Cryptocurrency Market Size, Share, By Type (Bitcoin, Litecoin, Ripple, Ether Classic, Ether and Others), By Component (Hardware and Software), By End-User (Remittance, Peer-To-Peer Payment, E-Commerce and Trading), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI488822 | Publish Date: June 2022 | No. of Pages: 187

Cryptocurrency Market Overview

Cryptocurrency Market Size was valued at US$ 5.7 billion in 2024 and is projected to grow at a CAGR of 12.0% to reach US$ 17.8 billion by 2034.

Cryptocurrency is also known as virtual currency. It is a sort of money that solely exists digitally and lacks a central issuing or governing body. The transactions are verified using blockchain technology. Blockchain is a decentralized technology that tracks and manages transactions across numerous computers. Additionally, it is a peer-to-peer system that enables users to send and receive payments from anywhere in the world and does not rely on banks to authenticate the transactions. A digital ledger, a computerized database that uses strong encryption to secure transaction records, regulate the production of new coins, and confirm the transfer of currency ownership, is where individual coin ownership records are kept.

Despite their name, cryptocurrencies are not considered currencies in the traditional sense. Although they have received various classifications, including commodities, securities, and currencies, cryptocurrencies are typically seen as a separate asset class. Some coin maintenance schemes employ validators. Owners offer their tokens as security in a proof-of-stake approach. In exchange, individuals receive control over the token in proportion to their investment.

Cryptocurrency Market

Cryptocurrency Market Dynamics

Cryptocurrency Market Drivers:

Surge in B2B platforms

  • Innovations in artificial intelligence (AI) and legislative measures such as the laws on markets in crypto assets (MiCA) propel the market's exponential growth. Platforms like Robin Hood and Exchange Liquidity Network (ELN) let businesses conduct business with one another. Financial ecosystems are changing because to innovations such as Sand Dollar and Enegix. In light of the rising popularity of cryptocurrency mining programs like Cudo Miner, investors are driven to assets like Purpose Bitcoin ETF.
  • While initiatives like Libra and the Qtum Chain Foundation investigate the possibilities of blockchain technology, major corporations like Amazon Web Services (AWS) and Shopify are incorporating cryptocurrency payments. Coin Payments and Sepior provide secure options in this changing environment. The increase in the number of B2B platform users has, in turn, boosted the market during the forecast period.

Transparency in Investments with Blockchain Technology

  • Growth in the industry is expected to be driven mainly by improved information clarity on the many kinds of cryptocurrencies that are now accessible. One important trend in the bitcoin industry among young people is the adoption of cryptocurrency wallets on internet platforms. The cryptocurrency industry has a good chance because digital currency exchange services are predicted to acquire increased credibility with the increase in customers.
  • The primary benefit of cryptocurrencies over digital payment methods and conventional cash is its expenditure transparency, made possible by blockchain technology. The main factors contributing to the growing acceptance of cryptocurrencies are government meddling in the financial sector and worries about banking institutions. The accessibility of strong hardware and fast internet has facilitated the development of sophisticated cryptocurrency mining equipment. The volume of different cryptocurrencies has expanded dramatically due to these coin-mining devices, and market development is anticipated to continue over the projection period.

Cryptocurrency Market Restrains:

Distributed ledger technology's transparency

  • Transactions that occur without the knowledge of stakeholders raise issues connected to a lack of transparency, particularly in Asian nations where numerous instances of erroneous or unwanted transactions, such as the deduction of planned costs, are regularly seen. Customers may lose a significant amount of money due to this, which could be brought on by human error, mechanical fault, or data manipulation during the transaction process. Additionally, financial institutions typically need to acknowledge their mistakes. The public is unhappy with the current monetary system because it lacks transparency.

Lack of regulatory status

  • The market for crypto currencies is still unregulated. The adoption of crypto currencies is now being held back by several important concerns, including a lack of laws and ambiguity surrounding them. Regulatory adoption is still one of the largest obstacles, even though financial regulatory authorities worldwide are attempting to develop universal standards for crypto currencies. Regulators and policymakers at the national and international levels have a variety of worries about distributed ledger technology because it is still developing.

Cryptocurrency Market Segmentation

Cryptocurrency Market is segmented based on Type, Component, End-User and region:

Type Insights:

  • Bitcoin:

Often regarded as a digital store of value, Bitcoin is the original and most well-known cryptocurrency. It is a decentralized digital asset with security provided by cryptography that is intended to function as a means of trade. Bitcoin runs without the help of a single administration or central bank.

  • Litecoin:

Litecoin is a digital currency that is intended to be more affordable and quicker to use than Bitcoin. Compared to Bitcoin, Litecoin processes transactions more quickly because it uses a different hashing algorithm and blocks are generated more quickly.

  • Ripple:

Ripple is a cryptocurrency created especially to facilitate quick, safe, and affordable cross-border transactions between financial institutions. Compared to conventional techniques, Ripple's native coin (XRP) and proprietary blockchain technology allow financial institutions to settle payments more efficiently worldwide.

  • Ether Classic:

Ether Classic is a hard fork of the Ethereum blockchain created in 2016 after a debate about a hack on the network. A top priority for Ether Classic is ensuring that the blockchain ledger remains unaltered even in the event of mistakes or hackers. Some users appreciate this immutability because they think it respects the fundamental tenets of blockchain technology, including decentralization and censorship resistance.

  • Ether:

The native coin of the Ethereum blockchain, Ether powers decentralized apps (dApps) that operate on the Ethereum network and help with transaction processing. The Ethereum ecosystem also uses Ether as a unit of account.

  • Others:

This category includes various other cryptocurrencies, each with special characteristics and uses. While some concentrate on powering particular sectors or capabilities, others try to address specific challenges like scalability or privacy.

Among the segments mentioned above, Bitcoin dominates the market, as it is the most popular cryptocurrency in the world. Its main purpose is to provide a substitute for the conventional. Peer-to-peer (P2P) digital money transfers using Bitcoin are possible without central banks.

Component Insights:

  • Hardware:

This category covers tangible items that are used in conjunction with cryptocurrencies. Examples include hardware wallets, which store cryptocurrency holdings offline and provide a higher level of security than online wallets, and powerful computers known as mining rigs, which are used to solve challenging mathematical problems and earn new cryptocurrency through mining.

  • Software:

This category includes a range of software tools for managing and transacting with cryptocurrencies, such as exchange platforms where users may purchase, sell, and trade cryptocurrencies and digital wallets for storing, transmitting, and receiving cryptocurrencies.

Among the segments mentioned above, the hardware segment dominates the market due to the rising popularity of cryptocurrencies like DogeCoin, Bitcoin, Tether, and Tron.

End-User Insights:

  • Remittance:

Cryptocurrencies may provide quicker, less expensive, and more transparent options for moving money abroad than conventional money transfer services. Particularly for cross-border payments, transaction costs may be reduced, and settlement times may be made much quicker.

  • Peer-To-Peer Payment:

Cryptocurrencies enable fast digital payments between two parties without the need for intermediaries like banks. This might be helpful when standard payment methods, such as Internet or overseas transactions, could be costly or sluggish.

  • E-Commerce:

E-commerce is still in its infancy, but an increasing number of online retailers are beginning to take cryptocurrencies as payment, providing clients who value the speed, transparency, and security of cryptocurrency transactions with an additional avenue for payment.

  • Trading:

Cryptocurrency trading is known as buying and selling cryptocurrencies on exchanges or peer-to-peer marketplaces to benefit from short- or long-term price fluctuations. Traders should be mindful that this may be a hazardous and speculative activity with the possibility of suffering large financial losses.

Cryptocurrency Market Regional Insights

  • The North America market is estimated to witness a significantly high revenue share over the forecast period because of the substantial concentration of cryptocurrency enterprises and investors, specifically for trading and investment objectives.
  • Asia Pacific market is estimated to witness the largest revenue share because of the most significant rate of cryptocurrency adoption worldwide, with China being a significant participant.
  • Europe market finds lucrative market opportunities because of its varied regulatory environment. Certain European nations, including France and Germany, have adopted a somewhat proactive stance regarding regulating crypto currencies.
  • The Latin America market is gradually growing due to the high costs associated with traditional remittances and the rising interest in crypto currencies.
  • Middle East & Africa markets are emerging due to the increasing ubiquity of cryptocurrency, improved infrastructure, and more disposable income among the populace.

Cryptocurrency Market Report Scope:

Attribute

Details

Market Size 2024

US$ 5.7 billion  

Projected Market Size 2034

US$ 17.8 billion

CAGR Growth Rate

12.0%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Type - Bitcoin, Litecoin, Ripple, Ether Classic, Ether and Others.

By Component– Hardware and Software.

By End-User – Remittance, Peer-To-Peer Payment, E-Commerce and Trading.

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Cryptocurrency Market report based on Type, Component, End-User and region:

Cryptocurrency Market, By Type:

  • Bitcoin
  • Litecoin
  • Ripple
  • Ether Classic
  • Ether
  • Others

Cryptocurrency Market, By Component:

  • Hardware
  • Software

Cryptocurrency Market, By End-User:

  • Remittance
  • Peer-To-Peer Payment
  • E-Commerce
  • Trading

Cryptocurrency Market, By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Cryptocurrency Market Key Players

The key players operating the Cryptocurrency Market include BitGo, Xapo, Nvidia Corporation, Ledger SAS, Bitfury Group Limited, Ripple Labs, Inc., Advanced Micro Devices, Inc., Intel Corporation, Binance Holdings Ltd., and Bitmain Technologies Ltd.

Cryptocurrency Market Size, Share

Cryptocurrency Market Key Issues Addressed

  • In June 2022, Circle, the cryptocurrency startup, revealed that it will start distributing Euro Coin, its first cryptocurrency based in euros. Backed by a significant industry participant, it would be the first stablecoin denominated in euros, the second-most considerable reserve currency in the world after the U.S. dollar, and it may develop into a critical channel for distributing crypto currencies across Europe.
  • In June 2022, BlockFills, a fast-growing international financial technology and digital asset trading firm, announced today that it has partnered with TPAC Capital, LLC to provide institutions with structured product solutions for crypto currencies. TPAC is a cryptocurrency joint venture by Finance Michigan, Inc. and Pack Creek Capital, LLC, two prominent figures in the commodities business. This connection with BlockFills will influence how the institutional trading of digital assets and crypto currencies is shaped going forward.
  • In February 2021, The Central Bank of The Bahamas, MasterCard, and Island Pay announced a new partnership to launch a program that will allow users of the Bahamas Sand Dollar prepaid card to instantly convert virtual currency to Bahamian dollars and use it to pay for goods and services wherever MasterCard is accepted, both on the islands and globally. The digital Sand Dollar, which The Bahamas Central Bank issues, is equal to a regular Bahamian dollar in terms of value and consumer protections.

Cryptocurrency Market Company Profile

  • BitGo*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Xapo
  • Nvidia Corporation
  • Ledger SAS
  • Bitfury Group Limited
  • Ripple Labs, Inc.
  • Advanced Micro Devices, Inc.
  • Intel Corporation
  • Binance Holdings Ltd.
  • Bitmain Technologies Ltd.

“*” marked represents similar segmentation in other categories in the respective section.

Cryptocurrency Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Preview
    • Executive Summary
    • Key Findings—Global Cryptocurrency Market
      • Key Questions this Study will Answer
      • Market Snippet, By Type
      • Market Snippet, By Component
      • Market Snippet, By End-User
      • Market Snippet, By Region
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Market Segmentation, By Type, 2020 – 2030, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • Ripple
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • Ether Classic
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • Litecoin
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • Ether
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • Bitcoin
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
  6. Market Segmentation, By Component , 2020 – 2030, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • Hardware
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • Software
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
  7. Market Segmentation, By End-User, 2020 – 2030, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • Remittance
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • Peer-To-Peer Payment
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • E-Commerce & Retail
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
    • Trading
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
  8. Global Market, By Region, 2020 – 2030, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • Market Size and Forecast (US$ Bn), By Type, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Component, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Bn), By Country, 2020 – 2030
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East
  9. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  10. Company Profiles
  • Advanced Micro Devices Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • BitFury Group Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • BTL Group Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Coincheck Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Intel Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Ledger SAS
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • NVIDIA Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Ripple
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Xilinx Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Xapo Holdings Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies

The Last Word

  • Future Impact
  • About Us
  • Contact

FAQs

The Cryptocurrency Market is segmented based on type, component, end-user and region.

Distributed ledger technology's transparency iis the major driving factor which drives the market of cryptocurrency.

Asia-Pacific is leading the cryptocurrency market in 2020, and it is anticipated that it will continue to dominate during the projected period.

Advanced Micro Devices Inc., BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger SAS, NVIDIA Corporation, Ripple, Xilinx Inc., and Xapo Holdings Limited.