The cryptocurrency market size at the global level was USD 1.8 billion in 2022 and is expected to reach USD 2.6 billion by 2027 registering a CAGR of 7.7% during the foretold period.
Cryptocurrency is also known as virtual currency. Virtual currency is a form of digital currency and has no central issuing or regulating authority. Cryptocurrency uses blockchain technology to verify transactions.
Cryptocurrencies can be bought and sold through exchanges and stored in 'wallets'. Bitcoin is one of the cryptocurrencies and is witnessing a period of remarkable price stability, regardless of major advancements within the crypto space over the latest days.
Since the Russian invasion began, Ukraine is legalizing the cryptocurrency market. The country has received millions in crypto donations. Cryptocurrencies are digital assets created using computer network software allowing secure trading and ownership. The cryptocurrency world has come from cryptographic processes as developers have put in place to guard opposing fraud.
Cryptocurrency adoption continues to grow globally.
Factors driving the cryptocurrency market include accelerating digitization, easy availability, and the growing perception of high-speed internet connectivity over daily activities. In addition, acceptance, and approval of the purchase, sale, or trading of virtual currencies across developing countries drive market growth.
Favorable and appropriate access to online trading that can be used through smartphones fuel the market. Most of the companies are investing in cryptocurrency and partnering for delivering effective and quality services to the users, with the increasing advantages of blockchain and digital currency. The popularity of digital assets like Bitcoin and Litecoin is surging, propelling market growth. Growing digital investments and rising distributed ledger technology accelerate the market growth.
However, the cost of implementing the cryptocurrency system is expensive and the dearth of knowledge of cryptocurrency in people across developing countries obstruct the market growth.
On March 18, 2022, Bitmain revealed a new liquid-cooled ASIC Mining Rig with 255TH/s of computing power. Bitmain is turning its head with its latest product. The Antminer S19 XP Hyd. is the new bitcoin miner which is more powerful than the Antminer S19 Pro + Hyd.
On February 22, 2022, Bitfury Group circulated the launch of a new 28MW digital asset mining data center in Sarnia, Ontario. The facility is equipped with Bitfury's blockchain software and hardware solutions.
On November 17, 2022, Bitstamp enlarges digital asset offering with Copper.co Partnership. Copper's leading crypto custody solution will enable Bitstamp to provide a new set of digital assets to its customer globally.
On February 18, 2022, Ethereum System Skale launched a 100M USD Ecosystem Fund. The Ecosystem program gives developers incentives to build on its platform. Skale is a decentralized network of blockchains built on Ethereum, with a focus on running decentralized applications with speed and low cost.
On March 17, 2022, BitGo broadcasted the launch of 24/7 withdrawal support, a first-of-its-kind solution providing the capability to transact at any time with the security holding their digital assets in cold storage.
The global cryptocurrency market has been segmented based on Offering, Process, and Type.
The hardware segment holds the largest share in the cryptocurrency market. The hardware segment growth owes to promoting the performance of the software and intensifying the efficacy of the financial payment tools.
North America is one region too has tremendous growth in the global cryptocurrency market.
The U.S is eighth in position in adopting the global cryptocurrency. Moreover, the U.S is now the top destination for bitcoin miners.
Europe is the second-largest in the cryptocurrency market.
Vietnam tops the crypto adoption at the global level. Due to its high transaction and volume and levels of grassroots adoption.
However, Asia-Pacific is dominating the cryptocurrency market and is expected to maintain its dominance throughout the foreseen period. The increase in the number of Bitcoin exchanges throughout Asia brings some healthy competition and maturity to the cryptocurrency industry.
China is the largest market among all Asia-Pacific countries. The growth in China attributes to the low cost of electricity and the presence of big mining companies. In addition, Chinese banks hire blockchain professionals as the government pushes the technology used behind bitcoin to escalate transparency and fight against fraud across the financial sector.
Latin America and the Middle East and Africa grow owing to the rising penetration of smartphones that allows mobile payment service providers to supply smooth services on mobile phones, which is a significant opportunity for the market to develop highly.
Nigeria is the leading country for Bitcoin and cryptocurrency adoption due to using it as a means of sending remittances.
Chapter 1. Global Cryptocurrency Market – Scope & Methodology
1.1. Market Segmentation
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Global Cryptocurrency Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2027) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2022 - 2027
2.3.2. Impact on Supply – Demand
Chapter 3. Global Cryptocurrency Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Global Cryptocurrency Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Global Cryptocurrency Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Global Cryptocurrency Market – By Offering
Chapter 7. Global Cryptocurrency Market – By Process
7.3. Online Platforms
Chapter 8. Global Cryptocurrency Market – By Type
8.3. Bitcoin Cash
Chapter 9. Global Cryptocurrency Market, By Geography - Market Size, Forecast, Trends & Insights
9.1. North America
9.2.7. Rest of Europe
9.3. Asia Pacific
9.3.2. South Korea
9.3.5. Australia & New Zealand
9.3.6. Rest of Asia-Pacific
9.4. Rest of the World
9.4.1. Middle East
9.4.3. South America
Chapter 10. Global Cryptocurrency Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
10.1. Company 1
10.2. Company 2
10.3. Company 3
10.4. Company 4
10.5 Company 5
10.6. Company 6
10.7. Company 7
10.8. Company 8
10.9. Company 9
10.10. Company 10
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