The Ascent of the crypto economy

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      <subfield code="a">Cryptocurrencies with their disruptive potential have gone mainstream -- The ascent of cryptocurrencies has been turbulent, accompanied by many advances and setbacks -- Cryptocurrencies from its infancy in 2009 have evolved into an entire ecosystem with several use cases --  The crypto segment reached an average market capitalization of US$2 trillion in 2021 with Bitcoin and Ethereum constituting more than half the entire sector -- Compared to other popular asset classes, cryptocurrencies are still small in terms of market capitalization -- The pandemic triggered a significant increase in revenues made in the crypto sector with growth of 481% from 2019 to 2020 -- In addition to adopting regular cryptocurrencies, some countries have taken the
initiative to create their own central bank digital currencies (CBDCs) -- Mainstream companies across multiple industries took interest and have a positive stance on cryptocurrencies -- Many startups and companies are entering the crypto sector to make money with all kinds of new solutions, resulting in the creation of a diverse ecosystem -- The Blockchain Hype Cycle shows crypto assets as most advanced whereas DeFi(Decentralized Finance) use cases and NFTs (Non fungible token) are still in a rather early stage of development -- NFTsare gaining significant traction among certain Asian countries such as Thailand, China, and Vietnam </subfield>
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