New York, United States , June 26, 2024 (GLOBE NEWSWIRE) -- The Global Cryptocurrency Market Size is to Grow from USD 5.25 Billion in 2023 to USD 17.03 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.49% during the projected period.
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Cryptocurrency, also called virtual currency, exists digitally and has no regulating authority. Cryptocurrency uses distributed ledger technology such as blockchain to allow transactions. The increasing execution of distributed ledger technology is estimated to drive the cryptocurrency market development during the forecast period. Furthermore, the increasing number of clients of cryptocurrencies for cross-border settlements is predicted to improve market growth owing to the reduction in customer fees and exchange charges. The main factor pouring the market's growth is the development of distributed ledger technology and increasing digital investments in venture capital. Developing countries have started utilizing digital currency as a financial exchange medium. The development of the cryptocurrency market is provocatively driven by the increasing demand for transparency and efficiency in financial payment systems. This increasing requirement aligns with the increasing internet saturation across numerous global regions. Moreover, the development of technology companies' contribution to accessible trading platforms through smartphones and computers has become a prominent trend in recent years. However, one of the crucial restraints opposing the cryptocurrency market is the lack of regulations governing the formation and valuation of these digital assets. This regulatory void consents certain users to manipulate the value of cryptocurrencies, targeting individuals with insufficient knowledge about these assets.
Browse key industry insights spread across 231 pages with 120 Market data tables and figures & charts from the report on the "Global Cryptocurrency Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, and Software), By Type (Bitcoin (BTC), Litecoin, Ether, Ripple, Ether Classic, and Others), By End-Use (Trading, E-Commerce And Retail, Peer-To-Peer Payment, and Remittance), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment is anticipated to hold the greatest share of the global cryptocurrency market during the projected timeframe.
Based on the components, the global cryptocurrency market is divided into hardware and software. Among these, the hardware segment is anticipated to hold the greatest share of the global cryptocurrency market during the projected timeframe. This is attributed to the hardware segment is again classified based on platform forms such as graphical processing unit (GPU), field programmable gate array (FPGA), application-precise combined circuit (ASIC), and others. The hardware segment embraces hardware executed for crypto mining and exchange such as Bitmain Antminer S9i, Halong Mining DragonMint T1, Pangolin Whatsminer M3X, and Avalon6, among others.
The bitcoin (BTC) segment is anticipated to hold the greatest share of the global cryptocurrency market during the projected timeframe.
Based on the type, the global cryptocurrency market is divided into bitcoin (BTC), litecoin, ether, ripple, ether classic, and others. Among these, the bitcoin (BTC) segment is anticipated to hold the greatest share of the global cryptocurrency market during the projected timeframe. This is attributed to the bitcoin is a highly implemented digital currency in the market. Bitcoin is a virtual currency operating as a dispersed alternative payment method. The influx of Bitcoin Exchange Traded Funds (ETFs) is projected to raise the volume of global bitcoin trades during the forecast period.
The trading segment is predicted to hold the greatest share of the cryptocurrency market during the estimated period.
Based on the end-use, the global cryptocurrency market is divided into trading, e-commerce and retail, peer-to-peer payment, and remittance. Among these, the trading segment is predicted to hold the greatest share of the cryptocurrency market during the estimated period. This is attributed to the trading in cryptocurrencies permits users to purchase, sell, and inspect asset balances and get deposit addresses. Frequent browser technology benefactors are focusing on forming alliances with blockchain technology firms to permit their customers to trade cryptocurrency easily.
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Asia Pacific is expected to hold the largest share of the global cryptocurrency market over the forecast period.
Asia Pacific is expected to hold the largest share of the global cryptocurrency market over the forecast period. The governance is attributable to the acceptance of cryptocurrencies in countries such as South Korea, Japan, and India. Moreover, the existence of cryptocurrency mining companies such as Ebang International Holdings, Inc., Bitmain Technologies Limited., Canaan, Inc. and others are projected to provide market growth in the region. Additionally, foremost players in the region are going into corporations to address the competitive market.
North America is predicted to grow at the fastest pace in the global cryptocurrency market during the projected timeframe. This is attributed to the use of cryptocurrencies in NFTs in the region and the increasing acceptance of cryptocurrencies as a kind of value storage is pouring the regional market's growth. Moreover, the region is remarking crucial investments in companies developing blockchain technology and radical solutions for cryptocurrency mining systems that have higher muddle rates and better power efficiency.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cryptocurrency Market include Advanced Micro Devices, Inc., Binance, Bit fury Group Limited, Bit Go, Inc., Bit Main Technologies Holding Company, Intel Corporation, NVIDIA Corporation, Ripple, Xapo Holdings Limited, Xilinx, Inc., Ledger SAS, Ethereum Foundation, Coinbase, Alcheminer, and others.
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Recent Developments
- In December 2023, Bitfinex Securities Ltd. secured USD 5.2 million in USDT by using its tokenized bond ALT2612. The fundraising initiative was made possible through the assistance of ALTERNATIVE, a securitization endowment based in Luxembourg, and accomplished by Mikro Kapita, a prominent microfinancing company.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Cryptocurrency Market based on the below-mentioned segments:
Global Cryptocurrency Market, By Component
- Hardware
- Software
Global Cryptocurrency Market, By Type
- Bitcoin (BTC)
- Litecoin
- Ether
- Ripple
- Ether Classic
- Others
Global Cryptocurrency Market, By End-Use
- Trading
- E-Commerce And Retail
- Peer-To-Peer Payment
- Remittance
Global Cryptocurrency Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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