The global cryptocurrency market size is expected to reach USD 2411.0 Million at a steady revenue CAGR of 11.1% in 2030, according to latest analysis by Emergen Research. Rising awareness regarding benefits of cryptocurrencies over fiat currencies is a primary factor driving market revenue growth. There are various advantages for using top cryptocurrencies over traditional fiat currencies such as decentralized system, user security and privacy, and fast payments. Despite perception, cryptocurrencies are highly efficient and convenient to utilize, especially for regular financial transactions. Digital wallets are wherein cryptocurrencies are kept, monitored, refilled, and used.
The adoption and regulation of cryptocurrencies have varied widely across different countries and regions. Some countries, such as Japan and Switzerland, have embraced cryptocurrency and implemented favorable regulations to encourage its growth. Others, such as China and India, have cracked down on cryptocurrency trading and mining, citing concerns over financial stability and money laundering.
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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
The leading market contenders listed in the report are:
Bitmain Technologies Holding Company, Xilinx, Inc., Intel Corporation, Advanced Micro Devices, inc., Ripple, Bitfury Group Limited, Ledger SAS, NVIDIA Corporation, BitGo, and Xapo Holdings Limited
Some Key Highlights From the Report
- On 2 June 2022, Bitstamp launched its Earn product to U.S. customers, allowing customers to earn interest on staking Ethereum and Algorand. This product is meant to be a turn-key Ethereum (ETH) and Algorand (ALGO) staking solution. Investors fund their Bistamp accounts and then collect staking rewards. For its part, Bitstamp takes a fee on the yield customers earn.
- The hardware segment is expected to account for largest revenue share over the forecast period. This is attributed to its high performance and high hash rate while mining a specific coin. A high hashrate is crucial since it is a key metric for identifying strength and, more importantly, security of a blockchain network. Higher the hashrate more difficult it is for malicious agents to disrupt network and more machines dedicated by honest miners for finding next block.
- The mining segment is expected to account for largest revenue share over the forecast period. By resolving difficult cryptographic equations, new cryptocurrency currencies are created through mining. The person or individual that mines cryptocurrencies is referred to as a miner. Validating cryptocurrency transactions on a block chain network and keeping them in a distribution ledger are both tasks involved in mining. When someone makes a bitcoin investment, the transaction information is recorded in a digital ledger. Therefore, mining involves both creating new crypto currencies and verifying them for inclusion in a block chain. Double spending of digital currency on a distributed network is prevented via crypto mining. Only reputable crypto miners are allowed to update digital ledgers as cryptocurrencies can be readily manipulated. In addition, miners are responsible for protecting network against double spending.
- The bitcoin segment is expected to lead in terms of revenue share in the global market over the forecast period owing to its increased adoption. Bitcoin had a market capitalization of USD 1,072.21 billion on February 21, 2021 and has a maximum supply of 21 million coins. The total number of Bitcoins in circulation will never exceed 21 million. Many experts believe that Bitcoin's value stems largely from its limited supply, or scarcity. Another reason for bitcoin's high demand is that they cannot be replicated and cannot be counterfeited as Bitcoin is built on blockchain ledger.
Research Report on the Cryptocurrency Market Addresses the Following Key Questions:
- Who are the dominant players of the Cryptocurrency market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Cryptocurrency market?
- What are the key growth drivers and restraining factors of the Cryptocurrency market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Cryptocurrency market and its key segments?
Emergen Research has segmented the global Cryptocurrency market on the basis of type, type of care, and region
Segments Covered in this report are:
Component Outlook (Revenue, USD Million; 2019–2030)
- Hardware
- Software
Type Outlook (Revenue, USD Million; 2019–2030)
- Bitcoin
- Litecoin
- Ether
- Ripple
- Ether Classic
- Others
End-Use Outlook (Revenue, USD Million; 2019–2030)
- Trading
- E-Commerce & Retail
- Peer-to-Peer Payment
- Remittance
In conclusion, the Cryptocurrency Market report is an exhaustive database that will help readers formulate lucrative strategies. The Cryptocurrency Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
How will this Report Benefit you?
A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Cryptocurrency market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Cryptocurrency with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.
About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
