Cryptocurrency Market Overview
Virtual currency is another name for cryptocurrency. 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 its name, cryptocurrencies are not thought of as currencies in the traditional sense. Although they have received a variety of classifications, including those of commodities, securities, and currencies, in reality, 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. The global Cryptocurrency Market size accounted for US$ 817.56 million in 2020 and is estimated to be US$ 2431.77 million by 2030 and is anticipated to register a CAGR of 11.5%.
Cryptocurrency Market Dynamics
Distributed ledger technology's transparency
Transactions that occur without the knowledge of stakeholders raise issues connected to 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 as a result of this, which could be brought on by human error, mechanical fault, or data manipulation during the transaction process. Additionally, financial institutions typically do not acknowledge their mistakes. The public is unhappy with the current monetary system because of its lack of transparency.
Lack of regulatory status
The market for cryptocurrencies is still unregulated. The adoption of cryptocurrencies is now being held back by a number of important concerns, including a lack of laws and ambiguity surrounding them. Regulatory adoption is still one of the largest obstacles, despite the fact that financial regulatory authorities from all over the world are attempting to develop universal standards for cryptocurrencies. Regulators and policymakers at the national and international levels have a variety of worries about distributed ledger technology because it is still in its development.
Cryptocurrency Market Segmentation
The global Cryptocurrency Market is segmented based on type, component, end-user and region.
Type Insights
On the basis of Type, the global Cryptocurrency Market is segmented into Bitcoin, Litecoin, Ripple, Ether Classic, Ether and Others. Throughout the predicted period, Bitcoin is dominating the type category. Bitcoin is one of the most popular digital currencies, and, according to a survey released by Deutsche Bank AG, it will continue to rule in the years to come. Another well-liked virtual currency on the market is ether, which can be used for investing, forming smart contracts, and developing decentralized applications. Ether is anticipated to grow slowly, according to the market.
Component Insights
On the basis of application, the target market is segmented into gaming, utilities, metaverse, sports, art, collectibles and others. The idea behind cryptocurrencies is to decentralize transaction oversight. Miners, who are often users, verify the transactions conducted by other users as part of the transaction monitoring process. To validate the transactions in this process, the system requires powerful computational resources. Hash codes are generated as part of the validation procedure to encrypt the transactions. The miner needs extremely powerful and efficient gear to produce a hash code. In other words, miners must produce as many hash codes as they can in order to obtain fresh blocks and solve them. Through mining, miners receive benefits. There are many different sizes and types of mining rigs. The bitcoin hardware market has been divided into GPUs, CPUs, FPGAs, and ASICs according on the type of processor used.
End-User Insights
Based on End-User, the target market is segmented into commercial and personal. Trading captures the largest market share. This segment covers on cryptocurrency trading platforms like Coinrule, Pionex, Cryptohopper, and Bitsgap. Retail and e-commerce businesses have begun taking bitcoin as payment for their online orders and deliveries.
Regional Insights:
Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.
The global Cryptocurrency Market size accounted for US$ 817.56 million in 2020 and is estimated to be US$ 2431.77 million by 2030 and is anticipated to register a CAGR of 11.5%. On region the global Cryptocurrency Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is leading the cryptocurrency market in 2020, and it is anticipated that it will continue to dominate during the projected period. Due to more Bitcoin exchanges popping up around Asia, the cryptocurrency market is becoming more mature and competitive. As the government promotes the use of the bitcoin technology to improve transparency and combat fraud in its financial sector, Chinese banks are employing blockchain expertise. The bitcoin market in the area is growing as a result of these causes.
Report Scope:
|
Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
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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 |
Recent Development:
- In 2022, Circle, a cryptocurrency company, announced that it will begin issuing its first euro-denominated cryptocurrency, Euro Coin, later this month. It would be the first stablecoin in euros, the world's second-most important reserve currency after the US dollar, and could potentially become a major conduit for moving cryptocurrencies throughout Europe.
- In 2022, TPAC is a cryptocurrency partnership between Pack Creek Capital and Finance Michigan, Inc, both commodities industry experts. BlockFills will be one of the few global digital asset electronic trading firms to provide tailored cryptocurrency structured product options to institutions. Furthermore, through this collaboration, institutions such as banks, hedge funds, and others in the financial services sector will be able to offer structured product solutions to their clients.
- PayPal is an American company that specialises in online payment systems. On October 21, 2020, it announced its entry into the cryptocurrency market, stating that customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts. Furthermore, on February 10, 2021, Mastercard, in collaboration with Island Pay, launched the world's first CBDC-linked Card. As a result, the number of such developments among the major players drives market growth.
Global Cryptocurrency Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Cryptocurrency Market Key Players
The leading players operating in the Global Cryptocurrency Market includes BitGo is a digital asset trust and security company based in Palo Alto, California., Xapo provides a link between cryptocurrency and traditional banking services, Nvidia Corporation is a multinational technology company based in Santa Clara, California that was founded in Delaware., Ledger SAS develops cryptocurrency security and infrastructure solutions, as well as blockchain applications for individuals and businesses, Bitfury Group Limited has artificial intelligence division which builds integrated product solutions using the company's world-class hardware and software technologies., Ripple Labs, Inc. is a technology company based in the United States that created the Ripple payment protocol and exchange network, Advanced Micro Devices, Inc. is a multinational American semiconductor company headquartered in Santa Clara, California, Intel Corporation is a multinational corporation and technology company based in Santa Clara, California, Xilinx Inc. was a technology and semiconductor company based in the United States that primarily supplied programmable logic devices, Bitmain Technologies Ltd. is a privately held Chinese company based in Beijing that creates application-specific integrated circuit chips for bitcoin mining.
Cryptocurrency Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- 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
- Market Purview
- 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
- 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
- Market Dynamics
- Global Cryptocurrency Market, 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
- Overview
- Global Cryptocurrency Market, 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
- Overview
- Global Cryptocurrency Market, 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
- Overview
- Global Cryptocurrency 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
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- 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
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- 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.