USD 4.06 billion
Report ID: SQSG40D2001 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 92 | Figures: 76
Global Cryptocurrency Market size was valued at USD 4.06 billion in 2021 and is poised to grow from USD 4.57 billion in 2022 to USD 13.18 billion by 2030, growing at a CAGR of 12.5% in the forecast period (2023-2030).
Cryptocurrency is a virtual currency or even known as the cryptographic piece, which is called a digital currency encrypted to monitor transactions by cryptography and prevent counterfeiting. The computer networks which are connected to a virtual environment operate a decentralized network based on blockchain technology that operates the cryptocurrency. This blockchain technology ensures safety and eliminates the risk of identity robbery of the user as it involves the security password that is linked directly to the digital wallet of the currency holder. Cryptocurrencies are used widely over conventional payment systems on various platforms as it facilitates faster payment with zero transaction charge and offers resistance and transparency against inflation. These are some of the major advantages that are provided by a digital currency which, in turn, drive the growth of the cryptocurrency market during the analysis period.
US Cryptocurrency Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 4.06 billion
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The Global Cryptocurrency Market is segmented on the basis of Type, Process, Application, and Region. Based on Type, the Cryptocurrency Market is segmented into Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Others. Based on Process, the Cryptocurrency Market is segmented into Mining, Transaction. Based on Application, the Cryptocurrency Market is segmented into Trading, Remittance, Payment, and Others. Based on region, the global Cryptocurrency market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Cryptocurrency Market Analysis by Type
The Global cryptocurrency market is divided into Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Others of which Bitcoin held the largest market share in the year 2021. Bitcoin has the largest market share as it is the oldest and most widely accepted cryptocurrency in the world. Today there are 18 million bitcoins in circulation around the world and only 14,000 bitcoin ATMs where you can perform some complex functions such as bitcoin buy and sell using the ATMs. The US had the majority of these bitcoin ATMs. Ethereum is expected to grow at a tremendous rate in the coming year as it is used mostly by banks and if the federal system gives Nod to the use of Ethereum in the market then we can see a huge surge in its value. Many other altcoins are circulating the world but some major coins are Bitcoin and Ethereum and are expected to dominate the market share throughout the analysis period.
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In 2021, North America held the largest market share in cryptocurrency that’s a whopping 42% of the total market share. North America’s dominance in cryptos has been since the starting of cryptocurrency trading and all because of regulations that allow crypto payments to have anonymity in the region of Canada and the US.
The Asia Pacific is expected to see steady growth in the sector of cryptocurrency during the forecast period. China and Japan are some large economies in Asia that are planning to adopt the use of cryptocurrency by introducing compliance and taxation in the cryptocurrency industry. While all these steps are positive developments, some drawbacks could be termed as limiting access to information and technology regarding these digital currencies.
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Cryptocurrency Market Driver
Cryptocurrency Market Restraint
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The Cryptocurrency market is relatively fragmented, with a high level of competition. Few large players, like Alcheminer, Bitmain, and Xilinx, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Cryptocurrency Market Top Player’s Company Profiles
Cryptocurrency Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Bitcoin has the largest market share as it is the oldest and most widely accepted cryptocurrency in the world. Today there are 18 million bitcoins in circulation around the world and only 14,000 bitcoin ATMs. North America held the largest market share in cryptocurrency, 42% of the total market share. North America’s dominance in cryptos has been since the starting of cryptocurrency trading and all because of regulations that allow crypto payments to have anonymity in the region of Canada and the US.
|Market size value in 2021||USD 4.06 billion|
|Market size value in 2030||USD 4.57 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cryptocurrency Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cryptocurrency Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cryptocurrency Market:
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