Cryptocurrency Market Set to Reach $2.4 Trillion by 2023 with Bitcoin Leading the Way


Research and Markets has added its new report, ‘Global Cryptocurrency Market by Type (Bitcoin, Bitcoin Cash, Dashcoin), Process (Mining, Transaction), Offering, End-user Industry – Forecast 2023-2030,’ to its offering. The report offers market size estimates for different years and projects the market’s growth at a Compound Annual Growth Rate (CAGR) of 19.36% to reach USD 10.54 billion by 2030.

Market Segmentation & Coverage:

• Type: The report categorizes the market based on different types of cryptocurrencies such as Bitcoin, Bitcoin Cash, Dashcoin, Ethereum, Litecoin, and Ripple. Bitcoin holds the largest market share of 31.23% in 2022, followed by Ethereum.
• Process: The market is studied based on mining and transaction processes. Mining includes cloud mining, pool mining, and solo mining, while transactions include exchange and wallet. Mining commands the largest market share of 60.73% in 2022, followed by transactions.
• Offering: The report covers the market based on hardware and software offerings. Hardware includes ASIC and GPU, while software commands the largest market share of 62.43% in 2022, followed by hardware.
• End-user Industry: The market is studied based on the real estate and retail & e-commerce sectors. Retail & e-commerce holds the largest market share of 92.87% in 2022, followed by real estate.
• Region: The report provides insights into the market’s geographical distribution across the Americas, Asia-Pacific, and Europe, the Middle East & Africa. Europe, the Middle East & Africa commands the largest market share of 39.09% in 2022, followed by Asia-Pacific.

Market Dynamics:

The report presents an analysis of the drivers, restraints, opportunities, and challenges affecting the global cryptocurrency market.

• Drivers: Factors driving the market include the decentralized network concept’s economic benefits, the convenience of leading worldwide exchanges, the advantages of cryptocurrency over fiat currencies, and increasing acceptance by financial institutions.
• Restraints: The market faces drawbacks such as cybersecurity issues and cryptocurrency volatility.
• Opportunities: The report identifies opportunities stemming from business and individual inclination towards digital currency and the potential of cryptocurrencies in paying employees.
• Challenges: The market faces challenges due to lack of awareness, slower adoption rate, lack of legislation, legal obstacles, and difficulties in cryptocurrency transactions.

Market Share Analysis:

The report also includes a market share analysis that offers insights into the current state of vendors in the cryptocurrency market space. The analysis considers vendor contributions to overall revenue, customer base, and other key metrics, providing a comprehensive understanding of their performance and competition for market share.

The report covers various aspects such as market penetration, market development, market diversification, market trends, competitive assessment & intelligence, product development & innovation, and technology trends and regulatory frameworks in the global cryptocurrency market. The report further addresses key questions such as the market size and forecast of the global cryptocurrency market, the impact of COVID-19 on the market, investment opportunities, competitive strategic window, technology trends, and market share of leading vendors.

Key Players:

The report features a list of key players operating in the global cryptocurrency market, including Advanced Micro Devices, Inc., Alchemy Insights, Inc., Binance Holdings Ltd., BitFinex by iFinex Inc., BitGo, BITMAIN Technologies Holding Company., Bitstamp Ltd. by NXMH BV, Bybit Fintech Limited, Canaan Inc., Coinbase Ascending Markets Kenya Limited, Coinstash by TWMT Pty Ltd., Cointree Pty. Ltd., Dunamu Inc., Ethereumminer.EU by bitfly gmbh, eToro (Europe) Ltd., Gemini Trust Company, LLC., iFinex Inc. by Messari, Inc., Intel Corporation, Internet Computer by DFINITY, KuCoin, Ledger SAS, NVIDIA Corporation, Pandaminer, Swyftx Pty Ltd., and Xapo Holdings Limited.

Overall, the report provides a comprehensive analysis of the global cryptocurrency market, taking into account various factors that may impact its growth in the forecast period from 2023 to 2030.

Related articles

Recent articles