Global Cryptocurrency Market to Grow at a CAGR of 12.2% in the Forecast Period
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A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global cryptocurrency market was worth USD 1.3 billion in the year 2021. The market is projected to grow at a CAGR of 12.2%, earning revenues of around USD 2.8 billion by the end of 2028. The global cryptocurrency market's current expansion is due to several causes. Advanced technical development is one of the main drivers of the business, as it makes the adoption of cryptocurrencies easier. Cryptocurrencies are built on cryptography, making them highly secure digital money in an age where cyber-security is always under threat. Furthermore, it provides greater security and speedier processing, providing digital currencies with an advantage over other traditional payment options.
Growing Popularity of Bitcoins is Fostering Global Cryptocurrency Market
Bitcoin's popularity is growing by the day, and more individuals are becoming interested in cryptocurrencies as a result. As a result, it is bringing in a lot of money. Bitcoins enable speedier processing and are considerably easier to liquefy, which is one of the key causes driving their growth. Furthermore, bitcoin's value is very volatile, which has piqued the curiosity of investors. The value of a single bitcoin has increased many times in recent years, making it an excellent investment alternative.
Global Cryptocurrency Market - By Method
Based on method, the global cryptocurrency market is segmented into mining and transactions. The transaction segment holds the largest share in the global cryptocurrency market owing to the low transaction fees, fraud protection, improved security, and decentralized systems. It also provides speedy money transfers, even internationally, which has increased its appeal and applicability, expanding its market growth.
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Global Cryptocurrency Market - By End-User
Based on end-user, the global cryptocurrency market is segmented into banking, stock market & virtual currency, real estate, and other. The stock market and virtual currency segment account for the largest market share and is estimated to register the highest growth rate during the forecast period as well. Cryptocurrency has already made inroads into the stock market, with several public businesses trading bitcoins and other cryptocurrencies. Many businesses have begun to accept bitcoins as a form of payment in return for their goods or services.
Global Cryptocurrency Market - Regional Insights
Geographically, the global cryptocurrency market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global cryptocurrency market owing to the regulations and structured laws present in countries such as the United States. Cryptocurrency exchange rules in the United States declare that they are lawful and come under the Bank Secrecy Act's regulatory purview (BSA). However, the Middle East countries such as Dubai are anticipated to register the highest growth rate during the forecast period.
Impact of COVID-19 on Global Cryptocurrency Market
Covid-19's breakout and the subsequent pandemic had a mixed impact on the global cryptocurrency market. As China is the leading cryptocurrency market but the coronavirus situation also erupted in this country itself, it has majorly affected the market. However, the current pandemic crisis has created several opportunities for the cryptocurrency market to expand. Many nations have begun to regard cryptocurrency and its many varieties as a viable alternative to the traditional market since it has outperformed it in multiple cases. Experts say that if governments want to boost their economy and restore economic growth, they should use cryptocurrencies.
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Competitive Landscape
The leading market players in the global cryptocurrency market are Microsoft Corporation, BitFury Group Limited, Advanced Micro Devices, Ripple Labs Inc., Intel Corporation, NVIDIA Corporation, Coinbase Ltd., AlphaPoint Corporation, Xilinx Inc., BitGo, and other prominent players.
To grow their consumer base and product offerings, market participants are engaging in competitive tactics such as partnerships, acquisitions, and collaborations. For simplicity of use and navigation, the firms are continually updating and innovating their trading and crypto platforms. They're also working together with developers to improve their platforms.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global cryptocurrency market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global cryptocurrency market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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