In 2019, the global cryptocurrency market was worth USD 1.02 billion. By 2026, it is predicted to be worth over USD 1.50 billion, increasing at a CAGR of 5.7%.
According to the report, the global Cryptocurrency market was valued at USD 1.02 Billion in 2019 and is expected to reach over USD 1.50 Billion by 2026, growing at a CAGR of around 5.7% during the forecast period from 2020 to 2026
The Cryptocurrency market is anticipated to register growth owing to swift and unhindered transaction facility offered to the entities in transaction. Transaction in cryptocurrency ensures transparency as all the transactions are recorded on distributed ledger.
A cryptocurrency is nothing but a type of virtual currency that is used as a medium of exchange in several transactions. Cryptography is used for having secured transactions; it also controls the new cryptocurrency units’ creation. In the past, the popularity of the cryptocurrency was low but now there are several organizations that carry out their transactions with the help of cryptocurrency.
There are several factors that are driving the global cryptocurrency market which includes its global recognition since cryptocurrency is not bound to any of the interest rates or exchange rates of any of the countries it is accepted as an international means for the transaction. Owing to this factor both time as well as money is saved. While making transactions there are less or literally no chances of fraud. These factors are increasing the demand for the cryptocurrency market. The other factors that are triggering the growth of the market are immutability and transparency of the distributed ledger technology and the lower ownership cost. The latest trend in the cryptocurrency market is that many people are investing on cryptocurrencies especially bitcoins.
However trending is the market, but cryptocurrencies are always considered as high-risk investments owing to the fact that the market value of the cryptocurrencies fluctuates drastically. The other factor that may hamper the growth of the market is cryptocurrency transactions are partly unregulated thus there is a risk that in certain jurisdictions cryptocurrency exchange can be outlawed.
The global cryptocurrency market can be fragmented into its offering, process, type, and the end-user. On the basis of the offering, the global market can be segregated into software and hardware. Based on the process type, the cryptocurrency market can be segregated into transaction and mining. The different types of cryptocurrencies available in the global market include Ethereum, Litecoin, Ripple (XRP), Dashcoin, Bitcoin, and others. By end-user, the cryptocurrency market can be categorized into remittance, media and entertainment, peer-to-peer payment, e-commerce and retail, and others.
Region wise, the global cryptocurrency market can be diversified in seven important regions such as Asia Pacific, North America, Western Europe, the Middle East and Africa, Eastern Europe, and Latin America. It is anticipated that Europe holds a significant market share and is expected to remain dominant in the coming years. In Europe, Germany anticipates contributing a significant share in the cryptocurrency market. Factors favoring the Europe cryptocurrency market are increasing adoption of the digital currency by several traders and the presence of a wide number of mining pools. In North America, the countries that are increasingly adopting cryptocurrencies are Canada and the U.S. In Asia Pacific region, the cryptocurrency market is developing in the countries such as Japan, China, and Singapore.
Some of the most important market players in the cryptocurrency market include Microsoft Corporation, BitFury Group Limited, Advanced Micro Devices, Inc., Ripple Labs Inc., Intel Corporation, NVIDIA Corporation, Coinbase Ltd., AlphaPoint Corporation, Xilinx Inc., BitGo, and BTL Group Ltd., among others.
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