The cryptocurrency market was valued at US$ 1,783.7 Mn in 2018 expanding at a CAGR of 7.2% throughout the forecast period from 2019 to 2027.
“Cryptocurrency Market is Driven by Increasing Adoption of Digital Payement”
The cryptocurrencies are gaining popularity on the back of various factors such as rising digital payment and inclination towards industry 4.0, no extra charges and acceptance as an international transaction. The cryptocurrency allows the user to save both money and time, resulting into the reduction of fraudulent activities. Moreover, a combination of factors including defined regulatory norms to provide better transparency, low cost of ownership and increasing acceptance of digital currency among others which are proliferating the demand of the global cryptocurrency market. Additionally, possessing Bitcoin is an emerging trend globally which is having a positive influence on the global cryptocurrency market. The cryptocurrency has attracted extensive venture capital, collaborations and partnerships among cryptocurrency solution providers. This, in turn, is having a positive influence on the growth of the cryptocurrency market.
In addition, growing acceptance of cryptocurrency across different industry verticals coupled with growth in private investment and fluctuating monetary regulations are further adding to the growth of the cryptocurrency market. For instance, KFC Canada has started accepting Bitcoins for payment purposes. For instance, in 2018, the venture capital funding in cryptocurrency amounted to be mre than US$ 4 Bn. However, factors such as uncertain regulatory standards and lack of awareness among others may hinder the cryptocurrency market growth.
• In April 2019, World Bank announced that the annual remittance flows to low and middle income countries reached US$ 529 Bn.
• In July 2019, Intel Corporation, sponsored a new blockchain programming project by Hyperledger which aims to boost the compatibility of blockchain network by providing standard interface.
Key Market Movements
• In 2018, the global cryptocurrency market was valued US$ 130.6 Mn and is expanding at a CAGR of XX%.
• Based on the type, the cryptocurrencys market has been segmented as bitcoin, ethereum, bitcoin cash, ripple, dashcoin, litecoin, and others. The Bitcoin is held the largest market share in 2018 and is expected to dominate the market during the forecast period.
• The bitcoin currencies were developed in the year 2009. The bitcoin provides various benefits to the user with a facilitate instant payments. Additionally, bitcoin offers the lower transaction fees and provide information in real-time is considered as a factor which is driving the market.
• Asia Pacific region dominated the global cryptocurrency market in terms of market revenue. This can be associated to rising digitalization and increasing government initiatives towards digital payement among others are some of the factors which are expected to drive the market across the region during the forecast period.
List of Companies
• Bitmain Technologies Ltd.
• NVIDIA Corporation
• Advanced Micro Devices, Inc.
• Xilinx Inc.
• Bitfury Group Limited
• Intel Corporation
• Ethereum Foundation
• Canaan Creative Co., Ltd
• Zhejiang Ebang Communication Co. Ltd.