The market cap of Bitcoin is currently larger than Facebook [1]. The total market cap of all cryptocurrencies is over $2 trillion, which is larger than Microsoft, Amazon, Google or silver, and nearing the market cap of Apple. I would not consider that a small market.

It is not unregulated. There have been several lawsuits brought on to the space already [2][3]. Exchanges that don't enforce AML/KYC have charges brought against them [4]. It is less regulated than the stock market, but it is by no means the wild west, at least in the US.

1: https://companiesmarketcap.com/assets-by-market-cap

2: https://www.sec.gov/news/press-release/2020-262

3: https://www.sec.gov/news/press-release/2020-338

4: https://news.bloomberglaw.com/bloomberg-law-analysis/analysi...