Chicago, Nov. 08, 2022 (GLOBE NEWSWIRE) — The report “Cryptocurrency Market by Offering (Hardware (ASIC, GPU, FPGA, Others), 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 (Trading Retail and E-commerce, Banking, Others) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2028″, is projected to grow from USD 1.5 billion in 2021 and is projected to reach USD 2.9 billion by 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 nations are now using digital currency as a means of financial transactions. The growing acceptance of digital currencies like Bitcoin and Litecoin is anticipated to fuel market expansion in the years to come. Blockchain technology is frequently used with digital currency to decentralize and manage efficient transactions. Due to the benefits of blockchain technology and digital currency, businesses are investing in cryptocurrencies and working together to provide users with effective and high-quality services, propelling the market’s expansion.
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Cryptocurrency Market Report Scope & Segmentation:
|Market size for available years
|Base year considered
By End User
|North America, Europe, APAC, MEA, and Latin America|
|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 out all the Cryptocurrency Market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Advanced Micro Devices Inc.
- Antier Solutions
- BitFury Group Limited
- BTL Group Ltd.
- Coincheck Inc.
- Intel Corporation
- Ledger SAS
- NVIDIA Corporation
- Xilinx Inc.
- Xapo Holdings Limited
- In October 2021, the corporation 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 teamed up with NCR Corporation to open crypto purchases to credit unions and 650 banks. The initiative is in response to consumer demand from consumers of NCR banking who have been buying virtual currency through third-party exchanges.
- In March 2021, Visa Inc. processed cryptocurrency payments on the Ethereum Blockchain directly and intended to promote it as a new service payment. The company hopes to make the finance sector the first to embrace cryptocurrencies through this important endeavor.
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The software category in the cryptocurrency market is expected to be the fastest-growing segment during the forecast period
The software category is projected to grow at the fastest rate during the forecast period since it makes it easier to handle the enormous amount of data generated for insightful discoveries and wiser 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 employs to connect offers and exchanges with derivatives of digital currencies. The platform matches sales and purchases from users, giving it the greatest market share. There is a good chance that trading platforms will be widely dispersed. Wallets, however, come in both hardware and software varieties. Software wallets or digital wallets are more popular because of their increased security. Digital wallets are again categorized as self-hosted or custodial wallets based on the user’s control over the private key protection feature.
Ripple (XRP) category of the cryptocurrency market to record the highest CAGR from 2022 to 2027
The ripple (XRP) category is expected to account for the highest CAGR of the cryptocurrency market from 2022 to 2027. Debentures are validated with ripple. In the network created by ripple, relationships between creditors and debtors and account balances are accessible 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 like Dogecoin, Moneor, and Dash contribute greatly to market growth.
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Segmentation of Global Cryptocurrency Market :
Global Cryptocurrency Market – By Component
- Mining Platform
- 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)
Global Cryptocurrency Market – By End User
- Trading Retail and E-commerce
Key questions answered in this report:
- Which is the leading region of the market for cryptocurrency?
- What are the key drivers for the growth of the cryptocurrency market?
- Which is the major segment in the cryptocurrency market by offering?
- Which is the major segment in the cryptocurrency market by type?
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North America is anticipated 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 consumers’ and merchants’ acceptance of the digital currency. Additionally, the market in North America is dominated by the prevalence of bitcoin mining and the presence of the most significant firms.
Table of Contents:
Chapter 1 Preface
1.1 Report Scope and Description
1.1.1 Study Purpose
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Key Benefits for Stakeholders
1.3 Report Scope
Chapter 2 Report Summary
2.1 Key Findings
2.1.1 Top Investment Pockets
2.2 Market Snapshot: Global Cryptocurrency Market
2.3 Global Cryptocurrency Market, 2018 – 2028 (US$ Mn)
Chapter 3 COVID 19 Impact Analysis
3.1 Impact Assessment of COVID-19 Pandemic, By Region
3.1.1 North America: Impact of COVID-19 Pandemic
3.1.2 Europe: Impact of COVID-19 Pandemic
3.1.3 Asia pacific: Impact of COVID-19 Pandemic
3.1.4 Latin America: Impact of COVID-19 Pandemic
3.1.5 Middle-East and Africa: Impact of COVID-19 Pandemic
3.2 Key Strategies Undertaken by Companies to Tackle COVID-19
3.3 Quarterly Market Revenue by Region 2021 & 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 & 2028 (Value, %)
4.2.1 Cryptocurrency Share Forecast, By Region (USD Million)
4.2.2 Comparative Revenue Analysis, By Country, 2021 & 2028
4.2.3 Key Market Trends, Growth Factors, & Opportunities
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