Overview and Scope
Cryptocurrencies are digital currencies that are protected by encryption, making counterfeiting or double-spending practically impossible. These are built on decentralized networks like blockchain technology, which is a distributed ledger enforced by a network of computers. Cryptocurrencies, as compared to traditional currency, are not issued by any central authority, making them potentially impervious to government meddling or manipulation. The cryptocurrency operates independently of a central bank and employ encryption techniques to regulate the formation of their units and verify the transfer of payments.
Sizing and Forecast
The cryptocurrency market size has grown rapidly in recent years. It will grow from $2.16 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to early adoption and enthusiasm, market speculation, global financial uncertainty, regulatory developments, initial coin offerings (ICOs).
The cryptocurrency market size is expected to see rapid growth in the next few years. It will grow to $4.59 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to institutional adoption, global acceptance, decentralized finance (DeFi), government and regulatory clarity, increased tokenization. Major trends in the forecast period include technological upgrades, blockchain technology development, technological advancements, rise of central bank digital currencies, NFTs (non-fungible tokens) boom.
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Segmentation & Regional Insights
The cryptocurrency market covered in this report is segmented –
1) By Type: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Other Types
2) By Process: Mining, Transaction
3) By Offering: Hardware, Software
4) By End User: Trading, Retail And E-commerce, Banking, Other End Users
Asia-Pacific was the largest region in the cryptocurrency market in 2023. The regions covered in the cryptocurrency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Transparency in financial payment is expected to propel the growth of the cryptocurrency market in the coming years. Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historic transactions, that means it is not controlled by one central source. The centralized systems and human gatekeepers limit the speed and sophistication of transactions while reducing users’ direct control over their money. There are no middlemen in digital currency transactions and consumers have the authority to stop or pause transactions and record them in their private ledger. For instance, in July 2021, Tesla, a US-based electric car manufacturer has started accepting bitcoin as a mode of payment because of its transparency and unique value. Therefore, the transparency in financial payment drives the growth of the cryptocurrency market
Key Industry Players
Major companies operating in the cryptocurrency market report are Federal Reserve Bank of Boston, Intel Corporation, BitGo Inc., Bitstamp Limited, Nvidia Corporation, Fidelity Investments Inc., Advanced Micro Devices Inc., Binance Holdings Limited, Coincheck Inc., Coinbase Global Inc., VeChain Foundation, Chainlink Labs Inc., Bitpanda GmbH, BTL Group Ltd., DYdX Trading LLC, Ripple Labs Inc., Bitmain Technologies Ltd., Bitso S.A. de C.V., Ledger SAS, BitFury Group Limited, Hiro Systems Inc., Aptos Labs Inc., Bitwise Asset Management LLC, Cellframe Network Inc., Kava Labs Inc., Ethereum Foundation, Holochain Inc., Xapo Inc., Brokoli Network Inc., CoinDesk Inc., Hivemind Capital Partners LLC, Xilinx Inc.
The cryptocurrency market report table of contents includes:
1. Executive Summary
2. Cryptocurrency Market Characteristics
3. Cryptocurrency Market Trends And Strategies
4. Cryptocurrency Market – Macro Economic Scenario
5. Global Cryptocurrency Market Size and Growth
……….
32. Global Cryptocurrency Market Competitive Benchmarking
33. Global Cryptocurrency Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cryptocurrency Market
35. Cryptocurrency Market Future Outlook and Potential Analysis
36. Appendix
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