Until recently conservative estimates have put the cryptocurrency market to be about 1 million and 35 million operational wallets in existence among these users, but recently the University of Cambridge has concluded that this community of cryptocurrency users, to be around 3 million. The study divided the industry into four separate sectors: exchange platforms, payments, wallets and mining with all sectors being important for the functioning of a properly defined cryptocurrency ecosystem.
Cryptocurrencies, like bitcoin have been regarded by some as a passing fad, but this is now at odds with the latest data being analysed by Cambridge University. The study also found that Bitcoin’s share is declining to growth in other altcoins.
The numbers are expected to rise as more countries are in the process of legalising cryptocurrency due to geopolitical factors and a growing community.