Cryptocurrency Transaction Value Goes Bigger And Bigger
A new study by Juniper Research predicts we will see over 1 Trillion USD (!) in transaction value for all cryptocurrencies combined in the near future. The overall cryptocurrency transaction volume has grown a fair bit in the past few years. As a result, we have a market cap hovering around the 160 billion USD mark.
With so many coins (Bitcoin, Ethereum, Dash, and all others) finally cementing their place in the ecosystem, it is only a matter of time before we see some big changes. The combined transaction value of all cryptocurrencies is slowly increasing. During the first half of 2017, transactions surpassed the 325 Billion USD mark.
This increase in value is mainly driven by Bitcoin and Ethereum. Especially now that both ecosystems are inching closer to creating a scalable ecosystem in the future, interesting things are bound to happen in the future. If more transactions can be processed on those two networks, we may reach the projected 1 Trillion USD cap a lot sooner than anticipated. The new research projects this value will be attained at some point between now and 2022.
One also has to keep in mind the typical daily trading volume of all major cryptocurrencies combined is well in excess of 2 Billion USD these days. We have seen 6 Billion USD or even 9 Billion USD, depending on the day. Bitcoin itself handles around 2 Billion USD in 24-hour trading volume on a regular basis now, which goes to show the global demand for cryptocurrency will not slow down anytime soon. Ethereum and Litecoin have also seen major increases in trading volume throughout 2017.
According to Juniper, the current growth of Litecoin puts the cryptocurrency on target to surpass 100 Billion USD in transactions by the end of 2017. That would be a major milestone for this particular cryptocurrency, especially when so many people had almost given up on LTC not too long ago.
Given the recent value appreciation of all top 10 cryptocurrencies, it is only normal we are seeing more transactions take place on the network. More on-chain transactions result in an increase in the total cryptocurrency transaction value. Although this does not mean people will actively spend 1 Trillion USD using cryptocurrency on goods and services, the currencies are being used more and more often for whatever purpose the user intends. That in itself is a big step forward, as it shows how cryptocurrency is maturing. With scaling solutions coming to individual ecosystems, interesting things are on the horizon.