Mergers and acquisitions (M&A) in the cryptocurrency sector surged in 2020 and are expected to keep on climbing this year, according to a report by PwC.

The total value of this activity in crypto more than doubled last year to $1.1 billion from 2019, PwC said in a market overview released Monday. The average deal size has also risen from $19.2 million to $52.7 million.

Overall, the value of crypto fundraising has increased by 33% from the year prior. A greater percentage of this deal activity is taking place in Europe and Asia.

While crypto fundraising and M&A made a record last year, 2021 “is already on track to significantly surpass it from every single metric,” said Henri Arslanian, PwC global crypto leader.

According to him, cash-rich crypto platforms, large investors, and institutional players will drive activity.

The latest report supports the case that the crypto market is expanding as the price of Bitcoin rises to a new all-time high of nearly $62,000 this month.

PwC also predicts that the cryptocurrency industry will become more institutionalized, citing the gains seen in the market and the buzz surrounding central bank digital currencies (CBDC), stablecoins, decentralized finance (DeFi), and non-fungible tokens (NFTs).

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