According to Coinmarketcap numbers, the Brazilian crypto market is expanding and will hit high levels by 2021.
The assets have a market value of $2.1 trillion. Bitcoins account for half of this total. The rise in trading volume is linked to the growing popularity of cryptocurrencies, which attracts new investors.
The introduction of the Brazilian-ETF was, in many ways, the catalyst for the cryptocurrency’s success. On April 26, it was listed on the stock exchange and soon became the third-largest daily trading.
The success of trading on the Capitual network, which is available in 48 countries, has also aided in the growth of cryptocurrencies. The platform’s user base grew from 20 to 600,000 crypto users in a year. This raised the number of transactions to hundreds of thousands and the exchange’s total value to 3 billion reais.
Brazil, according to a Banco Capitual official, is a promising market. The company’s interest, however, stretches well beyond its borders.
Latin America as a whole is involved in cryptocurrencies. As a result, the platform is extending its operations to Argentina. This will serve as an additional incentive for the region’s cryptocurrency growth.