Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global Cryptocurrency Market size was valued at USD 826.6 million in 2020 and is projected to reach USD 1902.5 million by 2028, exhibiting a CAGR of 11.1% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Cryptocurrency Market Forecast, 2021-2028." The demand for crypto has increased due to rising investments in venture capital. Additionally, the increasing popularity of digital assets such as bitcoin and litecoin is likely to accelerate the market in upcoming years.
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Furthermore, it has been seen that the digital currency is also used in the integration of blockchain technology to get decentralization and control efficient transactions. Thus, advantages such as these are also encouraging people to invest in crypto. For instance, In October 2018, Qtum Chain Foundation made a partnership with Amazon Web Services (AWS) China to use blockchain systems on the AWS cloud. With this collaboration, AWS will be able to help its users in using Amazon Machine Images (AMI) to develop and publish smart contracts easily and efficiently.
Notable Industry Development:
June 2021- NYDIG, a digital asset management firm, partnered with NCR Corporation to make crypto purchases available to credit unions and 650 banks. The effort is in response to consumer demand from NCR banking clients who have been purchasing digital money through third-party exchanges.
Key Takeaways
- Cryptocurrency Market size in North America was USD 273.0 million in 2020
- The Spread of COVID-19 Had Mixed Impact on Global Market
- Focus on Mitigating Financial Crisis, and Regional Instability Drives the Virtual Currency’s Demand
- Cryptocurrencies are Expected to be Adopted Majorly for Remittances Resulting in Flourishing CAGR
Discover the Leading Players Featured in the Report:
“Companies leading the global Cryptocurrency Market are Xilinx, Inc. (California, U.S.), Intel Corporation (California, U.S.), Advanced Micro Devices, Inc. (California, U.S.), Ripple Labs, Inc. (California, U.S.), Bitfury Group Limited. (Amsterdam, U.K.), Ledger SAS(Paris, France), Nvidia Corporation (California, U.S.), BitGo (California, U.S.), Xapo (Zürich, Switzerland)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 11.1% |
| 2028 Value Projection | USD 1,902.5 million |
| Base Year | 2020 |
| Cryptocurrency Market Size in 2020 | USD 826.6 million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | Component, Type, End-Use and Geography |
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Drivers and Restraints:
Focus on Mitigating Financial Crisis and Regional Instability Drives the Demand for Virtual Currency
In recent times, financial disaster is one of the primary issues that occurs in the conventional banking system. This financial instability disrupts the economy by lowering the value of money. For instance, ICICI bank of India, in the year 2008, confronted the Lehman brother crisis, which hugely impacted the nation’s economy. But with using bitcoins, and other cryptocurrency, such situations of economic downfall can be avoided. Therefore, Cryptocurrencies are emerging as alternative options in the regions with unstable economical structure, and this has been a major driving factor for the cryptocurrency market growth.
Segmentation
By Type
- Bitcoin
- Ether
- Litecoin
- Ripple
- Ether Classic
- Others (Dogecoin, Moneor, Dash, Etc.)
By Component Type
- Hardware
- FPGA
- ASIC
- GPU
- Others (Paper Wallet, Web Wallet, Etc.)
- Software
- Mining Software
- Exchanges Software
- Wallet
- Payment
- Others (Vaults, Encryption, Etc.)
By Industry
- Trading
- E-commerce and Retail
- Peer-to-Peer Payment
- Remittance
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period. This is because in most parts of the region bitcoins have become a medium of exchange for tax purposes rather than the actual currency. Although these are not legally regulated by the government, still many of the countries in the region are focused on using digital currencies. The region’s market stood at USD 273.0 million in 2020.
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Competitive Landscape:
Key Players to Focus on Introduction of New Services to Strengthen the Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
FAQs
How big is the Cryptocurrency Market?
The Cryptocurrency Market size was USD 826.6 million in 2020. It is expected to reach USD 1,902.5 million by 2028.
How fast is the Cryptocurrency Market growing?
The Cryptocurrency Market will exhibit a CAGR of 11.1% during the forecast period, 2021-2028.
Related Reports:
Quantum Cryptography Market Size, Share, Revenue Forecast and Opportunities
Blockchain in BFSI Market Overview, Industry Share and Forecast
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