It is estimated that the cumulative market cap of cryptocurrencies increased in early 2023 after the downfall in November 2022 due to FTX. That value declined in the summer of 2023, however, as international uncertainty grew over a potential recession. Bitcoin's market cap comprised the majority of the overall market capitalization. What is market cap? Market capitalization is a financial measure typically used for publicly traded firms, computed by multiplying the share price by the number of outstanding shares. However, cryptocurrency analysts calculate it as the price of the virtual currencies times the number of coins in the market. This gives cryptocurrency investors an idea of the overall market size, and watching the evolution of the measure tells how much money is flowing in or out of each cryptocurrency. Cryptocurrency as an investment The price of Bitcoin has been erratic, and most other cryptocurrencies follow its larger price swings. This volatility attracts investors who hope to buy when the price is low and sell at its peak, turning a profit. However, this does little for price stability. As such, few firms accept payment in cryptocurrencies. As of May 21, 2025, the cumulative market cap of cryptocurrencies reached a value of *******.

In March 2024 Bitcoin BTC reached a new all-time high with prices exceeding 73000 USD marking a milestone for the cryptocurrency market This surge was due to the approval of Bitcoin exchange-traded funds ETFs in the United States allowing investors to access Bitcoin without directly holding it This development increased Bitcoin’s credibility and brought fresh demand from institutional investors echoing previous price surges in 2021 when Tesla announced its 15 billion investment in Bitcoin and Coinbase was listed on the Nasdaq By the end of 2022 Bitcoin prices dropped sharply to 15000 USD following the collapse of cryptocurrency exchange FTX and its bankruptcy which caused a loss of confidence in the market By August 2024 Bitcoin rebounded to approximately 64178 USD but remained volatile due to inflation and interest rate hikes Unlike fiat currency like the US dollar Bitcoin’s supply is finite with 21 million coins as its maximum supply By September 2024 over 92 percent of Bitcoin had been mined Bitcoin’s value is tied to its scarcity and its mining process is regulated through halving events which cut the reward for mining every four years making it harder and more energy-intensive to mine The next halving event in 2024 will reduce the reward to 3125 BTC from its current 625 BTC The final Bitcoin is expected to be mined around 2140 The energy required to mine Bitcoin has led to criticisms about its environmental impact with estimates in 2021 suggesting that one Bitcoin transaction used as much energy as Argentina Bitcoin’s future price is difficult to predict due to the influence of large holders known as whales who own about 92 percent of all Bitcoin These whales can cause dramatic market swings by making large trades and many retail investors still dominate the market While institutional interest has grown it remains a small fraction compared to retail Bitcoin is vulnerable to external factors like regulatory changes and economic crises leading some to believe it is in a speculative bubble However others argue that Bitcoin is still in its early stages of adoption and will grow further as more institutions and governments recognize its potential as a hedge against inflation and a store of value 2024 has also seen the rise of Bitcoin Layer 2 technologies like the Lightning Network which improve scalability by enabling faster and cheaper transactions These innovations are crucial for Bitcoin’s wider adoption especially for day-to-day use and cross-border remittances At the same time central bank digital currencies CBDCs are gaining traction as several governments including China and the European Union have accelerated the development of their own state-controlled digital currencies while Bitcoin remains decentralized offering financial sovereignty for those who prefer independence from government control The rise of CBDCs is expected to increase interest in Bitcoin as a hedge against these centralized currencies Bitcoin’s journey in 2024 highlights its growing institutional acceptance alongside its inherent market volatility While the approval of Bitcoin ETFs has significantly boosted interest the market remains sensitive to events like exchange collapses and regulatory decisions With the limited supply of Bitcoin and improvements in its transaction efficiency it is expected to remain a key player in the financial world for years to come Whether Bitcoin is currently in a speculative bubble or on a sustainable path to greater adoption will ultimately be revealed over time.

Price swings of Bitcoin increased substantially in November 2022, recording a 10-day volatility of more than 100 percent. Measured in a metric called volatility, the percentage shown here reflect how much the price of BTC in U.S. dollars changed historically over a preceding 7-day window. Changes can be either up or down, with a higher volatility reflecting that an asset is more risky, as price movements are less easy to predict and can swing in any direction. The volatility metric referred to here is called "realized volatility", otherwise known as as "historic volatility" and describes these price swings over a given period of time - and consequently is not looking into the future. Despite the rise of several cryptocurrencies since 2021, Bitcoin still had the highest market share ("dominance") of all cryptocurrencies in 2022.

Figshare Dataset DescriptionTitle: The Economic Bomb Dataset: Bitcoin Volatility, Institutional Shorting, and ETF Outflows (2021–2024)Description:This dataset supports the research presented in The Economic Bomb: A Strategic Financial Warfare Tactic, which examines Bitcoin's volatility, institutional shorting, and the impact of ETF outflows on market behavior. Covering the period from January 2021 to December 2024, the dataset includes raw financial data, processed analytical outputs, and visualizations that illustrate volatility patterns, delayed market reactions, and potential price manipulation.The dataset is divided into the following components:Raw Data: Daily BTC price movements, ETF holdings and outflows, whale wallet transactions, and institutional shorting positions from Binance, Coinbase, Glassnode, and other sources.Processed Data: Calculated BTC returns, volatility measures, and sentiment scores from social media platforms such as Twitter, Reddit, Google News, and YouTube.Simulations: Monte Carlo simulations, Decker Sentiment-Short Interest Model (DSSIM), GARCH model forecasts, and VAR model analyses that quantify volatility clustering and delayed market responses.Visual Aids: Correlation matrices, heatmaps, and line charts that visualize key patterns, including volatility spikes following ETF outflows and whale wallet movements.This dataset is designed to support research into cryptocurrency volatility, institutional influence, and market manipulation. It is suitable for use in academic studies, financial modeling, and data-driven investment strategies. Detailed captions and preprocessing information are provided to ensure transparency and reproducibility.Keywords: Bitcoin Volatility, Institutional Shorting, ETF Outflows, Whale Wallet Movements, Cryptocurrency Market Manipulation, Monte Carlo Simulation, GARCH Model, VAR Model, Financial Data VisualizationLicense: CC BY 4.0 (Attribution required)DOI: 10.17632/xn9ws8x6j7.2Citation:Decker, Nicolin (2025), The Economic Bomb: A Strategic Financial Warfare Tactic, Mendeley Data, V2, DOI: 10.17632/xn9ws8x6j7.2, Available at SSRN: Link to SSRNContact: Nicolin Decker, Independent Researcher, Email: nicolindecker144@gmail.com

Price swings of the Luna token were noticeably high in 2021, recording a volatility of nearly 500 percent in May 2021. Measured in a metric called volatility, the percentage shown here reflect how much the price of Ethereum in U.S. dollars changed historically over a preceding 10-day window. Changes can be either up or down, with a higher volatility reflecting that an asset is more risky, as price movements are less easy to predict and can swing in any direction. Luna's changes can generally be attributed to two events. First, the integration of Terra - the blockchain behind the LUNA token as well as stablecoin UST (TerraUSD) - on Crypto.com in July 2021, allowing users of one of the world's largest crypto exchanges to stay informed about Terra. Second, there was the Terra network's actual release on Wormhole in August 2021. This connected Terra to the world of Decentralized Finance or DeFi, where it quickly became one of the main blockchains in terms of DeFi total value locked (TVL).

The Cryptocurrency Exchanges industry shifted from being in the red to the black in recent years. Initially, cryptocurrency exchanges generated little revenue, as the concept of cryptocurrency was still in its infancy. Many local exchanges recorded operating losses and relied on external funding or capital sources. Nonetheless, the cryptocurrency boom, spurred by rising adoption and increased visibility on social media platforms, including posts from Elon Musk, turned things around in the two years through 2021-22. This boom was a milestone for the industry as demand for cryptocurrencies reached new peaks and raised awareness of cryptocurrencies as an asset class. Corporations like Tesla, Square and MicroStrategy began buying Bitcoin, stirring institutional interest in cryptocurrencies. Cryptocurrency exchange revenue is expected to grow at an annualised 2.2% over the five years through 2024-25 to $470.2 million. This includes an anticipated 11.0% spike in 2024-25 attributable to higher acceptance of cryptocurrencies and a more transparent regulatory framework. The Cryptocurrency Exchanges industry faces significant challenges like regulatory uncertainties, market volatility and cybersecurity threats. In recent years, multiple scandals have been detrimental to cryptocurrency exchanges and reduced investors’ confidence in them and cryptocurrencies. This includes the notorious FTX scandal, where the company’s founder misused clients’ funds to purchase luxury properties in the Bahamas and make huge political donations. This has elevated the Australian Government’s commitment to regulate the crypto industry in order to safeguard retail investors. Nonetheless, regulator crackdowns and uncertainty have weighed on industry revenue as investors become wary of potential risks. Beyond the controversies, advancements in blockchain technology, widespread acceptance of digital currencies and a growing range of products are set to contribute to the performance of cryptocurrency exchanges. The Federal Government will continue developing regulatory frameworks poised to enhance industry stability and credibility, drawing in more investors. This will benefit Australian crypto exchanges in the long run, as it helps foster trust. Cryptocurrency exchange revenue is forecast to continue growing strongly at an annualised 3.5% through 2029-30, to $557.1 million.

According to a June 2021 survey on cryptocurrency investments in Australia, 49 percent of respondents reported that the leading challenge to investing in cryptocurrency is market volatility. Only ten percent of respondents reported that fear of losing everything was the biggest challenge.

This dataset contains two main parts:

1) Elon Musk's Tweets from the year 2021: This part of the dataset provides a comprehensive collection of tweets made by Elon Musk (@elonmusk) during the year 2021. Each record includes the date and time of the tweet (in UTC), the unique tweet ID, the text of the tweet. This data can be used for sentiment analysis, natural language processing tasks, or to study the correlation between public figures' social media activity and market movements.

2) Dogecoin (DOGE) Price Data for 2021: This part of the dataset includes the minutes price data for Dogecoin cryptocurrency throughout the year 2021 using UTC time zone. This data is useful for time-series analysis, market trend prediction, and studying market volatility. These were obtained using Binance API and in particular the klines.

Together, this dataset offers a unique opportunity to explore potential correlations between Elon Musk's Twitter activity and Dogecoin price movements during 2021. It could serve as a basis for studying the impact of influential individuals' social media activity on cryptocurrency prices, developing trading strategies, or as a unique case study in the broader field of socio-economic dynamics in the age of social media.

License

CC0

Original Data Source: Elon Musk's 2021 Tweets and DOGEcoin Price Data

Bitcoin (BTC) price again reached an all-time high in 2024, as values exceeded over 73,000 USD in March 2024. That particular price hike was connected to the approval of Bitcoin ETFs in the United States, whilst previous hikes in 2021 were due to events involving Tesla and Coinbase, respectively. Tesla’s announcement in March 2021 that it had acquired 1.5 billion U.S. dollars’ worth of the digital coin, for example, as well as the IPO of the U.S.’ biggest crypto exchange fueled mass interest. The market was noticeably different by the end of 2022, however, with Bitcoin prices reaching roughly 94,315.98 as of May 4, 2025, after another crypto exchange, FTX, filed for bankruptcy. Is the world running out of Bitcoin? Unlike fiat currency like the U.S. dollar - as the Federal Reserve can simply decide to print more banknotes - Bitcoin’s supply is finite: BTC has a maximum supply embedded in its design, of which roughly 89 percent had been reached in April 2021. It is believed that Bitcoin will run out by 2040, despite more powerful mining equipment. This is because mining becomes exponentially more difficult and power-hungry every four years, a part of Bitcoin’s original design. Because of this, a Bitcoin mining transaction could equal the energy consumption of a small country in 2021. Bitcoin’s price outlook: a potential bubble? Cryptocurrencies have few metrics available that allow for forecasting, if only because it is rumored that only few cryptocurrency holders own a large portion of available supply. These large holders - referred to as “whales” - are said to make up of two percent of anonymous ownership accounts, whilst owning roughly 92 percent of BTC. On top of this, most people who use cryptocurrency-related services worldwide are retail clients rather than institutional investors. This means outlooks on whether Bitcoin prices will fall or grow are difficult to measure, as movements from one large whale already having a significant impact on this market.

Ethereum became increasingly volatile as November 2021 progressed, recording percentages that were nearly twice as high in the beginning of the month. Some source attributes these price fluctuations to planned tax regulations found within a U.S. infrastructure bill that might have repercussions for crypto investors. Measured in a metric called volatility, the percentage shown here reflect how much the price of Ethereum in U.S. dollars changed historically over a preceding 10-day window. Changes can be either up or down, with a higher volatility reflecting that an asset is more risky, as price movements are less easy to predict and can swing in any direction.

Engagement coefficients and returns for cryptocurrencies with top returns in different time periods.

How many cryptocurrencies are there? In short, there were over ***** as of June 2025, although there were many more digital coins in the early months of 2022. Note, however, that a large portion of cryptocurrencies might not be that significant. There are other estimates of roughly ****** cryptocurrencies existing, but most of these are either inactive or discontinued. Due to how open the creation process of a cryptocurrency is, it is relatively easy to make one. Indeed, the top 20 cryptocurrencies make up nearly ** percent of the total market. Why are there thousands of cryptocurrencies? Any private individual or company that knows how to write a program on a blockchain can technically create a cryptocurrency. That blockchain can be an existing one. Ethereum and Binance Smart Chain are popular blockchain platforms for such ends, including smart contracts within Decentralized Finance (DeFi). The ease of crypto creation allows some individuals to find solutions to real-world payment problems while others hope to make a quick profit. This explains why some crypto lack utility. Meme coins such as Dogecoin - named after a Japanese dog species - are an infamous example, with Dogecoin's creator coming out and stating the coin started as a joke. The many types of cryptocurrency Meme coins are but one group of cryptocurrencies. Other types include altcoins, utility tokens, governance tokens, and stablecoins. Altcoins are often measured against Bitcoin, as this refers to all crypto that followed Bitcoin - the first digital currency ever created. Utility tokens and governance tokens are somewhat connected to NFTs and the metaverse. A specific example is the MANA cryptocurrency, which allows real estate purchases in the Decentraland metaverse. Stablecoins refer to the likes of Tether, which are pegged to a real-world asset like the U.S. dollar. Such coins are meant to be less volatile than regular cryptocurrency.

The digital asset derivatives trading platform market is projected to experience substantial growth in the coming years. With a market size of XXX million in 2025, it is anticipated to reach YYY million by 2033, exhibiting a CAGR of XX%. This growth is primarily driven by the increasing adoption of digital assets and the need for risk management tools in the volatile cryptocurrency market. The market is segmented into various application types, such as retail investors and professional investors, and into different platform types, including regional and global platforms. Additionally, key players like Eurex, FIX, Delta Exchange, Bybit, and B2Broker shape the market landscape. The market analysis also provides insights into regional trends, with North America, Europe, and Asia Pacific being significant contributors to the market growth. Factors such as regulatory uncertainty and technological advancements are expected to impact market dynamics in the forecast period. The global digital asset derivatives trading platform market size was valued at USD 27 million in 2021 and is projected to reach USD 101 million by 2027, exhibiting a CAGR of 25.2%. The growth of this market can be attributed to the increasing adoption of digital asset derivatives by retail and professional investors, the growing popularity of decentralized finance (DeFi), and the increasing regulatory clarity in the digital asset market.

The data used in this study can be found at https://github.com/kai-trading-bot/engagement.

At the end of March 2025, the Ethereum cryptocurrency had been processed nearly ** million times on-chain that month. This was about ***** times that of the more commonly known rival Bitcoin, which saw a total of ** million transactions that month. Other leading cryptocurrencies also saw significantly less transaction activity. What kind of transactions were these? Cryptocurrencies are digital currencies which owe their credibility to their technology rather than a central bank. Many of the transactions in this statistic involve cryptocurrency exchanges which exchange these coins for other currencies, including traditional currencies such as U.S. dollars or euros. In selected countries, Bitcoin ATMs also dispense the local currency in exchange for Bitcoin. However, few retailers accept that or any other cryptocurrency on a large scale. Cryptocurrency as an investment Many cryptocurrency enthusiasts point to the high market capitalization of their favorite cryptocurrencies. Moreover, the currency price is an important factor. The price volatility of Bitcoin and others attracts investors, hoping to buy low and sell high.

Note that the interaction coefficient for liking is set equal to one.

The Metaverse real estate market is experiencing explosive growth, driven by increasing adoption of virtual worlds and the burgeoning demand for digital assets. While precise market sizing data for 2019-2024 is unavailable, industry reports suggest a significant uptick in activity, particularly since 2021, reflecting both individual user interest (gaming and social interaction) and the expansion of business applications by developers creating and selling virtual real estate. The market is segmented by application (individual game users, virtual real estate developers, and others) and type (buying versus renting metaverse property). Leading platforms like Decentraland, The Sandbox, Uplandme, Cryptovoxels, and Somnium Space are attracting significant investment and shaping the market landscape, contributing to overall growth. A conservative estimate, considering the rapid expansion of metaverse platforms and increasing user engagement, places the 2025 market size at approximately $2 billion. With a projected CAGR (Compound Annual Growth Rate) of, let's assume, 30% for illustration, the market could reach $10 billion by 2033. North America currently holds a dominant market share, followed by Europe and Asia Pacific, but emerging markets show increasing potential. The primary drivers are the increasing popularity of gaming and virtual experiences, coupled with the growth of blockchain technology and NFTs facilitating ownership and trade. However, restraints include regulatory uncertainty, technological limitations, and the inherent volatility of the cryptocurrency market that affects valuation. The metaverse real estate market's future trajectory depends on several factors: further technological advancements leading to enhanced user experiences, increased mainstream adoption of virtual worlds, and the development of robust legal frameworks addressing digital property rights. Strategic partnerships between technology companies, real estate developers, and brands will also play a crucial role in expanding market reach and fostering long-term growth. The key to sustainable growth lies in creating compelling virtual experiences that attract a broad user base and offer clear value propositions beyond speculative investment. Furthermore, the development of standardized and secure methods for property transaction will greatly improve transparency and trust in the market. Successfully navigating these factors will unlock the significant growth potential in the metaverse real estate market.

Ethereum, Solana, and Tron together made up a large majority of the DeFi industry's total value locked (TVL) in 2025. TVL is the closest metric within the DeFi world to an overall market size. The volatile nature of developments in this new market can also be seen in the transaction volume of NFT for various segments. As Ethereum is the main blockchain powering transactions for decentralized finance, price developments of this particular cryptocurrency can have a big impact on DeFi: On September 10, 2021, Ethereum's TVL decreased by over ** billion U.S. dollars due to an overnight price drop.

The price of Cardano was especially volatile in May 2021 and peaked again in August 2021, although figures declined by more than half since then. The third-generation cryptocurrency gained heavily during those two months due to increasing popularity of NFTs - Cardano is an alternative to Ethereum, the most-used blockchain for NFTs and Decentralized Finance (DeFi). Measured in a metric called volatility, the percentage shown here reflects how much the price of Cardano in U.S. dollars changed historically over a preceding 10-day window. Changes can be either up or down, with a higher volatility reflecting that an asset is more risky, as price movements are less easy to predict and can swing in any direction.

NFT market size declined further during 2023, as the market was one-third from what it was in March 2022. Investments and trading in these digital assets hit its lowest level in weeks. This may be due to growing regulatory pressure in 2023 on digital assets and a declining sentiment after the fall of crypto exchanges in late 2022. The annual market cap of NFTs grew sizably between 2020 and 2021, revealing a volatile market.