January 27, 8:48 am
After a 37% plunge in 2022, the global digital assets market, including cryptocurrencies, NFT, and DeFi, soared by an impressive 127% last year and hit $60.1 billion in revenue. The rebuilt confidence in digital assets is expected to continue driving growth in 2024, with the market reaching more users and generating more revenue than ever.
According to data presented by AltIndex.com, combined crypto, NFT, and Defi revenues are expected to jump by 33% year-over-year and hit more than $80 billion in 2024.
Digital assets ownership continues rising, with more people than ever investing their money in cryptocurrencies, digital tokens, NFTs, and any other type of digital or virtual item that has value and can be bought, sold, or traded like traditional assets.
According to a Statista survey, over 700 million people worldwide used some digital asset last year, with cryptocurrencies like Bitcoin, Ethereum, Tron or XRP as their number one choice. This massive user base has helped the market gross $60.1 billion in revenue, 127% more than in 2022. However, 2024 is on track to set a new record, both in revenue and the number of users.
Although the annual growth rate will significantly drop compared to last year, the revenue in the digital assets market will still increase by an impressive 33% year-over-year and hit over $80 billion in 2024. Nearly half of that value, or $36.8 billion, will come from the United States, the world`s largest digital assets market. Far below, the United Kingdom follows with $3.8 billion in revenue.
Statistics show all market segments will see double-digit growth this year, with decentralized finance (DeFi) as the absolute winner. Statista expects global DeFi revenue to jump by an impressive 47.5% year-over-year and hit $26.1 billion, making 32% of the market`s total. This figure is even more impressive when compared to cryptocurrencies, the largest and the highest-grossing segment in the digital assets space.
Cryptos are expected to make 64% of the total market revenue in 2024, or $51.3 billion, but will see only half of DeFi`s growth. NFTs will also see much bigger growth than cryptocurrencies, with revenues jumping by 41.5% year-over-year to $2.4 billion.
Owning several different types of cryptos has become pretty common today. However, the number of users in the DeFi and NFT segment also continues rising. Last year, more than 700 million people worldwide used digital assets, and crypto users made up 95% of that number.
Statista expects the number of users in the digital assets market, including cryptos, DeFi, and NFTs, to jump by 24% and hit over 865 million in 2024. The DeFi segment is expected to gain 2.3 million new users this year, one million more than the NFT market, while more than 160 million people will flock to cryptos. By 2028, the entire market will count more than one billion users worldwide.
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The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
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