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# BACKGROUND: MARKET SIZE OF WEB3 SPACE
**The Cryptocurrency Market Size, Transaction Volume, & Growth Trajectory**
The current market size and future prospect of the cryptocurrency industry are wildly impressive. As of 2020, the crypto market was valued at $826.6B.
After experiencing the immense growth catalyzed by the COVID-19 pandemic in the same year, during the succeeding year it climbed to over $1 TRILLION and was primed to grow at the rate of 11% annually.
At the time of writing, the global cryptocurrency market surpassed expectations and boomed to a value of $1.13 TRILLION.
**Cryptocurrency Market Participants & Growth Trajectory**
Similarly, the growth of crypto adoption is usually doubling year over year.
What does that mean? Next year, at this time, there could be DOUBLE the participants there are today.
Meaning double the transactions, potentially! At the end of 2020, 106 million people owned crypto assets.
By 2021, the rate of crypto adoption grew by 178%.
Taking these numbers into consideration, the Web3 industry looks to potentially experience a much faster adoption rate than even the internet did within its first decade of inception (between 1990 and 2000).
Cryptocurrency users are expected to increase to over 1 BILLION market participants by 2024, even if the adoption rate slows by 20% of the aggregate.
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