Cryptocurrency Market

Global Cryptocurrency Market Outlook

The global cryptocurrency market is predicted to grow at a robust CAGR of 31.3%. The global cryptocurrency market is estimated to be valued at US$ 46.2 Bn by 2032 from US$ 2.3 Bn in 2021.

“After the information revolution of this century, there has been a significant investment for developing digit economy. It has led to the emergence of distributed ledger technology and establishment of the cryptocurrency market over online platforms.”

In recent years the popularity of different digital assets has gained momentum against the dwindling government-backed financial markets in many nations.

With the development of distributed ledger technology, cryptocurrencies, such as Bitcoin, Ethereum, and others, are favored for online value and money transactions.

Following this development, several crypto trading platforms have evolved over the World Wide Web creating a solid market for facilitating cryptocurrency transactions and generating revenue from it.

Attributes	Details
Global Cryptocurrency Market Size (2021)	US$ 2.3 Bn
Global Cryptocurrency Market Value (2022)	US$ 3 Bn
Global Cryptocurrency Market Value (2032)	US$ 46.2 Bn
Global Cryptocurrency Market Growth Rate (2022-2032)	31.3%
Cryptocurrency Market Share of Top 5 Countries	60.6%
Global Cryptocurrency Market Key Players	Intel Corporation Microsoft Corporation NVIDIA Corporation BitFury Group Limited Alphapoint Corporation Advanced Micro Devices, Inc. Xilinx Inc. Bingo Ripple BTL Group Ltd.

What is the Covid-19 Impact on Global Cryptocurrency Market?

As the global cryptocurrency market is almost based on the digital or internet world, the Covid-19 restrictions had some indirect effects on it, if not directly.

During the pandemic years, the global economic condition got hit, severely disrupting the financial condition of many citizens. Though the significant driving factor of the cryptocurrency market is the retail peer-to-peer payment over online platforms, the reduction in personal income resulted in lesser attraction for any investment in digital assets.

The slowing down of the global cryptocurrency market reflects the dropping down in growth rate from 32.2% during the years just before the pandemic.

On the other hand, Covid-19 had some remarkable influence on the global cryptocurrency market as per the market analysis reports. The significant impact positive impact was the growth of knowledge about the cryptocurrency coins among the greater mass.

This can be evident from the shift in attitude towards cryptocurrency investments in post-pandemic years that is predicted to drive the global market.

What are the Different Market Dynamics driving the Global Cryptocurrency Market?

“Several national and international organizations, including some famous business tycoons, have promoted the use of cryptocurrency in the recent past. Such acceptance of crypto coins is predicted to benefit the cryptocurrency market across the globe.”

Improved clarity of information about different types of cryptocurrencies available in the market is expected to be the foremost driving factor for the cryptocurrency market. The use of cryptocurrency wallets on online platforms has become a new trend among youngsters.

With the growth of the number of users, the digital currency exchange facilities are expected to gain more legitimacy creating a favorable outlook for the cryptocurrency market.

The prominent advantage of a cryptocurrency over the traditional money bills and digital payment systems is the transparency in spending crypto through crypto-ledger technology. Speculations over financial institutions and government intervention in the financial market are anticipated to be the primary reason for the growing popularity of cryptocurrency coins.

The development of efficient hardware or computers and high-speed internet facility has resulted in the establishment of super crypto mining machines. These machines used in coin mining have sufficiently increased the volume of various cryptocurrencies that are predicted to drive the global market further.

What are the Major Challenges Faced by the Cryptocurrency Market Players?

Despite all the advantages of using digital ledger technology and cryptocurrencies, the acceptability of cryptocurrencies is not widespread. Like any other medium of exchange, cryptocurrencies need a proper backup by an authority for their legitimacy.

Ambiguity in its regulation by national and international organizations has presented a lot of uncertainty regarding cryptocurrency coins in the recent past.

Also, the higher cost associated with crypto mining rigs limits the availability of such coins over digital platforms sufficient amount. This fact is expected to be a major restraint for the growth of the global cryptocurrency market for some more years ahead.

Some of the other issues that have posed a major challenge for the growth of digital currency exchange commodities is the anonymity of the transaction. There is a major concern over using this retail peer-to-peer payment technology by non-state organizations.

Comparative View of Adjacent Global Cryptocurrency Market

Attributes	Global Cryptocurrency  Market
CAGR (2022-2032)	31.3%
Market Value (2027)	US$ 11.5 Bn
Growth Factor	Growing popularity among youths to invest in cryptocurrencies.
Opportunity	Formulation of favorable regulations by various national governments is predicted to drive the demand.
Key Trends	Many new players have emerged in the market for with a lot of different types of digital coins.

Comparative View of Adjacent Global Cloud Services Market

Attributes	Global Cloud Services Market
CAGR (2022-2032)	15%
Market Value (2027)	US$ 10 Bn
Growth Factor	Shift in business by shifting workspace from office to work from home models.
Opportunity	Provision of high security data processing and management to attract more users.
Key Trends	Establishment of data centers at various locations has increased the reliability of Cloud services.

Comparative View of Adjacent Global Digital Assets Market

Attributes	Global Digital Assets Market
CAGR (2022-2032)	18%
Market Value (2027)	US$  9 Bn
Growth Factor	Push for digital contents over the online platforms has created a huge demand.
Opportunity	Emergence of new online marketing enterprises are driving the regional markets.
Key Trends	Building trust among users by establishing real-time data dissemination mechanism.

The untapped potential of distributed Blockchain technology in several other fields of operation can create immense opportunities for digital currency exchange facilities in the coming days.

Many individuals invest in cryptocurrency mining rigs and trade in them as an income source. The market analysis report shows that the demand for cryptocurrency coins is expected to boost significantly due to the government backing of such technologies. 

Different national governments or central banks have already published their cryptocurrencies for global transactions. This development in the financial system is anticipated to create a remarkable shift in the perception of cryptocurrency coins by general people.

Many developed and emerging economies have started pondering the potential of using digital ledger technology for financial transactions. However, the lack of financial literacy and awareness about the various digital technologies among ordinary people only limits the crypto ledger in rich societies. It hampers the global market from acquiring more participants, invariably restraining the market from realizing its full potential.

With the development of sufficient infrastructure, any possibility of fraud and hacking threats can be eliminated during retail peer-to-peer-to-peer payments and remittance transactions. As well as the ongoing research works carried out in the field of data management and Blockchains are predicted to boost the global cryptocurrency currency market share in the economic scenario of the world.

What is the Growth Outlook for the Global Cryptocurrency Market According to Different Segments?

“End users who buy crypto over online platforms completely rely upon the capability of software for trading. So the development of software by emerging start-ups is predicted to drive the crypto market at ground level.”

As the cryptocurrency market is still in its development phase, the cryptocurrency mining rigs are the essential components in present times. This renders the hardware segment dominant in the overall market size. It is estimated to be valued at about US$ 31.2 Bn by the end of this forecast year by recording a CAGR of 30.8%.

The most popular among the different sub-segments of the hardware components used in a crypto mining rig for sale is based on processor ASICs, GPU, and FPGAs. Crypto wallets provided by various online cryptocurrency transaction platforms are also a very attractive sub-segment among retail users.

The software is also a prominent segment of the success of the global cryptocurrency market. For a better experience for cryptocurrency users, developing robust software solutions is an integral part.

The mining process holds a significant share of the cryptocurrency market among all the sub-segment of the software for cryptocurrency trading. Blockchain used in cryptocurrency transactions or the crypto ledger has established the foundation for the cryptocurrency market and is expected to be a growing sub-segment over the forecast years.

Which Cryptocurrencies are the Top Selling Coins in the Global Market?

Over the last few years, several cryptocurrency wallets have been released by many market players under different names. Bitcoin was the pioneer of this technology and, surprisingly enough, still holds a significant share of the global cryptocurrency market and is estimated to turn around into a US$ Bn economy by the year 2032.

Bitcoin is still regarded as the best crypto to mine owing to its robust networks established across the globe. Some of the other top crypto wallets, including Ethereum, Litecoin, and Dogecoin, are also expected to contribute significantly to the growth of the crypto market.

What is the Regional Analysis of Global Cryptocurrency Market?

Region	CAGR (2022 to 2032)
United States (US)	32%
United Kingdom (UK)	32.9%
China	32.4%
Japan	34.6%
Singapore	34%

North America acquires the dominant share of the total revenue generated through cryptocurrency transactions.

Most of the digital payment companies operating in cryptocurrencies are based in the USA, which accounted for nearly US$ 681.6 Mn in 2021 as a most of the users prefer to buy crypto with paypal and other US based companies all across the nations, so the regional market is predicted to reach a valuation of US$ 14.5 Bn by the end of this forecast period.

Some Asia Pacific countries have been analyzed to record growth rates higher than the USA in cryptocurrency coins. Due to the improving data transfer infrastructure and digital awareness in the South and South East Asian countries, there has been a considerable increment in the digital currency exchange facilities in the recent past. This trend is expected to drive the Asia Pacific cryptocurrency market from 2022 to 2032.

Due to favorable government structures, Japan and Singapore are the booming markets in terms of total traffic over digital currency exchange platforms. Japan is projected to witness the highest CAGR of 34.6% over the forecast years.

How Strong is the Competitive Landscape for the Global Cryptocurrency Market?

The major focus of the market players in the current global scenario is capturing retail peer-to-peer payment systems compatible to crypto wallets. The introduction of advanced micro devices has also created immense opportunities for the regional players in specific domains.

Prominent market players are also trying to collaborate as a strategy to include bank account features with the mobile wallet options. Such initiatives by market players and government policies are expected to boost the global cryptocurrency market during the forecast year and ahead.

What are the Major Developments in the Global Cryptocurrency Market?

• The German restaurant chain named Berger King announced to accept Bitcoin as payments in September 2019. This is predicted to increase the validation of cryptocurrencies in other retail and e-commerce payments through online platforms.
• A new payment system has been introduced by Visa Inc. In March 2021 for accepting cryptocurrency as a payment method. This new service has been designed to process cryptocurrency payments on Ethereum blockchain directly.

Key Segments

• By Component

  • Hardware
    • FPGA
    • GPU
    • ASIC
    • Wallet
    • Others
  • Software
    • Mining Platform
    • Block chain
    • Coin Wallet
    • Exchange

• By Type

  • Bitcoin
  • Ethereum
  • Ripple (XRP)
  • Litecoin
  • Dodgecoin
  • Others

• By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa (MEA)