A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation. The highest cryptocurrency global market cap was estimated at $800 billion, in January 2018. This value is a market cap for all cryptocurrencies, according to the 2018 Finance Magnates global market report. Cryptocurrencies are volatile and change at incredible rates. For instance, the global cryptocurrency market cap nearly halved and was $417 billion in February 2018. A cryptocurrency is a new form of digital asset based on a network that is distributed across a large number of computers. Despite its volatility, cryptocurrency may be here to stay. Here are a few things you should know, by the numbers:

This decentralized structure of cryptocurrency allows them to exist outside the control of governments and central authorities.

The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network.

Bitcoin remains the king of cryptocurrency, despite falling to 40.07% of the cryptocurrency market share in 2018. Bitcoin is synonymous with cryptocurrency, and it has always been the most lucrative of them all.

According to E-Crypto News, the market cap for all cryptocurrencies in June 2020 was higher than $271.58 billion. Still, it was impossible to guess how much their value would explode over time.

Cryptocurrency market growth is guaranteed, and at a CAGR of 11.2 percent for the forecast period, it should reach the estimated numbers.

The popularity of crypto is booming, and with the integration of blockchain technology, the growth is imminent due to faster and safer transactions.

Blockchain statistics show that while the industry is still young and in development. The market grew approximately by a billion dollars every year (around one, two, and three billion, in total, in 2018, 2019, and 2020, respectively).

WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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