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UK has fastest-growing crypto industry among top five markets 

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The crypto market is expected to gross $37.8 bln 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.

However, the U.K. is expected to witness much more significant growth, according to data presented by BitcoinCasinos.com,

Britain has the fastest-growing crypto industry among the top five markets, with its revenue surging by a massive 125% YoY to $1.89 bln in 2023.

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 U.K. saw Europe’s second-largest crypto trade value per user last year, following Italy.

Trade per user

Statista data show the U.K.’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 U.K.’s crypto sector is growing faster than the global crypto market.

According to Statista, the global crypto industry is set to gross $37.8 bln in revenue in 2023, or 104.5% more than last year. The revenue in the U.K. crypto market is forecast to grow by a massive 125.3% YoY, or 17% more than in the U.S. as the world’s largest crypto market.

Double-digit in Germany

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.

Besides reaching the biggest year-over-year revenue growth, the U.K.’s crypto sector also has the highest user penetration rate among the top five markets.

Two years ago, the U.K. crypto market had around 9.6 mln users, with a 14.2% user penetration rate. Since then, the number of users surged by 82% to 17.6 mln, 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 mln crypto users in the country.

In comparison, the user penetration market in the U.S. market, which counts over 74 mln users in 2023, is 22.1% this year.

Japan and Germany follow with 19.2 mln and 15 mln crypto users and user penetration rates of 15.4% and 17.9%, respectively.