(MENAFN- Alliance News) The global cryptocurrency market size was US$ 845.1 million in 2021. The global cryptocurrency market is forecast to grow to US$ 3461.3 million by 2030 by registering a compound annual growth rate (CAGR) of 29.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Blockchain efficiently declines the cost of ownership, which will considerably drive the growth of the global cryptocurrency market during the forecast period. Moreover, cryptocurrency transfers are considered to be much faster and more reliable, which will drive the cryptocurrency market forward during the study period.
Enterprise adoption of blockchain technology is steadily rising as companies are realizing the potential of cryptocurrencies and launching their initial pilot projects. However, uncertainties about this technology in the areas of regulations and governance may limit its growth in the cryptocurrency market. On the contrary, the adoption of blockchain for financial services, identity, trade, and other markets is increasing, which will offer lucrative growth opportunities for the market.
Trends like stable coins are expected to gain traction in the coming years. Stable coins are cryptocurrencies that are connected to the physical asset. For instance, government-issued currency or a commodity is used to decline cryptocurrency fluctuation. Furthermore, the circulation of stable coins raised by nearly 500%. As a result, it will benefit the cryptocurrency market during the forecast period.
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Regional Analysis
North America is forecast to emerge as the largest shareholder region of the global cryptocurrency market. It is owing to the fact that the region is recording a growing class of institutional investors shifting even larger transfers of cryptocurrency. In addition, the institutional share of the market has increased significantly in the past few years. Apart from that, Bitcoin is expected to emerge as the most popular cryptocurrency in the region by transaction volume.
COVID-19 Impact Analysis
The COVID-19 pandemic hampered the growth graph of almost every industry. However, it potentially strengthened the scope of the cryptocurrency market. The sudden outbreak of the COVID-19 pandemic has shifted consumer preference as digital alternatives. The fact that digital currencies, such as cryptocurrency, enables secured online payments, drove the growth of the cryptocurrency market even during the pandemic. Further, the limited use of manual payment methods to combat the risk of coronavirus infection is expected to drive the cryptocurrency market growth even in the coming years.
Competitors in the Market
? Bitfinex
? BitPay Inc
? Bitfury Group Limited
? Unocoin Technologies Private Limited
? OKEx
? Bitstamp
? Coinbase Inc.
? Circle Internet Financial Limited
? Ripple Labs Inc.
? BitGo
? Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Cryptocurrency industry experienced notable growth in its workforce. Starting in January, employment within the Cryptocurrency sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Cryptocurrency output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector's production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Cryptocurrency output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Cryptocurrency market, remains both its largest producer and consumer. Remarkably, China's market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation's GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Cryptocurrency market.
Market Segmentation
The global cryptocurrency market segmentation focuses on Product, Design Goals, Market Capitalization, and Region.
By Application
? Peer-to-Peer Payment
? Retail
? Trading
? Remittance
? Ecommerce
? Payment
By Design Goals
? Digital Cash Coins
? Payment Infrastructure Tokens
? Securities Tokens
? Utility Tokens
? General Platform Tokens
? Others
By Market Capitalization
? Bitcoin
? Ethereum
? Ripple
? Bitcoin Cash
? Cardano
? Others
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
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