Cryptocurrency Market Size (2023 - 2030)

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 2030 registering a CAGR of 7.7% during the foretold period.

Industry Overview
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.

Market Drivers
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.

Market Restrains
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.

Recent Developments

• 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.

Segment Analysis
The global cryptocurrency market has been segmented based on Offering, Process, and Type.

Cryptocurrency Market - By Offering

• Hardware
• Software

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.

Cryptocurrency Market - By Process

• Mining
• Transaction
  The mining process held the largest share in the cryptocurrency market. Mining is an integral process of generating, validating, and transmitting transactions in cryptocurrencies. The mining process assures a secure, safe, stable currency generator from payer to receiver. 

Cryptocurrency Market - By Type

• Bitcoin
• Ethereum
• Bitcoin Cash
• Ripple
• Litecoin
• Dash
• Others
  Bitcoin is one of the most famous cryptocurrencies and has accepted many people and companies to develop and thrive as the source of income. Moreover, the economy is slowly inclining to habituate to the needs, and cryptocurrencies have a great potentiality in satisfying the bitcoins. 

Regional Analysis
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.

Key players in the Cryptocurrency Market

1. Bitmain (China)

2. NVIDIA (US)

3. Xilinx (US)

4. Intel (US)

5. Advanced Micro Devices (US)

6. Ripple Labs (US)

7. Ethereum Foundation (Switzerland)

8. Bitfury Group (Netherlands)

9. Coinbase (US)

10. BitGo (US)

11. Binance Holdings (China)

12. Canaan Creative (China)

13. Bitstamp (Luxemburg)

14. Ifinex (Hong Kong)

15. Ledger SAS (France)

16. Xapo (Hong Kong)

17. Alcheminer (US)

COVID-19 Impact On Cryptocurrency Market
The origin of the new infectious disease is Wuhan, China, in December 2022. The global COVID-19 has affected the economy adversely. During the first quarter of 2022, the impact was very severe resulting in millions of death. Following COVID-19, the shutdown of businesses have disturbed the process of receiving new hardware and developed equipment led to the lessening mining operations and 
With the sudden eruption of the virus, the COVID-19 pandemic has created a negative impact on the cryptocurrency market. The market growth attributing to the level of stability in cryptocurrency has considerably hindered while the unevenness level substantially bolstered and cryptocurrencies have become more unstable that is set to lessen the demand for a cryptocurrency throughout the crisis period. 
In addition, cryptocurrency showcases a low level of regularity compared to international equity markets, further downturn the rising demand for cryptocurrency extremely throughout the pandemic crisis. 
With the quick spread of the novel coronavirus (COVID-19), the relationship between Bitcoin and the equity market has extended. Even though, the long-term impact of COVID-19 on economies can't be forecasted, seeing the cultures and independent's well-being. Moreover, the virus spread has forced crypto companies to execute work from home strategy and has delayed many business partnerships.