05-Mar-2020 | Facts and Factors
Findings from Facts and Factors report “Cryptocurrency Market – By Category (Bitcoin, Ripple, Ethereum, Dashcoin, Litecoin, and Others), By Elements (Software and Hardware), By Methods (Mining and Transactions), and By End-User Analysis (Banking, Stock Market & Virtual Currency, Real Estate, and Others): Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts, 2021–2028” states that the global cryptocurrency market in 2020 was approximately USD 800 million. The market is expected to grow at a CAGR of 29.5% and is anticipated to reach around USD 5200 million by 2028.
Cryptocurrency is virtual cash or digital asset. It is used as a medium of exchange with strong cryptography to secure financial transactions, control additional unit creation and substantiate asset transfer. The cryptocurrency is present in various types of viz. bitcoin, bitcoin cash, ethereum, ripple, litecoin, dashcoin, and many more. In which one of the cryptocurrencies is bitcoin (used under the symbol BTC), and other cryptocurrencies like “Ripple (XRP),” “Litecoin (LTC) ” and “Ether (ETH),”. Alternatives to Bitcoin are called “altcoins.” Cryptocurrency is coarsely the correspondent of using a Debit Card or PayPal, excluding on-screen numbers reflecting cryptocurrencies as opposed to other currency like the dollar.
Cryptocurrency transaction uses the concept of blockchain and cryptography. The cryptocurrency needs low ownership costs, and it is much safer and faster transactions. These parameters are expected to augment market growth globally. In addition, minimal rates for exchange, interest rates, or charges across all international transactions are expected to boost the cryptocurrency market over the years to come. Cryptocurrency is becoming progressively popular. Distributed ledgers allow the digital currency payment system to run in decentralized mode, by removing the need for centralized processing by intermediaries. Distributed ledger technology allows financial transaction tracking. By creating digital money, it virtualizes tracking and trading anything of value. Blockchain provides a robust platform for safe real-time data sharing. Blockchain is a type of distributed ledger system that delivers greater safety to the digital economic process in real-time. These parameters may drive the cryptocurrency market in the future years. The uncertainty in the regulatory status may hamper the growth of the market. Many people in the world are still unaware of the benefits of digital currency.
The major category of the global cryptocurrency market includes bitcoin, ripple, ethereum, dashcoin, litecoin, and others. Among these, bitcoin led the market with a major share above 40% in 2019 and it is further expected to continue the trend over the forecasted period.
On the basis of an element, the global cryptocurrency market is segregated into software and hardware. Among the element, hardware was the largest segment used in the cryptography market. The hardware segment held the major share of the entire market in 2019. Furthermore, the hardware segment is expected to continue its dominance over the forthcoming years.
Based on the methods, the global cryptocurrency market is classified into mining and transactions. Among these, the mining segment held a significant share of the total market nearly 65% in 2019. The mining segment is likely to exhibit lucrative growth in the future years.
By End-User analysis, the cryptocurrency market is divided into banking, real estate, stock market & virtual currency, others, Among these, the stock market & virtual currency headed the market in 2019 with more than USD 500 million and it is anticipated to grow in the future years.
Report Scope
Report Attribute |
Details |
Market Size in 2020 |
USD 800 Million |
Projected Market Size in 2028 |
USD 5200 Million |
CAGR Growth Rate |
29.5% CAGR |
Base Year |
2020 |
Forecast Years |
2021-2028 |
Key Market Players |
Advanced Micro Devices, Inc., NVIDIA Corporation, BitFury Group Limited, Xilinx Inc., Intel Corporation, Microsoft Corporation, AlphaPoint Corporation, Coinbase Ltd., BitGo, BTL Group Ltd, Ripple Labs Inc., among others |
Key Segment |
By Category, By Elements, By Methods, By End-User, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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By region-wise, the Europe region led the market in 2019, with around USD 400 million and it is anticipated to increase over the forecast period.
Browse the full “Cryptocurrency Market – By Category (Bitcoin, Ripple, Ethereum, Dashcoin, Litecoin, and Others), By Elements (Software and Hardware), By Methods (Mining and Transactions), and By End-User Analysis (Banking, Stock Market & Virtual Currency, Real Estate, and Others): Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts, 2021–2028" report at https://www.fnfresearch.com/cryptocurrency-market
Some top key players included in the cryptocurrency market are Bitfinex, Bitfury Group Limited, Bitstamp, Coinbase, Inc., OKEx, Circle Internet, financial Limited, Ripple Labs, Inc., Unocoin Technologies Private Limited, BitGo, BitPay, Inc., and others.
This report segments the CryptoCurrency market as follows:
Global Crypto Currency Market: Category Segment Analysis
Global Crypto Currency Market: Elements Segment Analysis
Global Crypto Currency Market: Methods Segment Analysis
Global Crypto Currency Market: End-User Segment Analysis
Global Crypto Currency Market: Regional Segmentation Analysis
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