The Unstoppable Growth of Crypto Market
Nicholas Otieno May 09, 2022 07:39
Nothing has stopped the cryptocurrency market to continue growing in recent years.
SOFTSWISS, a gambling software development company with one-stop-shop iGaming software solutions and services for online casinos or sportsbooks, on Saturday released a report that compared the state of cryptocurrency in the 1st quarter of 2021 and 2022.
Based on the results of the SOFTSWISS Game Aggregator and the SOFTSWISS Casino Platform, the company’s corporate report indicated that the global trend has witnessed the growing popularity of cryptocurrencies.
The report also showed that crypto gambling has continued to grow. According to the statistics, the sum of bets in cryptocurrencies in Q1 2022 rose by 116.7%, more than doubled compared to the same period last year.
Andrey Starovoitov, the Chief Operating Officer at SOFTSWISS, talked about the development and said: "Crypto gambling has become an independent, full-fledged, and extremely promising line of business. Brands adapted to these conditions have an advantage such as wider opportunities for operation and, accordingly, a wider audience."
The report showed that while betting using fiat currencies still holds the leading position, with 64% of the total volume, the share of crypto is steadily rising. The share of betting using crypto coins in Q1 2022 increased to 35.9% from 26.3%, the report stated. According to the findings, in the first quarter of 2020, the share of crypto grew by 29%. The report said that if such dynamics continue, then the share of fiat and crypto in betting may become equal over the course of the next year.
However, SOFTSWISS’ report indicated that Bitcoin is decreasing its share. The startup said that although it introduced Bitcoin as its preferable cryptocurrency, the digital coin has decreased its share in Q1 2022 by 10%. This is related to the growing interest in Ethereum and Litecoin, the top altcoins, whose share has increased by 3.45% and 2.95% respectively. According to the report, the precise share of the top 3 cryptocurrencies in Q1 2022:
Bitcoin (BTC) 72.80%
Ethereum (ETC) 13.45%
Litecoin (LTH) 6.45%
"The strong growth of other altcoins demonstrates the interest in more advanced coins in terms of technology such as Ethereum. More players will prefer to diversify their funds with other cryptocurrencies. This is a positive trend related to the development of the market," Starovoitov
The Contributions to Crypto Growth
While 2021 was a big year for cryptocurrency, 2022 is also showing positive trends. The global crypto market size was valued at $1.49 billion in 2020 and grew by 12.8% in 2021. The market is projected to continue growing in 2022.
This year, institutional and retail interest in crypto has continued to skyrocket. Thanks to long-standing investors like Elon Musk and top regulators like the Biden’s administration, which has increasingly expressed interest in new regulations for crypto.
An increase in the need for operational efficiency in financial payment systems, improved market cap, improved data security, and an increase in demand for remittances in developing countries are the major factors that drive the growth of the global crypto market.
Besides that, an increase in demand for cryptocurrency among financial institutions and banks and untapped potential in emerging economies are expected to create lucrative opportunities for market expansion in the future.
Image source: Shutterstock
