Betting with cryptos: the crypto market in numbers
Crypto gambling sites are popping up all over the web, offering punters the chance to use cryptocurrencies for making deposits, payments and withdrawals and generally for any transaction with the platforms.
By now, people can gamble with bitcoin, bet with dogecoin or wager with other cryptos and this has become a natural thing to do for most of the punters who have embraced digital assets. But even for those who are beginners or who are one step before adopting cryptos, the opportunities offered are easily recognized.
If you are interested to learn more about the world of cryptos and get an overview of the crypto market stats and figures, read the following to get a heads up!
Let’s see some key stats and numbers of the global crypto market.
The global crypto market cap is now at nearly $860billion
The global crypto market cap was some months ago nearly a trillion, but with the volatility of the cryptos and the collapse of some key exchanges, it dropped to $859 billion. It remains a very high figure, but it has somewhat fallen.
User confidence is almost 100%
Despite the decline in market capitalization of cryptos and the collapse of the FTX, a bombshell that shook things up in the crypto industry, almost 100% of crypto users trust that cryptos are safe and secure digital assets and they are confident with using them.
Nearly two thirds of Millennials consider cryptos to be safe-haven digital assets
Interestingly, almost 67% of the Millennials – who are one of the two key demographic groups targeted by cryptos, the other one being Gen Z – consider cryptocurrencies to be safe-haven digital assets. The safe-haven assets are those that retain their value even when there is not a favorable economic climate or even when there is economic downturn. They can be either non-correlated or negatively correlated to the economies, showing therefore either non-responsive or adversely responsive patterns to economic fluctuations.
Millennials generally trust cryptos and believe that they are valuable assets which will still have value, even if economies undergo a crisis or even if there are serious economic problems. They see cryptos as a solution to secure themselves from such problems.
Cryptos are most popular among young adults, but they are getting popular in older generations as well
So far, we have been seeing younger people being closer to cryptos and the generic digital world. Millennials and Gen Z people have been the predominant age groups that have adopted currencies such as Bitcoin, Ethereum and lately Dogecoin, Cardano and Litecoin.
Right now, almost 88% of crypto owners are in the 18-54 age group – approximately 53% are up to 34 years old, while nearly 35% are from 35 to 54 years old. The older individuals (that is above 55) were less interested in cryptos, representing only 12% of the market, but there are signs that cryptos are beginning to penetrate the older populations as well lately.
A few cryptocurrencies hold more than 70% of the crypto market
There are hundreds of different cryptocurrencies available in the market, but the largest share of the global market is retained by a few popular cryptos. Bitcoin remains the most popular digital asset, followed by Ethereum. These two have the highest market caps and are said to be used by the majority of crypto owners. Nearly 36% of crypto users own BTC, while almost 30% own ETH. Besides those two, Dogecoin (DOGE) and Cardano are gaining more and more popularity lately and they are reportedly being used by an increasing number of crypto owners.
Nearly 50% of crypto owners use cryptos for online gambling
Almost 1 in 2 persons that use cryptocurrencies, use them for online gambling. That’s really a lot, if we think that there are other things to do with cryptos as well. But the truth is that gambling has been so much in line with the crypto market, that they are growing in parallel.
Notably, gambling may not be the only crypto-related activity for crypto-owners but it constitutes a choice for almost half of them. And what is even more noticeable is that spending cryptos in online gambling is considered by more than 1/3 of crypto owners as the most viable option and the most probable choice in the upcoming future.