The global crypto market is expected to gross $37.8bn in revenue this year, 105% more than in 2022, and almost half of that value will come from the United States, the world’s largest crypto market.
Although the US market accounts for the largest share of global crypto revenues, one other crypto market is expected to witness much more significant growth.
According to data presented by BitcoinCasinos.com, the United Kingdom has the fastest-growing crypto industry among the top five markets, with its revenue surging by a massive 125% YoY to $1.89bn in 2023.
UK’s Crypto Industry is Growing Faster than the Global Crypto Market
Over the past few years, the United Kingdom became the largest crypto economy in Europe, and Statista data confirm that. Although far behind the largest crypto markets in the total number of users and revenue, the UK saw Europe’s second-largest crypto trade value per user last year, following Italy.
Statista data show the UK’s crypto trade per user value was more than $91,700, or 25% higher than in the United States, which saw nearly $73,300 worth of transactions. The surging crypto trading activity and the rising number of people using and investing in digital coins have turned the United Kingdom into the fastest-growing crypto industry in 2023. Moreover, statistics show that UK’s crypto sector is growing faster than the global crypto market.
According to Statista, the global crypto industry is set to gross $37.8bn in revenue in 2023, or 104.5% more than last year. The revenue in the UK crypto market is forecast to grow by a massive 125.3% YoY, or 17% more than in the United States as the world’s largest crypto market.
Japan and Canada follow with 108.7% and 107.5% year-over-year crypto revenue growth, while Germany is the only market among the top five forecast to see a double-digit growth of 72.1% this year.
UK’s Crypto User Penetration Rate to Jump over 30% by 2025
Besides reaching the biggest year-over-year revenue growth, the UK’s crypto sector also has the highest user penetration rate among the top five markets.
Two years ago, the UK crypto market had around 9.6 million users, with a 14.2% user penetration rate. Since then, the number of users surged by 82% to 17.6 million, while the user penetration rate hit 25.7% in 2023.
Statista expects this figure to jump over 30% by 2025, with more than 21.3 million crypto users in the country. In comparison, the user penetration market in the US market, which counts over 74 million users in 2023, is 22.1% this year. Japan and Germany follow with 19.2 million and 15 million crypto users and user penetration rates of 15.4% and 17.9%, respectively.
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