The Rise of Cryptos

By: Srijith K N, Senior Editor

In the early 2010s, Bitcoin was the only cryptocurrency in the market. Today, blockchain—the technology behind cryptocurrencies—has given rise to a myriad of digital currencies like Ethereum, Solana, Tether, XRP, Binance Coin (BNB), USD Coin (USDC), and Cardano, which are now household names. According to CoinMarketCap, there are approximately 22,932 cryptocurrencies with a total market capitalization of $1.1 trillion. Among these, around 10,000 are actively used and trusted by users. The global cryptocurrency market cap today stands at $2.18 trillion, with a wave of cryptocurrencies built on decentralized peer networks, which have become the de facto standard for cryptos.

A Decade of Exponential Growth

By the end of 2013, there were over 50 different cryptocurrencies. By the end of 2014, this number had increased nearly tenfold to over 500. A decade ago, the crypto market was barely worth $10 million. According to Wikipedia, there are 18 countries in the Middle East. In this context, this THE RISE OF CRYPTOS article will primarily discuss cryptocurrency activity in the UAE, Saudi Arabia, Egypt, Morocco, Algeria, and Jordan.

MENA: A Growing Hub for Cryptocurrency

Another report by Chainalysis indicates that the MENA region is one of the fastest-growing cryptocurrency markets in the world, with a significant increase in the volume of cryptocurrency transactions, particularly in the United Arab Emirates (UAE), Saudi Arabia, and Egypt.

Today, we stand on the cusp of a technological revolution in finance. Bitcoin and blockchain have transcended conventional dimensions of financial transactions, contributing to economic welfare. This momentum has ignited a wave of innovation across nations. In the UAE, Dubai has established the Virtual Asset Regulatory Authority to oversee the crypto market, and the Central Bank is working toward launching a Central Bank Digital Currency (CBDC). There is a clear intent to position the country as a global crypto hub in the coming years