- Innovative technology.
- High growth potential.
👉 Why institutions are betting on crypto
6. Bitcoin’s Energy Consumption Problem
Bitcoin mining faces criticism for its massive energy use. Elon Musk cited environmental concerns when Tesla halted Bitcoin payments in 2021.
7. The Dark Side of Crypto
Ransomware attacks surged in 2020 (+337% payments). In 2021, victims paid **$81 million** in crypto (e.g., Colonial Pipeline’s $5 million Bitcoin ransom).
FAQ
Q1: Is Bitcoin still the dominant cryptocurrency?
A1: Yes, but its market share is slowly decreasing as alternatives grow.
Q2: Which country uses crypto the most?
A2: Nigeria leads in adoption due to economic and demographic factors.
Q3: Why are institutions investing in crypto?
A3: Diversification, innovation, and high returns attract them.
Q4: What’s the biggest criticism of Bitcoin?
A4: Its energy-intensive mining process raises environmental concerns.
Q5: How big is the crypto market today?
A5: Over $1 trillion, with thousands of active digital assets.
Data sourced from Morningbrew and industry reports.
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