Cryptocurrency like Bitcoin, Ethereum allows for fast and easy transactions across borders without intermediaries like banks. Increased popularity among investors and integration with traditional payment systems has led to increased adoption across various sectors.
The global Cryptocurrency Market is estimated to be valued at US$ 37.9 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased institutional adoption has been a key trend driving growth in the cryptocurrency market. Large financial institutions and investment firms have started offering cryptocurrency-related services like trading, lending and payments. This has reduced perceived risk for other investors and accelerated greater mainstream adoption. Companies like Goldman Sachs, JP Morgan, etc have either launched or are planning their own crypto trading platforms and investment vehicles. Such moves validate cryptocurrencies as an emerging asset class and financial technology. It is expected that increased participation from institutional players will attract greater capital inflows and expand the user base of cryptocurrencies over the coming years.
Market Segment Analysis
Content: The global cryptocurrency market is segmented into bitcoin, ethereum, bitcoin cash, ripple, litecoin, and others. Among these, the bitcoin segment dominates the global market with a market share of over 50% due to its first mover advantage and popularity. This segment is expected to continue its dominance during the forecast period as well owing to a high acceptance of bitcoin across merchants as a mode of payment.
Content: The global cryptocurrency market is expected to witness high growth. North America leads the global cryptocurrency market currently due to a high number of bitcoin exchanges and mining facilities in countries like the US and Canada. However, Asia Pacific is expected to emerge as the fastest growing region during the forecast period. This can be attributed to factors like a high adoption of virtual currencies in countries like India, South Korea, and Japan.
Regional analysis related content comprises: Within Asia Pacific, China holds the largest share currently owing to a high number of cryptocurrency trading exchanges and mining facilities in the country. However, India is projected to surpass China and become the leading cryptocurrency market in Asia Pacific by 2026. This is because of the increasing millennial population in India that is driving the adoption of digital currencies.
Key players related content comprises: Key players operating in the cryptocurrency market are Bitmain Technologies Ltd. (Beijing, China). Bitmain Technologies Ltd. holds the largest market share currently as it is the largest bitcoin mining hardware producer worldwide. The company also develops and sells mining pools and cloud mining contracts to mine bitcoin.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it