Pune, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Cryptocurrency Market Size Analysis:
“The SNS Insider report indicates that the Cryptocurrency Market size was valued at USD 5.08 billion in 2023 and is projected to grow to USD 15.39 billion by 2032, with a compound annual growth rate (CAGR) of 13.13% during the forecast period from 2024 to 2032.”
The cryptocurrency market is experiencing rapid expansion due to a combination of technological innovations, increasing institutional adoption, and growing demand for decentralized financial services. One of the major growth factors driving the market is the rise of Decentralized Finance (DeFi). DeFi applications, which allow for peer-to-peer financial transactions without traditional intermediaries, have seen tremendous growth, with the total value locked (TVL) in DeFi platforms surpassing USD 100 billion in 2023, highlighting the increasing consumer and investor confidence in cryptocurrency solutions.
Another important growth factor is institutional investment. Major players such as Tesla, MicroStrategy, and large hedge funds have significantly increased their crypto holdings, while firms like BlackRock are moving forward with cryptocurrency-based investment products, signaling a shift toward broader mainstream acceptance. Furthermore, the emergence of new financial products, including Bitcoin ETFs (Exchange-Traded Funds) and crypto futures, is expanding access to cryptocurrencies for both retail and institutional investors.
Technological advancements, such as Ethereum’s transition to Proof of Stake (PoS) through Ethereum 2.0, are also playing a pivotal role in driving market growth. This shift aims to reduce the environmental impact of cryptocurrency mining while enhancing scalability and transaction speeds, positioning Ethereum as an increasingly attractive platform for developers and businesses. Finally, regulatory clarity is helping to alleviate concerns around security and compliance. Countries like the U.S. and the EU are introducing frameworks that will help ensure the legitimacy and safety of cryptocurrency transactions, thereby attracting more participants to the space. The rise of blockchain-as-a-service (BaaS) solutions and the increasing use of cryptocurrencies in cross-border remittances further contribute to the sector's growth, reinforcing the market’s upward trajectory.
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Major Players Analysis Listed in this Report are:
- Coinbase - Coinbase Exchange
- Binance - Binance Exchange
- Kraken - Kraken Exchange
- Gemini - Gemini Wallet
- Bitfinex - Bitfinex Exchange
- Ripple Labs - Ripple (XRP)
- Ethereum Foundation - Ethereum Blockchain
- Bitcoin Foundation - Bitcoin Protocol
- Chainalysis - Chainalysis Reactor (Compliance and Investigation Tool)
- BlockFi - BlockFi Interest Account (BIA)
- Bitmain - Antminer S19 Pro (ASIC Miner)
- Ledger - Ledger Nano X (Hardware Wallet)
- Tether - Tether (USDT)
- OKX - OKX Exchange
- KuCoin - KuCoin Exchange
- Crypto.com - Crypto.com App
- Cardano (IOHK) - Cardano Blockchain
- Polkadot - Polkadot Blockchain
- Avalanche - Avalanche Blockchain
- Uniswap - Uniswap Protocol
Cryptocurrency Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 5.08 billion |
| Market Size by 2032 | USD 15.39 Billion |
| CAGR | CAGR of 13.13% from 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Companies like Tesla and MicroStrategy are integrating cryptocurrencies into their portfolios, increasing trust and legitimacy •Innovations such as Ethereum 2.0 and layer-2 scaling solutions improve transaction speed and reduce costs •Applications in cross-border payments, NFTs, decentralized finance (DeFi), and decentralized apps (dApps) are broadening crypto's utility |
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Segmentation Analysis
By Type
In 2023, the Bitcoin segment dominated the market and accounted for more than 40.25%. The growing trend of Bitcoin Exchange-Traded Funds (ETFs) is expected to lead to an increased volume of global Bitcoin trades over the forecast period. Such as the Purpose Bitcoin ETF in Canada, which experienced its largest USD inflow of USD 207 million in May 2022.
Ethereumțs Expected Significant CAGR Growth during the forecast period. Ethereum is a blockchain-based open software platform for building a wide range of decentralized applications. As the number of new projects launched using the Ethereum network has exploded over the past year, the amount of network activity correlated to the growth of the Ethereum market has made a significant increase. Ethereum pioneered applying smart contracts to algorithm-based financial transactions. A smart contract is a transaction instruction on the blockchain network. The first-mover advantage is expected to help the cryptocurrency grow during the period of this forecast as Ethereum transitions to Ethereum 2.0, a much more eco-friendly and cheap-to-mine system.
Cryptocurrency Market Segmentation:
By Type
- Bitcoin
- Ethereum
- Bitcoin Cash
- Ripple
- Litecoin
- Dashcoin
- Others
By Component
- Hardware
- Software
By Process
- Mining
- Transaction
By Application
- Trading
- Remittance
- Payment
- Others
Regional Landscape
In 2023, North America dominated the cryptocurrency market and represented a revenue share of 36.23%, driven by the concentration of cryptocurrency mining farms, such as Riot Blockchain, Marathon Digital, and Bitfarm. These facilities play a critical role in validating transactions and securing blockchain networks, especially for cryptocurrencies like Bitcoin and Ethereum. The rapid adoption of cryptocurrencies in the U.S. and the recognition of digital currencies as viable investment assets by major financial institutions are also contributing to the region's growth. Moreover, the increasing use of cryptocurrencies for transactions in retail spaces further supports this expansion. Moving forward, North America is expected to maintain strong growth, especially with institutional investments and technological advancements in blockchain systems
The Asia Pacific region is experiencing the highest compound annual growth rate (CAGR) in the cryptocurrency market. Countries like Japan, South Korea, and China are driving this growth, thanks to their strong focus on blockchain innovation and cryptocurrency infrastructure. In particular, Japan’s government-backed initiatives and China’s dominance in mining hardware production contribute significantly. Additionally, decentralized finance (DeFi) and blockchain research in the region continue to thrive, attracting both institutional and retail investors. The active development of blockchain applications for a wide range of industries, from finance to supply chain management, is poised to further accelerate market expansion in the region
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Recent Developments
January 2024 – SEC Approval of Bitcoin ETFs: The U.S. Securities and Exchange Commission (SEC) is expected to approve Bitcoin ETFs, which could open the market to a wider range of institutional investors, boosting mainstream adoption of digital assets.
February 2024 – Ethereum 2.0 Upgrades: Ethereum continues to improve its blockchain, with Ethereum 2.0 upgrades set to further enhance scalability and reduce energy consumption, making it a more attractive platform for decentralized applications (dApps) and financial services.
Table of Contents – Major Key Points
1.Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Cryptocurrency Market Segmentation, by Type
8. Cryptocurrency Market Segmentation, by Process
9. Cryptocurrency Market Segmentation, by Component
10. Cryptocurrency Market Segmentation, by End-use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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