Global Cryptocurrency Market

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

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.

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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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