Cryptocurrency Market Size, Trends, Growth & Forecast [2023-2030] (2024)

Report Scope &Overview:

The Cryptocurrency Market was valued at USD 2.03billion in 2022, and is predicted to increase at a CAGR of 7.14 % from 2023to 2030, to reach USD 3.53 billion.

The term "virtual currency" refers to cryptocurrency. It is a type of money that solely exists in the digital realm and has no central issuing or regulatory body. The transactions are authenticated using blockchain technology. Blockchain is a decentralized system that handles and records transactions across numerous computers. Furthermore, it is a peer-to-peer system that allows users to send and receive payments from anywhere in the globe without relying on banks to authenticate transactions.

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The global cryptocurrency market is growing due to an increase in the demand for operational efficiency and transparency in financial payment systems, as well as an increase in demand for remittances in developing countries, improved data security, and a larger market cap. Furthermore, the cryptocurrency market's growth is hampered by high implementation costs and a lack of awareness among people in developing countries. Additionally, rising demand for cryptocurrency among banks and financial institutions, as well as untapped potential in emerging economies, are expected to provide lucrative opportunities for market expansion over the forecast period.

MARKET DYNAMICS:

KEY DRIVERS:

• Integrity issues arise when transactions are done without the wisdom of stakeholders in a regular transaction system.
• In the routine transaction system, numerous instances of fraudulent or unwanted money transfers, such as deduction of scheduled charges, are frequently observed.

RESTRAINTS:

• The cryptocurrency market is unregulated at the moment. The lack of laws and the ambiguity around them are now among the key issues preventing cryptocurrency adoption.

• Because distributed ledger technology is still in its early stages, it creates a number of challenges for national and international authorities and politicians.

OPPORTUNITIES:

• Companies working in the cryptocurrency sector may expect considerable growth prospects in emerging economies (such as India, China, and Brazil) as well as mature ones (such as the United States, Germany, and Japan).

• For example, Brazilian crypto firms signed a code of self-regulation in 2020 with the goal of legitimizing and increasing the acceptance of crypto assets in the country.

CHALLENGES:

• To profit from cryptocurrencies, end users must overcome specific problems relating to security, privacy, and control.

• In both a hub-and-spoke and a distributed database, if a key is compromised, it may be exploited to access the database.

IMPACT OF COVID-19:

The worldwide economy has been severely impacted by the COVID-19 epidemic. As the virus spread over 188 nations, many businesses were forced to close and thousands of people lost their jobs. The virus mostly harmed small enterprises, but it also had an influence on huge organizations. Apple temporarily closed all of its stores outside of China, while Bloomingdale's shuttered all of its 56 locations. Against the backdrop of COVID-19's ambiguity, Bitcoin, Ethereum, and other digital currencies have gotten a lot of attention. For the first time, banks have begun to purchase cryptocurrency. To facilitate B2B cryptocurrency payments between its clients, banks in the United States are developing their own blockchain-based systems, which include digital currencies. PayPal also stated in October 2020 that its clients would be able to buy, sell, and store Bitcoin and cryptocurrencies using their PayPal accounts, allowing them to purchase items from the 26 million PayPal vendors. PayPal intends to allow bitcoin to be used as a financing source by 2021.

MARKET ESTIMATION:

Market, By Offering:

The bitcoin idea is built on decentralizing transactional monitoring. Miners (usually users) verify trades done by other users throughout the transaction monitoring process. To validate the transactions, the system requires a lot of computational power. To secure the transactions, the validation step requires the production of hash codes. The miner requires extremely effective and efficient hardware to create a hash code. To put it another way, miners must produce as many hash codes as possible in order to get fresh blocks and solve them. Miners are rewarded for their efforts. Mining rigs come in a variety of designs and sizes. GPUs, central processing units (CPUs), FPGAs, and ASICs are the many types of processors used in the bitcoin hardware sector.

Market, By Process:

Mining is a crucial step in the production, transmission, and confirmation of cryptocurrency transactions. It assures that the currency is propagated from a payment to a recipient in a stable, secure, and safe manner. Unlike fiat currency, which is controlled and regulated by a centralized body, cryptocurrencies are decentralized and operate on a peer-to-peer basis.

KEY MARKET SEGMENTATION:

By Offering:

• Hardware

• Software

By Process:

• Mining

• Transaction

By Type:

• Bitcoin

• Ethereum

• Bitcoin Cash

• Ripple

• Litecoin

• Dash

• Others

By End User:

• Trading

• Retail and E-commerce

• Banking

• Others

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REGIONAL ANALYSIS:

Asia-Pacific led the cryptocurrency market in 2021 and is predicted to continue to do so over the forecast period. Because of the growing number of Bitcoin exchanges in Asia, the cryptocurrency business is becoming more mature and competitive. Chinese banks are employing blockchain expertise as the government pushes for the deployment of the technology that underpins bitcoin to improve financial sector transparency and combat fraud.

REGIONAL COVERAGE:

• North America

  • The USA

  • Canada

  • Mexico

• Europe

  See Also

  Cryptocurrency Price Predictions | CoinGape | Cryptocurrency NewsMarch 2024 Crypto Market ForecastCrypto Market Outlook 2023: Forecasts and Analyst Views10 Predictions for the Future of Crypto in 2023

  • Germany

  • The UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The key players in the Market include Bitmain, NVIDIA, Xilinx, Intel, Advanced Micro Devices, Ripple Labs, Ethereum Foundation, Bitfury Group, Coinbase,BitGo, Binance Holdings,Canaan Creative,Bitstamp& Other Players.

Bitmain - Company Financial Analysis

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Cryptocurrency Market Segmentation, By Offering

8.1 Hardware

8.2 Software

9. Cryptocurrency Market, By Process

9.1 Mining

9.2 Transaction

10. Cryptocurrency Market, By Type

10.1 Bitcoin

10.2 Ethereum

10.3 Bitcoin Cash

10.4 Ripple

10.5 Litecoin

10.6 Dash

10.7 Others

11. Cryptocurrency Market, By End User

11.1 Trading

11.2 Retail and E-commerce

11.3 Banking

11.4 Others

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 the USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 the UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

13. Company Profiles

13.1 Bitmain (China)

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 NVIDIA (US)

13.3 Xilinx (US)

13.4 Intel (US)

13.5 Advanced Micro Devices (US)

13.6 Ripple Labs (US)

13.7 Ethereum Foundation (Switzerland)

13.8 Bitfury Group (Netherlands)

13.9 Coinbase (US)

13.10 BitGo (US)

13.11 Binance Holdings (China)

13.12 Canaan Creative (China).

13.13 Bitstamp (Luxemburg)

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

15. Conclusion

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