Gambling-Focused Cryptocurrencies Exceed $150m Valuation

The world is once again forced to acknowledge the sheer investment power of cryptocurrency as Bitcoin soars beyond the $19,000 mark for the first time since 2017.

While naysayers believed that crypto had seen its demise in 2018 when the BTC market crashed by over 80%, the decentralised market space has shown its resilience and it seems like cryptocurrency is here to stay.

Nowhere do we see more support for crypto’s growth than in the gambling industry. While crypto casinos only boast a $200 million market share and are dwarfed by the centralised online casino industry right now, the growth rate remains on the increase, which is starting to attract the attention of investors.

 Crypto and Gambling

Many online crypto casinos have ventured to produce their very own virtual currencies for players to use specifically on their websites. These are blockchain-based and provide the perfect spending tool for those looking to gamble on casino games in the decentralised gaming space.

Data provided by an industry-first tracking technology has revealed that the combined market cap of the top 22 gambling specific cryptocurrencies exceeds $150 million already – making them collectively more popular than Bitcoin in this segment of the industry.

In fact, the leading 5 currencies each boast market capitalisation that exceeds $10 million, individually.

Hopes run high for the industry and its investors, as a study by Newzoo’s Analytics Platform reveals:

“2.7 billion gamers will spend around US$159.3 billion on online games in 2020. As per the estimation, the market will surpass US$200 billion by 2023. It is an opportunity for crypto or bitcoin online gaming to grow.”

A future of tremendous growth seems highly likely in crypto circles as the technology gains more traction amongst punters. As more and more gamers find out about the advantages associated with gambling in crypto, it is likely that the trend will rapidly catch on.

 Understanding the Crypto Run

So, why the sudden upturn in crypto interests again? Whether alternative cryptocurrency companies will admit it or not, Bitcoin is the indicator for the market. Being the mother of cryptocurrency, what happens to their market share influences the rest of the decentralised industry.

It is speculated that the current socio-political unrest in the world is causing people to look to hedge their interests in decentralised marketspaces. The value of these unregulated currency markets are, by nature, unaffected by factions and manmade upheaval churned by politics.

2020 has been a hard year for many, and the pandemic has revealed just how vulnerable the fiat currency system truly is. Simple political decisions have brought whole countries to their knees through mass lockdowns leading to financial strain on a global scale.

 Crypto is Here to Stay

While cryptocurrency may have volatile tendencies, it seems to have the vote of the people right now. As long as this trend persists, more and more sectors may follow suit and decide to harness the power of blockchain for trade.

Be sure to hop on the gravy train while it’s fresh and harness the power of crypto casinos and Bitcoin gambling with one of our top listed GamblersPick crypto casino partners.