Global Cryptocurrency Market

Cryptocurrency Market Size, Share, Growth Analysis, By Type(Bitcoin, Ethereum, Bitcoin Cash, Ripple), By Process(Mining, Transaction), By Application(Trading, Remittance, Payment, Others) - Industry Forecast 2024-2031


Report ID: SQMIG40D2013 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 92 | Figures: 76

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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FAQs

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).

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. '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 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 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.

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.

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Global Cryptocurrency Market

Product ID: SQMIG40D2013

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