The global cryptocurrency market size is expected to gain momentum by reaching USD 1,902.5 million by 2028 while exhibiting a CAGR of 11.1% from 2021 to 2028. In its report titled “Cryptocurrency Market, 2021-2028.” Fortune Business Insight mentions that the market stood at USD 826.6 million in 2020.
The demand for crypto has increased due to rising investments in venture capital. Additionally, the increasing popularity of digital assets such as bitcoin and litecoin is likely to accelerate the market in upcoming years. Furthermore, it has been seen that the digital currency is also used in the integration of blockchain technology to get decentralization and control efficient transactions. Thus, advantages such as these are also encouraging people to invest in crypto. For instance, In October 2018, Qtum Chain Foundation made a partnership with Amazon Web Services (AWS) China to use blockchain systems on the AWS cloud. With this collaboration, AWS will be able to help its users in using Amazon Machine Images (AMI) to develop and publish smart contracts easily and efficiently.
List
of Key Players Profiled in the Report
- Bitmain Technologies Ltd. (Beijing, China)
- Xilinx, Inc. (California, U.S.)
- Intel Corporation (California, U.S.)
- Advanced Micro Devices, Inc. (California, U.S.)
- Ripple Labs, Inc. (California, U.S.)
- Bitfury Group Limited. (Amsterdam, U.S.)
- Ledger SAS (Paris, France)
- Nvidia Corporation (California, U.S.)
- BitGo (California, U.S.)
- Xapo (Zürich, Switzerland)
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What does the Report Provide?
The market report for cryptocurrency offers in depth analysis
of various factors, which are influencing the market growth. Additionally, the
report provides insights into the regional analysis of different regions. It
includes the competitive landscape that involves the leading companies and the
adoption of strategies to introduce new products, announce partnerships, and
collaboration that contribute in boosting the market.
Driving Factor
Focus on Mitigating Financial
Crisis and Regional Instability Drives the Demand for Virtual Currency
In recent times, financial
disaster is one of the primary issues that occurs in the conventional banking
system. This financial instability disrupts the economy by lowering the value
of money. For instance, ICICI bank of India, in the year 2008, confronted the
Lehman brother crisis, which hugely impacted the nation’s economy. But with
using bitcoins, and other cryptocurrency, such situations of economic downfall
can be avoided. Therefore, Cryptocurrencies are emerging as alternative options
in the regions with unstable economic structure, and this has been a major
driving factor for the cryptocurrency market growth.
Read
a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/cryptocurrency-market-100149
COVID-19 Impact
The COVID-19 pandemic adversely
affected the world economy. However, the relationship between Bitcoin and the
equity market expanded amid pandemic. For example, in March 2020, the price of
Bitcoin declined and went below USD 4,000 after a decline in the S&P Index
in the U.S. Thus, as the Initial Coin Offering (ICO) market crashed, blockchain
companies are emerging as major alternative to raise investment capital.
Regional Insights
North America to
Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold
the largest position in the market during the forecast period. This is because
in most parts of the region bitcoins have become a medium of
exchange for tax purposes rather than the actual currency. Although these are
not legally regulated by the government, still many of the countries in the
region are focused on using digital currencies. The region’s market stood at
USD 273.0 million in 2020.
Asia
Pacific is expected to showcase significant cryptocurrency market share in
upcoming years, owing to several technological developments and acceptance of
virtual currency for some platforms within Japan and Taiwan.
Additionally, the strategic collaborations, partnerships by key players are
also fueling the regional market. For instance, in January 2020, Z Corporation,
Inc. and TaoTao, Inc. collaborated with the financial service agency to widen
the crypto market by confirming regulatory compliance in the Japanese market.
Competitive Landscape
Key Players to
Focus on Introduction of New Services to Strengthen the Market Growth
The market is
consolidated by major companies striving to maintain their position by focusing
on new launches, collaborations & partnerships and acquisitions. Such
strategies taken up by key players are expected to strengthen its market
prospects. Below is the industry development:
March 2021 –
Visa Inc. aims to introduce crypto as a direct payment. With this key
initiative, the company aims to accept cryptocurrencies as a payment method for
the finance industry.
Read
Press Release: https://www.fortunebusinessinsights.com/press-release/cryptocurrency-market-9952
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