Cryptocurrency Market Size to Value $2.9 Billion Globally by 2028 at 11.4% CAGR

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Markets N Research

The cryptocurrency market is dominated by a few global players and includes several regional players. Some key manufacturers operating in the market are Advanced Micro Devices Inc., Antier Solutions, BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger SAS, NVIDIA Corporation, Ripple, Xilinx Inc. and Xapo Holdings Limited.

Chicago, Nov. 8, 2022 (GLOBE NEWSWIRE) — The report “Cryptocurrency market by offering (Hardware (ASIC, GPU, FPGA, Other), Software (Mining Platform, Exchange, Coin Wallet)), Application (Optimization, Machine Learning, Material Simulation), Type (Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), Cardano (ADA), Ripple (XRP), Others), End User (Trade, Retail & E-Commerce, Banking, Others) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2028″, is expected to grow from USD 1.5 billion in 2021 and is expected to reach USD 2.9 billion in 2028; it is expected to grow at a CAGR of 11.4% from 2021 to 2028.

The market is growing primarily due to the development of distributed ledger technology and increased digital venture capital investments. Developing countries are now using digital currency as a means of financial transactions. The growing acceptance of digital currencies such as Bitcoin and Litecoin is expected to fuel market expansion in the coming years. Blockchain technology is often used alongside digital currency to decentralize and manage efficient transactions. Due to the advantages of blockchain technology and digital currency, companies are investing in cryptocurrencies and working together to provide efficient and high-quality services to users, driving the expansion of the market.

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Scope and Segmentation of Cryptocurrency Market Report:

Report Matrix

details

Market size for available years

2022-2028

Base year taken into account

2021

forecast period

2022-2028

Market segmentation

By component

  • Hardware

  • Software

    • Mining platform

    • Exchange

    • Coin purse

By component

By end user

By type

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • Tether (USDT)

  • Binance Coin (BNB)

  • Cardano (ADA)

  • Ripple (XRP)

  • Others

Regions covered

North America, Europe, APAC, MEA and Latin America

Companies covered

Advanced Micro Devices Inc., Antier Solutions, BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger SAS, NVIDIA Corporation, Ripple, Xilinx Inc. and Xapo Holdings Limited.

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Markets N Research lists all the cryptocurrency market companies that are currently striving to reduce the impact of the Covid-19 pandemic on the market:

Latest developments

  • In October 2021, the company PayPal, which operates the online payment systems, will be based in the United States. It announced that users could use their PayPal accounts to buy and sell Bitcoin and other virtual currencies,

  • In June 2021, a digital asset management company called NYDIG partnered with NCR Corporation to open crypto purchases to credit unions and 650 banksThe initiative is in response to consumer demand from NCR Bank consumers who have purchased virtual currency through third-party exchanges.

  • In March 2021, Visa Inc. processed cryptocurrency payments on the Ethereum Blockchain directly and aims to promote it as a new service payment. The company hopes to make the financial sector the first to embrace cryptocurrencies through this important endeavor.

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The software category of the cryptocurrency market is expected to be the fastest growing segment during the forecast period

The software category is expected to grow at the fastest rate during the forecast period as it facilitates handling of the huge amount of data generated for insightful discoveries and smarter choices. The software market is divided into mining platforms, exchanges, coin wallets and other applications. BeMine, ECOS, shamining, CCG mining and other programs are examples of cryptographic software. A trading engine is a single interface that exchange software uses to connect quotes and exchanges with digital currency derivatives. The platform matches sales and purchases from users, giving it the largest market share. There is a good chance that trading platforms will be widely dispersed. However, wallets come in both hardware and software variants. Software wallets or digital wallets are more popular due to their increased security. Digital wallets are again categorized as self-hosted or deplunge based on the user’s control over the private key protection feature.

Ripple (XRP) category of cryptocurrency market to register highest CAGR from 2022 to 2027

The Ripple (XRP) category is expected to account for the highest CAGR in the cryptocurrency market from 2022 to 2027. Promissory notes are validated with ripple. In the network created by ripple, relationships between creditors and debtors and account balances are available to all users. Litecoin has the same technological implementation as Bitcoin, but is four times faster, giving it an advantage over the cryptocurrency expected to dominate the market in the coming years. Other cryptocurrencies such as Dogecoin, Moneor and Dash contribute greatly to the market growth.

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Global Cryptocurrency Market Segmentation:

Global Cryptocurrency Market – By Component

  • Hardware

  • Software

    • Mining platform

    • Exchange

    • Coin wallet

Global Cryptocurrency Market – By Process

Global Cryptocurrency Market – By Type

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • Tether (USDT)

  • Binance Coin (BNB)

  • Cardano (ADA)

  • Ripple (XRP)

  • Others

Global Cryptocurrency Market – By End User

Key questions answered in this report:

  • Which is the leading region in the cryptocurrency market?

  • What are the main drivers of the growth of the cryptocurrency market?

  • Which is the largest segment of the cryptocurrency market by offering?

  • Which is the largest segment of the cryptocurrency market by type?

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Regional insight:

North America is expected to grow at a significant rate in cryptocurrency market share from 2022 to 2027

North America is estimated to be the fastest growing region in the cryptocurrency market as most of the region considered bitcoins as a tax-related medium of exchange rather than a form of money. Many wealthy nations continue to emphasize the use of digital money, even though the government has no legal restrictions on it. The market is expanding due to consumer and merchant acceptance of the digital currency. In addition, the market in North America is dominated by the prevalence of bitcoin mining and the presence of the main companies.

Table of Contents:

Chapter 1 Preface

1.1 Scope and description of the report

1.1.1 Research purpose

1.1.2 Target group

1.1.3 USP and Key Offers

1.2 Main benefits for stakeholders

1.3 Scope of the report

Chapter 2 Report overview

2.1 Key findings

2.1.1 Top investment pockets

2.2 Market Snapshot: Global Cryptocurrency Market

2.3 Global Cryptocurrency Market, 2018 – 2028 (USD Mn)

Chapter 3 COVID 19 impact analysis

3.1 Consequence analysis of the COVID-19 pandemic, by region

3.1.1 North America: The impact of the COVID-19 pandemic

3.1.2 Europe: The effects of the COVID-19 pandemic

3.1.3 Asia and the Pacific: Impacts of the COVID-19 Pandemic

3.1.4 Latin America: The effects of the COVID-19 pandemic

3.1.5 The Middle East and Africa: The Impact of the COVID-19 Pandemic

3.2 Key strategies implemented by companies to tackle COVID-19

3.3 Quarterly market revenue by region 2021 and 2022

3.4 Pre-COVID-19 Market Revenue, by Region, 2016-2019 (USD Million)

3.5 Post-COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)

3.6 Short-term dynamics

3.7 Long-term dynamics

Chapter 4 Global Cryptocurrency Market, by Component Segment Analysis

4.1 Cryptocurrency Market Overview, by Component Segment

4.1.1 Global Cryptocurrency Market Revenue Share, By Component, 2022 and 2028 (Value, %)

4.2 Software

4.2.1 Cryptocurrency Forecast Share, by Region (USD Million)

4.2.2 Comparative revenue analysis, by country, 2021 and 2028

4.2.3 Important market trends, growth factors and opportunities

TOC Continued…!

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