The United Kingdom was believed to be in the top ** countries in the world in 2022 regarding crypto adoption. This is according to a model based on website traffic patterns from individual websites used for cryptocurrency transactions. The UK ranks consistently in the top ** throughout the years under consideration, although its P2P activities - ranked at position ** in 2023 - seem to lower its global ranking when compared to countries from Asia.

UK men were ***** times more likely to own crypto than their female counterparts as of November 2022. This was according to an online survey held on the ownership of mainstream cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA).

Consumers from countries in Africa, Asia, and South America were most likely to be an owner of cryptocurrencies, such as Bitcoin, in 2025. This conclusion can be reached after combining ** different surveys from the Statista's Consumer Insights over the course of that year. Nearly one out of three respondents to Statista's survey in Nigeria, for instance, mentioned they either owned or use a digital coin, rather than *** out of 100 respondents in the United States. This is a significant change from a list that looks at the Bitcoin (BTC) trading volume in ** countries: There, the United States and Russia were said to have traded the highest amounts of this particular virtual coin. Nevertheless, African and Latin American countries are noticeable entries in that list too. Daily use, or an investment tool? The survey asked whether consumers either owned or used cryptocurrencies but does not specify their exact use or purpose. Some countries, however, are more likely to use digital currencies on a day-to-day basis. Nigeria increasingly uses mobile money operations to either pay in stores or to send money to family and friends. Polish consumers could buy several types of products with a cryptocurrency in 2019. Opposed to this is the country of Vietnam: Here, the use of Bitcoin and other cryptocurrencies as a payment method is forbidden. Owning some form of cryptocurrency in Vietnam as an investment is allowed, however. Which countries are more likely to invest in cryptocurrencies? Professional investors looking for a cryptocurrency-themed ETF were more often found in Europe than in the United or China, according to a survey in early 2020. Most of the largest crypto hedge fund managers with a location in Europe in 2020, were either from the United Kingdom or Switzerland - the country with the highest cryptocurrency adoption rate in Europe according to Statista's Global Consumer Survey. Whether this had changed by 2025 was not yet clear.

The global user base of cryptocurrencies increased by nearly *** percent between 2018 and 2020, only to accelerate further in 2022. This is according to calculations from various sources, based on information from trading platforms and on-chain wallets. Increasing demographics might initially be attributed to a rise in the number of accounts and improvements in identification. In 2021, however, crypto adoption continued as companies like Tesla and Mastercard announced their interest in cryptocurrency. Consumers in Africa, Asia, and South America were most likely to be an owner of cryptocurrencies, such as Bitcoin, in 2022. How many of these users have Bitcoin? User figures for individual cryptocurrencies are unavailable. Bitcoin, for instance, was created not to be tracked by banks and governments. What comes closest is the trading volume of Bitcoin against domestic fiat currencies. The source assumed, however, that UK residents were the most likely to make Bitcoin transactions with British pounds. This assumption might not be accurate for popular fiat currencies worldwide. Moreover, coins such as Tether or Binance Coin - referred to as "stablecoins" - are often used to buy and sell Bitcoin. Those coins were not included in that particular statistic. Wallet usage declined Total crypto wallet downloads were significantly lower in 2022 than in 2021. The number of downloads of Coinbase, Blockchain.com, and MetaMask, among others, declined as the market hit a "crypto winter" over the year. The crypto market also suffered bad press when FTX - one of the largest crypto exchanges based on market share - collapsed in November 2022. Binance, on the other hand, regained some of the market share it had lost between September and October 2022, growing by *** percentage points in November. As of 2025, the highest forecast for the global user base of cryptocurrencies is projected to reach *** million.

Snapshot img

Cryptocurrency Market Size 2025-2029

The cryptocurrency market size is forecast to increase by USD 39.75 billion, at a CAGR of 16.7% between 2024 and 2029.

The Cryptocurrency Market is segmented by distribution channel (Sales Personnel, Insurance Agencies), type (Life, Non-life), mode (Offline, Online), end-user (Corporate, Individual), and geography (North America: US, Canada; Europe: France, Germany, UK; APAC: Australia, China, India, Japan, South Korea; Rest of World). This segmentation reflects the market's diversity, driven by increasing adoption of Online modes for Individual end-users, particularly in APAC regions like India and South Korea, growing demand for Non-life cryptocurrency products through Insurance Agencies, and Corporate engagement via Sales Personnel in North America and Europe, catering to varied financial and investment needs across global markets.
The market is experiencing significant growth, driven by increasing investment in digital assets and the acceptance of cryptocurrency by retailers. This trend signifies a shift in the financial landscape, as more individuals and businesses recognize the potential benefits of decentralized currencies. However, the market's volatility poses a considerable challenge. The unpredictable value fluctuations can create uncertainty for investors and businesses alike, necessitating careful strategic planning and risk management. Companies seeking to capitalize on this market's opportunities must stay informed of the latest trends and be prepared to navigate the inherent risks. E-commerce, luxury goods, insurance, and even cryptocurrency debit cards are increasingly accepting digital currencies as payment methods.
Adopting innovative technologies, such as blockchain and smart contracts, can help mitigate risks and provide a competitive edge. Additionally, collaborations and partnerships with established financial institutions and retailers can further solidify a company's position in the market. Overall, the market presents both opportunities and challenges, requiring strategic agility and a forward-thinking approach.

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The market continues to evolve, with dynamic interplays between decentralized storage solutions, hardware wallets, and crypto wallets shaping the landscape. Merchant adoption is on the rise, driving up market capitalization and pushing the boundaries of cryptocurrency security. Proof-of-work (POW) and hashing algorithms underpin the foundations of this decentralized economy, while cryptocurrency derivatives and decentralized finance (DeFi) offer new avenues for portfolio diversification. Open-source software fuels the innovation, with smart contracts paving the way for automated transactions. Cryptocurrency trading is a constant activity, with options contracts, futures contracts, and other instruments adding complexity. The integration of decentralized exchanges (DEXs) and yield farming further expands the market's reach.

Cryptocurrency's applications extend beyond digital assets, touching upon privacy-enhancing technologies, philanthropy, community development, and more. The integration of decentralized governance, consensus mechanisms, and decentralized identity adds layers of complexity and potential. Risk management is a critical component, with cryptocurrency education and security audits essential for investors. The emergence of privacy coins, non-fungible tokens (NFTs), and decentralized applications (dApps) adds to the market's diversity. The market is a dynamic, ever-evolving ecosystem, shaped by ongoing activities and emerging patterns. Quantum computing and regulatory developments pose new challenges, while the integration of cryptocurrency payments, cold storage, and trading volume continues to drive growth.

The future of this decentralized economy is bright, with continuous innovation and adaptation shaping its trajectory.

How is this Cryptocurrency Industry segmented?

The cryptocurrency industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Bitcoin
  Ethereum
  Others
  Ripple
  Bitcoin Cash
  Cardano


Component

  Hardware
  Software


Process

  Mining
  Transaction
  Mining
  Transaction


End-Use

  Trading
  E-commerce and Retail
  Peer-to-Peer Payment
  Remittance
  Trading
  E-commerce and Retail
  Peer-to-Peer Payment
  Remittance


Geography

  North America

    US
    Canada


  Europe

    Germany
    Italy
    Switzerland
    The Netherlands
    UK


  APAC

    China
    Japan


  South America

    Br

In 2020, 18-to 29-year olds in the United Kingdom were twice as likely to own a cryptocurrency than their counterparts aged 45 to 60 year old. The source does not mention specifically which digital coin this concerns - whether it is Bitcoin or an alternative like Ethereum, Ripple (XRP) or Dogecoin. It does mention, however, that the results shown in this particular survey - held in October 2020 - were "a sharp contrast" to a previous survey from a different source in December 2019: In absolute figures, the owners had changed from around 1.9 million UK adults in December 2019, to roughly 10.6 million seven months later. No information is available whether UK consumers continued to purchase cryptocurrencies during November or December 2020, or in early 2021. Note it was during this time that the price of Bitcoin started the climb towards a value of 60,000 U.S. dollars.

Bitcoin ATM Machine Market Outlook

The global Bitcoin ATM machine market size was valued at $145 million in 2023 and is expected to reach approximately $1.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 25.5% during the forecast period. The rapid growth of this market is driven by factors such as increasing adoption of cryptocurrencies, rising investment in blockchain technology, and the growing need for decentralized financial systems.

One of the primary growth factors for the Bitcoin ATM market is the increasing adoption and popularity of cryptocurrencies among the general public. As more people become aware of and interested in digital currencies, the demand for accessible and convenient methods to buy and sell cryptocurrencies has surged. Bitcoin ATMs offer a simple and user-friendly interface, allowing users to convert their fiat currency to Bitcoin and vice versa in a matter of minutes. This convenience significantly boosts the market growth by making cryptocurrency transactions more accessible to the average consumer.

Another significant growth driver is the expanding investment in blockchain technology by both private and public sectors. Governments and financial institutions are exploring the potential benefits of blockchain for various applications, including secure transactions, smart contracts, and decentralized finance (DeFi). As blockchain technology gains traction, the infrastructure supporting it, including Bitcoin ATMs, is also experiencing growth. These ATMs not only facilitate the purchase and sale of Bitcoin but are also evolving to support other cryptocurrencies, thereby broadening their utility and appeal.

Moreover, the growing need for decentralized financial systems, especially in regions with unstable economies or limited access to traditional banking services, is propelling the Bitcoin ATM market. In many developing countries, people face challenges with banking infrastructure and financial inclusion. Bitcoin ATMs offer an alternative by providing direct access to digital currencies without the need for a traditional bank account. This capability is particularly valuable in regions with high remittance inflows, where people can send and receive money across borders with lower fees and faster transaction times compared to conventional methods.

From a regional perspective, North America holds the largest share of the Bitcoin ATM market, driven by high cryptocurrency adoption rates and a strong presence of major industry players. The region's well-established financial infrastructure and supportive regulatory environment further bolster market growth. Europe and Asia Pacific are also notable markets due to increasing awareness and adoption of cryptocurrencies, with countries like the UK, Switzerland, Japan, and South Korea at the forefront. Latin America and the Middle East & Africa are emerging markets, with growing interest in digital currencies as a hedge against economic instability and inflation.

Type Analysis

The Bitcoin ATM machine market can be segmented by type into one-way and two-way machines. One-way Bitcoin ATMs allow users to convert their fiat currency to Bitcoin, while two-way ATMs facilitate both the purchase and sale of Bitcoin. One-way Bitcoin ATMs have been more prevalent historically, primarily due to their simplicity and lower cost of deployment. These machines typically cater to users who are new to cryptocurrencies and looking to make their first purchase. Their straightforward functionality makes them an attractive option for small businesses and standalone deployments. However, the market for one-way ATMs is slowly saturating as more advanced technologies and user requirements are emerging.

On the other hand, two-way Bitcoin ATMs are gaining popularity due to their enhanced functionality and convenience. These machines provide users with the ability to both buy and sell Bitcoin, thus offering a more comprehensive service. As the demand for liquidity in the cryptocurrency market grows, two-way ATMs are becoming increasingly essential. They are particularly useful in urban areas and regions with a high density of cryptocurrency users. The versatility of two-way machines also makes them suitable for more complex environments such as financial institutions and large retailers. This segment is expected to witness significant growth during the forecast period due to the added convenience and user functionality.

Moreover, the technological advancements in ATM software and hardware are driving the growth of two-way Bitcoin ATMs. Improved security featu

Digital and Crypto Currency Market Outlook

As of 2023, the global digital and crypto currency market size is estimated at USD 2.3 trillion, and it is projected to grow to USD 19.7 trillion by 2032, exhibiting a compound annual growth rate (CAGR) of 26.8%. This remarkable growth can be attributed to several factors, including the increasing adoption of cryptocurrencies for various applications, advancements in blockchain technology, and the growing acceptance of digital currencies by institutional investors.

One of the primary growth factors driving the digital and crypto currency market is the increasing mainstream acceptance and adoption of cryptocurrencies. Over the past decade, digital currencies have transitioned from being a niche financial instrument to a widely recognized asset class. Major corporations, including Tesla and Square, have invested in cryptocurrencies, thereby legitimizing their use and boosting market confidence. Additionally, the acceptance of digital currencies as a means of payment by various online and offline merchants has expanded their utility, further propelling market growth.

The rapid advancements in blockchain technology also play a crucial role in the market's expansion. Blockchain, the underlying technology for most cryptocurrencies, offers a decentralized and secure way of conducting transactions, which is highly appealing in an era of increasing cyber threats and data breaches. Innovations such as smart contracts and decentralized finance (DeFi) have opened new avenues for the application of blockchain technology, thereby driving the demand for digital currencies.

Another significant growth factor is the increasing interest from institutional investors. Hedge funds, venture capital firms, and even traditional banks are now investing in cryptocurrencies, either directly or through financial instruments such as futures and exchange-traded funds (ETFs). This influx of institutional capital not only provides liquidity to the market but also adds a layer of credibility, encouraging more retail investors to participate. The regulatory environment is also becoming more favorable, with several countries implementing frameworks to govern the use and trading of digital currencies, thereby reducing uncertainty and fostering market growth.

Regionally, North America holds a significant share of the global digital and crypto currency market, driven by technological advancements and a favorable regulatory environment. Asia-Pacific is also emerging as a lucrative market, with countries like Japan and South Korea taking proactive regulatory measures to integrate digital currencies into their financial systems. Europe follows closely, with increasing adoption in countries such as Germany and the UK. Meanwhile, Latin America and the Middle East & Africa are slowly catching up, driven by increasing internet penetration and the need for financial inclusion.

As the digital and crypto currency market continues to evolve, the emergence of specialized platforms like the Crypto IRA Platform is gaining traction among investors. These platforms offer a unique opportunity for individuals to include cryptocurrencies in their retirement portfolios, providing a diversified investment strategy. The Crypto IRA Platform allows users to invest in a range of digital currencies, offering tax advantages similar to traditional IRAs. This innovation is particularly appealing to tech-savvy investors looking to capitalize on the growth potential of digital assets while planning for their future. By integrating cryptocurrencies into retirement accounts, the Crypto IRA Platform is helping to drive the mainstream adoption of digital currencies, offering a new avenue for long-term investment strategies.

Type Analysis

The digital and crypto currency market can be segmented by type into Bitcoin, Ethereum, Ripple, Litecoin, and others. Bitcoin, the first and most well-known cryptocurrency, continues to dominate the market. Its market capitalization dwarfs that of any other digital currency, making it the most widely accepted and used. Bitcoin's popularity is due to its first-mover advantage, robust security features, and wide acceptance by merchants and financial institutions. However, its scalability issues and high transaction fees remain challenges that need to be addressed.

Ethereum, the second-largest cryptocurrency by market capitalization, offers more than just a digital currency. Its blockchain en

Snapshot img

Cryptocurrency Mining Hardware Market Size 2025-2029

The cryptocurrency mining hardware market size is forecast to increase by USD 19.77 billion, at a CAGR of 14.2% between 2024 and 2029.

The market is driven by the profitability of cryptocurrency mining ventures and the increasing acceptance of cryptocurrency by retailers. Mining cryptocurrencies, such as Bitcoin and Ethereum, can yield significant financial returns, making it an attractive investment for individuals and businesses. Furthermore, as more retailers embrace digital currencies as a form of payment, the demand for cryptocurrency mining hardware is expected to grow. The increasing adoption of crypto wallets, driven by factors like blockchain technology, peer-to-peer networks, and digital payments, has led to a growing demand for advanced mining hardware. However, the market faces challenges, including the volatility in the value of cryptocurrencies. Sudden price fluctuations can impact the profitability of mining operations and introduce financial risk.
As such, companies must closely monitor market trends and adapt their strategies accordingly to mitigate risk and capitalize on opportunities. To succeed in this dynamic market, businesses must remain agile and responsive, focusing on innovation and operational efficiency to stay ahead of the competition.

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The market continues to evolve, with dynamic market dynamics shaping its applications across various sectors. Mining software developers are consistently releasing updates to optimize performance and improve efficiency. Ethereum mining, a significant segment of the market, requires continuous adjustments due to the complexity of its proof-of-work algorithm and the need for difficulty adjustment to maintain network security. Legal compliance and mining regulations are increasingly influencing market activities. Mining farms, large-scale mining operations, are investing in infrastructure to enhance hash rate and power efficiency. Fan speed, power supply, and thermal management are crucial considerations for mining rig maintenance and cooling systems.

Mining hardware manufacturers, including GPU and ASIC producers, are focusing on energy efficiency and noise reduction to address environmental concerns and minimize disruptions. FPGA manufacturers are also gaining traction due to their flexibility and adaptability. Mining profitability, a critical factor in market decisions, is influenced by mining pool fees, block rewards, and power consumption. Mining risk management and network security are essential for mining firms and pool operators to mitigate potential losses and ensure data security. Cloud mining providers offer an alternative to traditional mining rig setup, allowing investors to participate in the market without the need for physical hardware.

However, they come with their own set of challenges, including mining fees and contract terms. The ongoing unfolding of market activities underscores the importance of staying informed about the latest trends and developments in the market.

How is this Cryptocurrency Mining Hardware Industry segmented?

The cryptocurrency mining hardware industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  ASIC
  GPU
  Others


Application

  Bitcoin mining
  Ethereum mining
  Others


End-user

  Personal
  Enterprise


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    The Netherlands
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Product Insights

The asic segment is estimated to witness significant growth during the forecast period.

Cryptocurrency mining involves specialized hardware to process and record transactions efficiently. Application-specific integrated circuit (ASIC) hardware, designed for specific algorithms, offers faster mining processes for cryptocurrencies like Bitcoin. ASIC solutions, manufactured predominantly in China by companies such as Bitmain, process hashes much faster than high-end general-purpose processors or customized GPU miners. However, their customization limits their use to specific cryptocurrencies. Mining software updates, rig setup, and tax implications are crucial considerations for miners. Mining pool stability, security, and regulatory compliance are essential for mining pools and farms. Mining profitability calculators help determine feasibility, while fees, noise levels, carbon footprint, and har

Snapshot img

ASIC Miner Market Size 2024-2028

The ASIC miner market size is forecast to increase by USD 112 million at a CAGR of 6.1% between 2023 and 2028.

The market is experiencing significant growth due to the increasing profitability of cryptocurrency mining ventures and investments by major semiconductor companies in mining-specific hardware. The volatility In the value of cryptocurrencies adds an element of risk but also presents opportunities for substantial returns. Cryptocurrency mining is no longer limited to high-end PCs and computers; it is now possible to mine digital currencies using smartphones and laptops. However, the energy consumption requirements of ASIC miners have raised concerns, leading to a push towards renewable energy sources to power mining operations. This market analysis report provides a comprehensive study of the trends and challenges shaping the market, offering insights into the future growth prospects of this dynamic industry.

What will be the Size of the ASIC Miner Market During the Forecast Period?

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The market is a dynamic and evolving sector within the broader cryptocurrency landscape. ASICs, or Application-Specific Integrated Circuits, are specialized hardware machines designed for mining various cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, and Dashcoin, among others. These machines offer significant processing power advantages over traditional CPUs and GPUs, making them the go-to choice for efficient and profitable mining. Mining pools, which facilitate collaboration among miners to increase their collective processing power and earning potential, have become increasingly popular In the market. 
The market's size and direction are influenced by the ongoing development of more powerful and energy-efficient ASIC mining machines, cooling technologies, and noise reduction techniques. Additionally, the industry is exploring sustainable mining practices and alternative energy sources to minimize environmental impact. The digital currency market, fueled by blockchain technology, continues to evolve, leading to increased demand for specialized mining hardware. Overall, the market continues to grow as blockchain networks, such as Proof of Work (PoW) systems, rely on these machines to secure their networks and validate transactions.

How is this ASIC Miner Industry segmented and which is the largest segment?

The ASIC miner industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Enterprise
  Personal


Geography

  North America

    Canada
    US


  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France
    Italy


  South America



  Middle East and Africa

By Application Insights

The enterprise segment is estimated to witness significant growth during the forecast period. The enterprise sector represents a significant segment of the market, driven by the adoption of specialized hardware for cryptocurrency mining. Enterprise-level mining operations, including large-scale mining farms and mid-sized businesses, utilize ASIC miners to enhance their mining capabilities and profitability. ASIC miners offer superior performance compared to general-purpose hardware like CPUs and GPUs due to their optimization for specific algorithms. This optimization results in increased efficiency and faster processing. Enterprise-level mining requires scalable solutions to manage large volumes of mining activities. ASIC miners provide this scalability, enabling expansion without substantial cost increases. These mining machines, powered by Application-Specific Integrated Circuits (ASICs), are essential for the high-performance processing required by blockchain networks using Proof of Work (PoW) consensus mechanisms.

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The enterprise segment was valued at USD 197.90 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is experiencing significant growth due to the region's early adoption of blockchain technology and cryptocurrencies, particularly In the US and Canada. The demand for ASIC miners, specifically GPU-based solutions, is high in this region as both large-scale mining operations and hobbyists utilize them for mining Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, Dashcoin, Monero, and other digital currencies. Major ASIC miner manufa

Financial product usage across UK generations showed distinct patterns in 2024, with Gen Z using fewer products overall than their older counterparts. This is according to a survey from Statista's Consumer Insights. Older generations gravitated toward established financial products including checking and savings accounts, credit cards, and equity investments. Meanwhile, Gen Z and Millennials demonstrated significantly higher adoption rates for emerging financial products, particularly cryptocurrency.

The use of decentralized finance, or DeFi, was highest in countries that traded or moved large amounts of cryptocurrencies, including *******************. This is a different conclusion when compared to a country ranking on cryptocurrency ownership worldwide: consumers from developing countries were much more likely to own crypto than those from developed countries. The figures shown here might therefore suggest that in countries like the United States, China, the UK, and India, cryptocurrencies mostly receive attention from traders and institutional investors - and DeFi is meant to either get access to crypto or to move them around.

Interest in Bitcoin and cryptocurrencies in 2020 was seemingly higher in Africa and Latin America than some of the world's developed economies. This shows after analyzing Bitcoin trading volume against domestic currencies used for the transaction of the digital coin. In 2020, roughly *** million U.S. dollars worth of Russian rubles were used to buy Bitcoin on an exchange, against *** million U.S. dollars worth of Nigerian naira. The source assumes the currencies are mainly used by the domestic population - e.g., transactions made with British pounds are likely done by UK residents -, and makes the same assumption for the United States, despite the international appeal of the U.S. dollar on foreign exchange markets. Africa and Latin America lead the way Although the source does not mention all countries in Africa and Latin America, the few entries these regions do have in the list stand out. Bitcoin trading volume in Nigeria, for instance, was twice as high as that of the eurozone in 2020. Colombia's market size was twice that of Canada. Whether this interest is for actual payment use on a day-to-day basis or as a tool for investment is not really clear. Data from Statista's Global Consumer Survey on payment methods in Egypt reveals that * percent of Egyptians either owned or used Bitcoin, but does not specify the exact use or purpose of the cryptocurrency. Bitcoin: the "Renaissance" Believed by some to fade into obscurity after hitting the news in 2017 and price declines that followed afterward, the world's most well-known cryptocurrency witnessed a "rebirth" at the end of 2020: Within five days in January 2021, the price of Bitcoin soared from ****** U.S. dollars to ****** U.S. dollars. Bitcoin's market cap - calculated by multiplying the total number of Bitcoins in circulation against its price - grew as well, more than doubling in early January 2021 against November 2020.