Cryptocurrency caught fire during the pandemic, from classic blockchain projects like Bitcoin (CRYPTO: BTC) and Ethereum to whimsical alternatives like Dogecoin and Shiba Inu. The market increased 15 times in value between March 2020 and November 2021, peaking at around $3 trillion.

Of course, the tide turned shortly thereafter. The collapse of the Terra blockchain precipitated the bankruptcy of several cryptocurrency lenders and exchanges, triggering a crash that erased more than $2 trillion in value. The market fell about 75% between November 2021 and December 2022, dropping to $790 billion.

But the tide has since turned once again. The cryptocurrency market more than doubled during the past year as investors rotated back into risk assets. Its market capitalization currently stands at $1.9 trillion, but analyst Michael Miller believes that figure could grow 240% to reach $6.4 trillion by 2032. Forecasts should always be treated with skepticism, but that estimate seems plausible.

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Source Fool.com