USD 4.06 billion
Global Cryptocurrency Market Size, Share, Growth Analysis, By Type(Bitcoin, Ethereum), By Process(Mining, Transaction), By Application(Trading, Remittance) - Industry Forecast 2024-2031
Report ID:
SQMIG40D2013 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
92 |
Figures:
76
Global Cryptocurrency Market Insights
Cryptocurrency Market size was valued at USD 4.06 billion in 2019 and is poised to grow from USD 4.57 billion in 2023 to USD 13.18 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Bitcoin
Fastest Growth
Ethereum
Growth Rate
12.5% CAGR
Global Cryptocurrency Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Cryptocurrency Market Size By Type, 2021-2028 ($ Bn)
Global Cryptocurrency Market Size By Type, 2021-2028 (%)
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Global Cryptocurrency Market Segmental Analysis
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.
Global Cryptocurrency Market By Type, 2021 (%), 2023 (%)
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Global Cryptocurrency Market Regional Insights
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.
Global Cryptocurrency Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Cryptocurrency Market Dynamics
Cryptocurrency Market Driver
- Cryptocurrency is a form of digital assets that are used for secured transactions, controls access, and verifies the ownership of the holder. These currencies can be used for the purchase of goods and services rather than using conventional currencies; this makes them very useful and thus increase the demand and adoption of cryptocurrencies in the market globally.
- The use of digital currency is growing dramatically in the last few years which has driven the attention of various young people who want to invest and hold it as an asset that will generate great returns. This raised the demand for bitcoin in the world and the price grew a lot as there is only a limited supply of bitcoin and the demand has no limitation which drove the growth of the cryptocurrency market worldwide.
Cryptocurrency Market Restraint
- The major challenge that is faced in the cryptocurrency market is no regulation regarding the printing and value generation of the asset. This enables various operators to manipulate the value of cryptocurrencies to lure people who have little understanding of them and end up losing money in the market.
- As the cryptocurrency market is unregulated that’s the reason for high instability in the market and high fluctuations in value because of manipulation which might make newcomers lose capital and leave the cryptocurrency market this, in turn, will hamper the growth of this industry in the coming period.
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Global Cryptocurrency Market Competitive Landscape
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
- Bitcoin
- Ethereum
- Binance Coin
- Cardano
- XRP (Ripple)
- Solana
- Dogecoin
- Polkadot
- Terra
- Chainlink
- Internet Computer
- Bitcoin Cash
- Litecoin
- Uniswap
- Polygon (MATIC)
- Cosmos
- VeChain
- Avalanche
- Algorand
- Shiba Inu
Cryptocurrency Market Recent Developments
- In April 2022, a large Chinese company Bit main showcased the first fully operational hydro cooling data center in North America. The event was hosted and top companies were invited to use hydro cooling technology in the data mining operations.
- In April 2022, a Luxembourg-based crypto exchange company Bitstamp, published the first crypto plus report that is a true global barometer of trust and adoption of cryptocurrency around the world.
Global Cryptocurrency Key Market Trends
- The increasing need for transparency and efficiency of the financial payment system is one of the reasons for influencing the growth of the cryptocurrency market. The rising internet penetration in the various regions of the world and various technology companies providing trading facilities through their trading platform over smartphones and computers are one of the trends that has been witnessed in the past few years. Apart from all these the legalization and approval for purchasing and investing in these cryptocurrencies are also driving the growth of the cryptocurrency market.
- The transparency that is attained by blockchain technology is commendable. There is minimal chance of fraudulent and unintended transactions in this system due to manual error and data manipulation is not possible in the blockchain..
Global Cryptocurrency Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.06 billion |
| Market size value in 2031 | USD 13.18 billion |
| Growth Rate | 12.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Cryptocurrency Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Cryptocurrency Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cryptocurrency Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cryptocurrency Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Cryptocurrency Market Report Snapshots
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