Crypto Currency Market, By Offering (Hardware, Software), By Process, (Transaction, Mining), By Type, (Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Ripple (XRP), Others), By End User (Retail, and E-commerce, Banking, Trading, Others), By Region – Global Analysis Forecast Till 2030

The Global Crypto Currency Market was valued at $2.1 billion in 2020 and is projected to reach $5.23 billion by 2030, growing at a CAGR of 13.1% from 2021 to 2030.

Cryptocurrency is known as virtual currency. A form of currency that exists only digitally and has no centrally issued or regulated authority. Authenticate transactions using blockchain technology. Blockchain is a decentralized technology distributed across multiple computers that manage and record transactions. It also serves as a peer-to-peer system that allows users to send and receive payments anywhere in the world without relying on banks to verify transactions.

Cryptocurrency mining has become increasingly popular as more individuals and businesses seek to participate in the exciting world of digital currencies. With the emergence of new cryptocurrencies, enthusiasts are constantly on the lookout for the best cryptocurrency to invest in. Alongside mining, cryptocurrency trading has also gained traction, allowing investors to profit from the volatility of various cryptocurrencies. To facilitate these transactions, cryptocurrency exchanges play a crucial role in providing a platform for users to buy, sell, and trade different digital assets. As the cryptocurrency market continues to expand, individuals are becoming more intrigued by the potential of cryptocurrency and exploring various opportunities it presents.

Market Dynamics:

Drivers:

The Crypto Currency Market is expected to witness promising growth in the coming years due to increased data transparency and payment independence in banking, financial services, insurance, and other business sectors. Across the banking industry, cryptocurrencies provide numerous benefits, such as transparently sending and receiving payments and securely storing customer details for further purposes.

In addition, the innovative blockchain decentralized technology protocol replaces the need for specific organizational solutions and allows various players to share payments transparently across the company. These systems bring transparency to the supply chain, helping to eradicate environmental crime and more. This promotes the adoption of cryptocurrencies in the future.

Restraints:

Criminals and terrorists tend to transact cash and hold it as collateral rather than use financial intermediaries such as banks and circumvent anti-money laundering reporting and compliance. Businesses and governments have been concerned that digital currency transfers' pseudonymous and decentralized nature could provide criminals a way to hide their financial activity from authorities. For example, Bitcoin was used in a web-based illicit drug market called Silk Road. This exchange and Bitcoin escrow program allowed more than 100,000 trades in illicit products between January 2011 and October 2013, when the government shut down the company and detained the people running the platform.

The criminal use of virtual currencies does not automatically imply that blockchain negatively impacts the community, as the advantages of blockchain may outweigh the social costs of increased crime caused by virtual currencies. Law enforcement agencies can potentially minimize the use of digital currencies to deter law enforcement. In addition to law enforcement's ability to prosecute violence, governments have the right to restrict digital currency exchanges to laws related to criminal activity monitoring.

Key players:

• Advanced Micro Devices Inc.

• Antier Solutions

• BitFury Group Limited

• BTL Group Ltd. 

• Coincheck Inc.

• Intel Corporation

• Ledger SAS

• NVIDIA Corporation

• Ripple

• Xilinx Inc.

• Xapo Holdings Limited

• And Others

Market Segmentation:

Crypto Currency Market, By Offering

• Hardware

  • ASIC

    • Full Custom ASIC

    • Semi-custom ASIC

    • Programmable ASIC

  • GPU

  • FPGA

  • Others

• Software

  • Mining Platform

  • Exchange

  • Coin Wallet 

Crypto Currency Market, By Process

• Mining

• Transaction

Crypto Currency Market, By Type

• Bitcoin (BTC)

• Ethereum (ETH)

• Tether (USDT)

• Binance Coin (BNB)

• Cardano (ADA)

• Ripple (XRP)

• Others

Crypto Currency Market, By End User

• Trading

• Retail and E-commerce

• Banking

• Others

Crypto Currency Market, By Region

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Rest of Europe

• Asia-Pacific

  • China 

  • Japan

  • India

  • South Korea

  • Rest of Asia-Pacific

• LAMEA

  • Latin America

  • Middle East 

  • Africa

Regional Analysis:

In 2020, North America held the biggest market share worldwide. This is because most regions have treated Bitcoin as a medium of exchange for tax purposes rather than a currency. Although governments do not legally regulate the facts, many developed countries still focus on using digital currencies. Acceptance of digital cash by consumers and retailers is driving market growth. Additionally, the popularity of bitcoin mining and most key players dominate the North American market.

Besides, several technological developments and the acceptance of virtual currencies on some platforms in Japan and Taiwan are expected to significantly boost the Asia-Pacific market. Strategic collaborations and partnerships of critical players also contribute to the Asia Pacific market. For example, in January 2020, Z Corporation, Inc. and TaoTao, Inc. announced that they are working with financial services institutions to expand the cryptocurrency market by ensuring compliance in the Japanese market.

Japan recently accepted a new digital currency exchange during the COVID-19 outbreak. Similarly, the Securities Commission of Malaysia has legally authorized digital currency exchange operators to operate in Malaysia despite the country's lockdown due to the coronavirus pandemic. The impact of the COVID-19 outbreak may provide opportunities for crypto currency market to grow in certain economies.

Scope of the Report:

User

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