The bear market in 2022 has completely dampened the appetite of cryptocurrency investors, and the seemingly endless bull market in 2021 has completely changed after the successive bankruptcies of important companies in the “cryptocurrency” field such as Terra or FTX. This shift reminds investors of the dangers, yet key markets such as the U.S. are on the verge of hitting new all-time highs.
Anticipated Growth
According to Statista and Measure Protocol, the country’s cryptocurrency revenue is expected to double year-on-year to reach nearly $18 billion by 2023. The data suggest that many institutional investors in the U.S. have yet to revive their interest in cryptocurrencies after last year’s bear market.
Perceptions of Risk
A significant 324% of U.S. investors believe that cryptocurrencies are riskier than investing in traditional stock markets, while about 35% consider them equally risky. The statistics also showed that 375% of respondents believed that the stock market could be more profitable, while 27% believed that cryptocurrencies were a more profitable option.
The U.S. Market’s Position
Despite the lack of optimism, the U.S. remains the third-fastest-growing cryptocurrency market in the world, after the U.K. and Japan. Last year, the U.S. cryptocurrency market generated $8.63 billion in revenue, according to Statista.
Rising Number of Users
Likewise, the number of “cryptocurrency†users in the U.S. is set to increase significantly, with Statista predicting that 743 million U.S. citizens will use or invest in cryptocurrencies by 2023, up from 511 million a year ago. In addition, this number will continue to grow and will reach 100 million in 2027.
Preferences in Cryptocurrency Holdings
On the other hand, these figures show that Bitcoin (BTC) remains the favorite investment for cryptocurrency holders. As a result, 83% of people will hold some BTC in their digital portfolio, up from 76% last year, and holding Ethereum (ETH) compared to 2022, they will rebound 6% to 48%.
By 2023, Litecoin (LTC) will be the third most popular cryptocurrency with 24% ownership, almost double last year; Dogecoin (DOGE), which is closely related to Elon Musk, will rank 4th with 19% ownership despite losing 10% user velocity between years.
This detailed examination of the U.S. market sheds light on the complex and evolving attitudes towards cryptocurrencies, offering insights into both current skepticism and potential future growth. The mixed perspectives and rapidly changing landscape ensure that the cryptocurrency market will remain an intriguing area of focus for investors and analysts alike in the coming years.
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