Millennials driving Q4 2021 crypto trends

With strong support through crypto exchanges, legalization, and adoption in several countries, 2021 has been an excellent year for Bitcoin. The meteoric rise is unlikely to slow down any soon, with leading finance experts projecting bitcoin valuations above $100 thousand by the year-end. Current market valuations certainly point that way- Bitcoin prices are scaling new highs every other week.

2021: An Eventful Year for Cryptocurrency in General

While countries like El Salvador are busy acquiring bitcoins(they have also made it a legal tender), a major section of Bitcoin and other cryptocurrency investors comprises millennials. The following list consists of interesting facts and information pertaining to the world of bitcoin and digital assets.  

• Millennials Are Leading the Way

Millennials are much more likely to take a step forward and invest in cryptocurrency compared to their previous generations or their successors. Reports from a Piplsay poll indicate almost half(49%) of millennials own cryptocurrency. In comparison, the Gen X population had 38% while the Gen Z is understandably standing at 13%. The poll report also indicates that more than half(53%) of millennials are much more likely to view digital assets as efficient payment tools. For Gen X and Gen Z, the outcome was 40% and 7% respectively.

• The Crypto Market Has Achieved Omnipresence

Except for the countries that have banned cryptocurrencies altogether(Shame on You China), people are trading in cryptocurrencies on a global scale. Bitcoin or crypto mining has reduced significantly due to excessive competition, coin limitations, and environmental concerns. Most of the acquisitions nowadays occur via trading through cryptocurrency exchanges. 

In terms of crypto ownership, India has the highest number of crypto owners at 10.07 crore, followed by the USA (2.74 crores), Russia(1.74 crores), and Nigeria(1.30 crore). Ukraine leads by population percentage with 12.73% of its total population having possession of cryptocurrencies, followed by Russia(11.91) and Kenya(8.92%)

• Crypto Markets Are Still Going Strong

Within a years span, Bitcoin values have risen over 400%. As per expert forecasts, the rise will continue further and touch $100,000 by the end of 2021 As of current events, Bitcoin leads with a market share of 44.55%, followed by Ethereum(18.95%), Binance Coin(3.05%), and Tether(2.81%). The current global crypto market capitalization stands at USD 1.3 trillion dollars, while the 24-hour market volume hovers around USD 141 billion. 

• Blockchain Has Become A Modern Necessity

The blockchain network’s inherent traits are utilized across countless domains. It has quickly become integral in fintech, logistics, and supply chain management. The transparency and immutability have led blockchain into becoming one of the top emerging technologies alongside AI, data science, IoT, and cloud computing. Global blockchain development companies like HashCash Consultants offer customized blockchain solutions prioritizing innovation. The company also runs a cryptocurrency exchange, PayBitoPro, and provides custom white label cryptocurrency exchange platforms.

The Global Blockchain Market 2021-2026 report estimates the global blockchain market growing from $6.0 billion in 2021 to $56.7 billion in 2026. The industry is growing rapidly at a CAGR of 56.9%.

• The Number Of Crypto Wallets Has Surpassed 70 Million

As per a Statista report, the total number of blockchain wallet users reached 77.43 million in October 2021. These wallets are used to store cryptocurrency and the number of existing wallets gives an indication of the total number of crypto users. The total user figures increased almost 190% between a span of two years. Also interesting to note is that 65 out of 100 cryptocurrency owners also own BTC.

• In Addition To Legalization, Bitcoin Has Also Become A Legal Tender

Increasing investments have made cryptocurrencies the best performing asset class in 2021. Investors in the crypto market can leverage its volatility to make massive gains within a short period of time. In September 2021, El Salvador became the world’s first nation to accept Bitcoin as legal tender. 

Several countries have already legalized Bitcoin and other cryptocurrencies for use as assets, securities, or commodities. Central Backed Digital Currencies(CBDC) are also being developed by central banks across the world- with China leading the way. Digital Yuan pilot project implementation has been successful across 4 cities in April 2020, after a 6-year development phase. 

• Non-Fungible Tokens(NFTs) Are Trending In The Arts Market

Non-Fungible Tokens are digital goods with a unique identifier within the blockchain. The concept has taken the arts and music industry by storm. The digital file undergoes a conversion process known as mining. As of 15th October 2021, the 30-day aggregate sales value has been estimated at USD 336.6 million approximately. 73 thousand items were sold, of which 38 thousand came from a primary market.

Also Read: The Crypto World Is Swarming With Celebrities Launching Their Own Non-fungible tokens (NFTs)

Wrapping Up

Crypto trading has already occupied a prominent position in world trade and finance. The days of its use in regular lives are not far behind. In fact, the underlying blockchain technology has already been integral to supply chain and product delivery. It played an integral part in the global coronavirus vaccination drive. With a further scope of improvement and implementation, the future is bright for cryptocurrencies, blockchain, and mankind.