Cryptocurrency Market Size, Share, Opportunities & Forecast (2024)

Cryptocurrency Market Size And Forecast

Cryptocurrency Market size was valued at USD 1.91 Billion in 2022 and is projected to reach USD 4.77 Billion by 2030, growing at a CAGR of 12.14% from 2024 to 2030.

An increase in capital investment and varying monetary regulations have been driving the Global Cryptocurrency Market. The Global Cryptocurrency Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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Global Cryptocurrency Market Definition

Cryptocurrency is defined as a digital or virtual currency that is designed to work as a medium of exchange. It helps in securing validatory transactions alongside dominant the creation of extra units. Transactions done in cryptocurrency are untraceable, and anonymous, and have created an area for black transactions. It offers several benefits like immediate settlement, worldwide recognition, public access, fraud bar, improved security, lower fees, and many more. Thus, these benefits contribute to the expansion of the Cryptocurrency Market. Individual cryptocurrency units are mentioned as tokens or coins, reckoning on however they’re used.

Some are meant to be units of exchange for commodities and services, whereas others are for worth storage, and nonetheless, others are primarily meant to help within the operation of laptop networks that conduct a lot of advanced money operations. Bitcoin and also the majority of alternative cryptocurrencies are underpinned by blockchain technology, which retains a tamper-resistant history of transactions and keeps a record of who owns the same. Public blockchains are generally localized, which suggests they do not have a centralized authority of a bank or government.

Several factors are driving the Global Cryptocurrency Market which has its global recognition since cryptocurrency is not an absolute to any of the interest rates or exchange rates of any of the countries it’s accepted as the world suggests for the dealings. Due to this issue, each time additional cash is saved. whereas creating transactions there are fewer or no probabilities of fraud. These factors are growing the demand for the Cryptocurrency Market. the opposite factors that are triggering the expansion of the market are the unchangeableness and transparency of the distributed ledger technology and also the lower possession value. the most recent trend within the Cryptocurrency Market is that several individuals are financing cryptocurrencies, particularly bitcoins.

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Global Cryptocurrency Market Overview

Increased opportunities in each developed and developing country, an increase in the adoption rate of cryptocurrency across numerous industries, a rise in capital investment, and ranging financial laws are driving the Global Cryptocurrency Market. On the opposite hand, issues relating to security, control, privacy, quantifiability, complexity, and lack of awareness and technical experience may hinder growth at a world level. Issues associated with lack of transparency arise once transactions occur while not the information of stakeholders, particularly in Asian countries wherever many instances of fallacious or unwanted transactions, like deduction of scheduled charges, are often ascertained. this might be caused by human error, machine error, or information manipulation throughout the dealings method, and will lead to customers losing large amounts of cash.

Moreover, in most cases, money establishments don’t settle for their fault. This lack of transparency within the current touchstone ends up in discontent among the general public. The Cryptocurrency Market isn’t nonetheless regulated. At present, the shortage of laws and also the uncertainty relating to a constant are among the key factors restraining the adoption of cryptocurrencies. whereas money-restrictive bodies across the planet are operating to seek out common standards for cryptocurrencies, restrictive acceptance remains one of the most important challenges. As distributed ledger technology continues to be within the emerging stage, it raises many queries for regulators and policymakers at national and international levels.

Emerging economies (such as Bharat, China, and Brazil) and developed countries (such because the U.S.A., Germany, and Japan) are expected to supply vital growth opportunities for firms operative within the Cryptocurrency Market. an example, in 2020, Brazilian crypto firms signed a code of self-regulation that aims to permit and boost the adoption of crypto assets within the country. The document was signed below the auspices of Abcripto, the country’s association of cryptocurrency firms. the target of the agreement is to determine operational practices and compliance standards that each member should adhere to. The turbinate quality of digital assets like Ethereum and Bitcoin has added considerably to the expansion of the Cryptocurrency Market. several countries and regions have adopted cryptocurrency as a legitimate suggestion for currency exchange. Thus, this facet could flip the tables of growth for the Cryptocurrency Market.

Global Cryptocurrency Market Segmentation Analysis

The Global Cryptocurrency Market is Segmented on the basis of Type, Component, End-User, and Geography.

Cryptocurrency Market, By Type

• Litecoin
• Bitcoin
• Dashcoin
• Ripple
• Ethereum
• Others

Based on Type, the market is segmented into Litecoin, Bitcoin, Dashcoin, Ripple, Ethereum, and Others. Similar to Bitcoin, Litecoin operates on a blockchain, a distributed ledger that keeps track of all transactions across a system of computers. Scrypt, a new hashing algorithm launched by Litecoin, is made to withstand the use of application-specific integrated circuits (ASICs), a type of specialized mining hardware. Due to the use of consumer-grade technology, this method enables a wider range of users to participate in mining.

Cryptocurrency Market, By Component

• Software
• Hardware

Based on Component, the market is segmented into Software and Hardware. A wide range of software platforms and applications connected to cryptocurrencies and blockchain technology are included in the software and cryptocurrency sector. Users may safely store, send, and receive cryptocurrency using wallet software. Applications for these wallets may be desktop, mobile, or web-based. In order to access and manage their cryptocurrency holdings, users are given power over their private keys.

Cryptocurrency Market, By End User

• Media and Entertainment
• Peer-to-Peer Payment
• E-Commerce and Retail
• Remittance
• Others

Based on End User, the market is segmented into Media and Entertainment, Peer-to-Peer Payment, E-Commerce and Retail, Remittance, and Others. Blockchain technologies and cryptocurrencies have made considerable advances in the entertainment industry. Non-fungible tokens (NFTs) are used in blockchain-based games to represent exclusive in-game assets like characters, objects, or real estate. Players are able to purchase, sell, and trade virtual goods in decentralized marketplaces thanks to NFTs, which enable real ownership and verifiable scarcity of those assets.

Cryptocurrency Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Based on regional analysis, the Global Cryptocurrency Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American region held the largest market share and it is expected to continue over forecasted years. The United States has been a major player in terms of cryptocurrency exchanges, blockchain companies, and institutional involvement owing to its strong financial and technology sectors.

Key Players

The “Global Cryptocurrency Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as BTL Group Ltd., BitGo, Xilinx Inc., Advanced Micro Devices, Inc., Alphapoint Corporation, BitFury Group Limited, NVIDIA Corporation, Microsoft Corporation, and Intel Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Key Developments

• In March 2021, Visa Inc. aims to introduce a new payment service by processing cryptocurrency payments directly on the Ethereum blockchain. With this initiative, the company is aiming to embrace cryptocurrency as a payment method for the financial industry.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Cryptocurrency Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Cryptocurrency Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Verified Market Research:

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with ourSales Team at Verified Market Research.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

1 INTRODUCTION OF THE GLOBAL CRYPTOCURRENCY MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources

4 GLOBAL CRYPTOCURRENCY MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porter’s Five Force Model
4.4 Value Chain Analysis

5 GLOBAL CRYPTOCURRENCY MARKET, BY TYPE
5.1 Overview
5.2 Litecoin
5.3 Bitcoin
5.4 Dashcoin
5.5 Ripple
5.6 Ethereum
5.7 Others

6 GLOBAL CRYPTOCURRENCY MARKET, BY COMPONENT
6.1 Overview
6.2 Software
6.3 Hardware

7 GLOBAL CRYPTOCURRENCY MARKET, BY END-USER
7.1 Overview
7.2 Media and Entertainment
7.3 Peer-to-Peer Payment
7.4 E-Commerce and Retail
7.5 Remittance
7.6 Others

8 GLOBAL CRYPTOCURRENCY MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 The U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 The U.K.
8.3.3 France
8.3.4 Italy
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Latin America
8.5.1 Brazil
8.5.2 Argentina
8.5.3 Rest of LATAM
8.6 Middle East and Africa
8.6.1 UAE
8.6.2 Saudi Arabia
8.6.3 South Africa
8.6.4 Rest of the Middle East and Africa

9 GLOBAL CRYPTOCURRENCY MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
9.4 Company Regional Footprint
9.5 Company Industry Footprint
9.6 ACE Matrix

10 COMPANY PROFILES

10.1 BTL Group Ltd.
10.1.1 Company Overview
10.1.2 Company Insights
10.1.3 Business Breakdown
10.1.4 Product Benchmarking
10.1.5 Key Developments
10.1.6 Winning Imperatives
10.1.7 Current Focus & Strategies
10.1.8 Threat from Competition
10.1.9 SWOT Analysis

10.2 BitGo
10.2.1 Company Overview
10.2.2 Company Insights
10.2.3 Business Breakdown
10.2.4 Product Benchmarking
10.2.5 Key Developments
10.2.6 Winning Imperatives
10.2.7 Current Focus & Strategies
10.2.8 Threat from Competition
10.2.9 SWOT Analysis

10.3 Xilinx Inc
10.3.1 Company Overview
10.3.2 Company Insights
10.3.3 Business Breakdown
10.3.4 Product Benchmarking
10.3.5 Key Developments
10.3.6 Winning Imperatives
10.3.7 Current Focus & Strategies
10.3.8 Threat from Competition
10.3.9 SWOT Analysis

10.4 Advanced Micro Devices, Inc.
10.4.1 Company Overview
10.4.2 Company Insights
10.4.3 Business Breakdown
10.4.4 Product Benchmarking
10.4.5 Key Developments
10.4.6 Winning Imperatives
10.4.7 Current Focus & Strategies
10.4.8 Threat from Competition
10.4.9 SWOT Analysis

10.5 Alphapoint Corporation
10.5.1 Company Overview
10.5.2 Company Insights
10.5.3 Business Breakdown
10.5.4 Product Benchmarking
10.5.5 Key Developments
10.5.6 Winning Imperatives
10.5.7 Current Focus & Strategies
10.5.8 Threat from Competition
10.5.9 SWOT Analysis

10.6 BitFury Group Limited
10.6.1 Company Overview
10.6.2 Company Insights
10.6.3 Business Breakdown
10.6.4 Product Benchmarking
10.6.5 Key Developments
10.6.6 Winning Imperatives
10.6.7 Current Focus & Strategies
10.6.8 Threat from Competition
10.6.9 SWOT Analysis

10.7 NVIDIA Corporation
10.7.1 Company Overview
10.7.2 Company Insights
10.7.3 Business Breakdown
10.7.4 Product Benchmarking
10.7.5 Key Developments
10.7.6 Winning Imperatives
10.7.7 Current Focus & Strategies
10.7.8 Threat from Competition
10.7.9 SWOT Analysis

10.8 Microsoft Corporation
10.8.1 Company Overview
10.8.2 Company Insights
10.8.3 Business Breakdown
10.8.4 Product Benchmarking
10.8.5 Key Developments
10.8.6 Winning Imperatives
10.8.7 Current Focus & Strategies
10.8.8 Threat from Competition
10.8.9 SWOT Analysis

10.9 Intel Corporation
10.9.1 Company Overview
10.9.2 Company Insights
10.9.3 Business Breakdown
10.9.4 Product Benchmarking
10.9.5 Key Developments
10.9.6 Winning Imperatives
10.9.7 Current Focus & Strategies
10.9.8 Threat from Competition
10.9.9 SWOT Analysis

11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations

12 Appendix
12.1 Related Research

Report Research Methodology

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

Econometrics and data visualization model

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

• Market drivers and restraints, along with their current and expected impact
• Raw material scenario and supply v/s price trends
• Regulatory scenario and expected developments
• Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

• Established market players
• Raw data suppliers
• Network participants such as distributors
• End consumers

The aims of doing primary research are:

• Verifying the collected data in terms of accuracy and reliability.
• To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix