A new study from Juniper
Research has found that the value of cryptocurrency transactions is
expected to surpass $1 trillion in 2017, more than 15 times the level in
The new research, The
Future of Blockchain: Key Vertical Opportunities & Deployment Strategies
2017-2022, stated that transaction values in H1 2017 surpassed
$325 billion, driven by the dramatic increase in Ethereum’s price which
saw it account for two-thirds of cryptocurrency transaction values in
Cryptocurrency is now typically seeing daily trades well in excess of $2
billion. Meanwhile, the research found that Litecoin experienced a surge
in volume and value; if current levels are maintained it should exceed
$100 billion in transactions this year.
Bitcoin Price Continues Upward Trend
Bitcoin has continued its recent rise in value in the wake of the
currency’s hard fork on 1st August, which resulted in the
creation of a new currency, Bitcoin Cash. Indeed, since the start of
2017, Bitcoin prices have risen from around $1,000 to more than $4,000.
However, the research cautioned that a second planned fork in November,
when the SegWit2x scaling solution is due to be implemented, may prompt
a split in the community, potentially leading to depreciation.
According to research author Dr Windsor Holden: “There is no
resolution in sight to the continuing and fundamental disagreements
between many Bitcoin miners and Bitcoin Core developers over the future
of the cryptocurrency. This in turn could lead to uncertainty about
Bitcoin’s future and downward pressure on its valuation.”
The research, which also focused on new use cases for blockchain,
claimed that ultimately the brightest prospects in the sector came from
deployments of private blockchain technologies for permissioned ledgers,
rather than the public chains running cryptocurrencies.
The complimentary whitepaper, Which
Industries are the Best Fit for Blockchain?, is available
to download from the Juniper website together with further details of
the full research and the attendant IFxl (Interactive Forecast Excel).
Juniper Research is acknowledged as the leading analyst house in the
digital commerce and fintech sector, delivering pioneering research into
payments, banking and financial services for more than a decade.
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