Dublin, Jan. 10, 2023 (GLOBE NEWSWIRE) — Researchandmarkets.com has released a new report forecasting that the global cryptocurrency market is set to expand with a 7.2% CAGR up to 2030.
The cryptocurrency market was valued at $2,040.5 Million in 2020. Currently, many types of digital currency are available on the market, such as Bitcoin, Ethereum, Bitcoin Cash and Ripple. The growth of cryptocurrency markets is being fueled by a variety of factors, including the increasing number of remittances from developing countries, the transparency offered by distributed ledger technology, high cross-border costs and increasing venture capital investment.
The market is also being affected by scams such as Silk Road and Mt. Gox, which have had a significant impact on the prices of cryptocurrency. According to Bloomberg, the majority of global digital asset exchanges (GDAX) are based in the US, and Asia Pacific accounts for 43 of the 90 current exchanges, with Europe taking up 24% and North America 15%.
The global cryptocurrency market is driven by the increasing acceptance of digital currency in various industries, fluctuations to currency regulations and opportunities in both developed and emerging markets. For example, major retailer Walmart has applied for a patent to allow a digital currency to be integrated with fiat currency, which could enable faster and more affordable transactions.
The Commercial Sector Dominates the Global Cryptocurrency Market
In 2021, the trading segment of cryptocurrency markets dominated, accounting for more than 40.0% of global revenue. This is likely due to the increased interest in cryptocurrency trading. Businesses are now using cryptocurrency to transfer funds between two parties directly, thereby eliminating the need for third parties such as banks and credit card companies.
Examples of companies that accept digital currencies include Microsoft Corporation, which allows bitcoin to be used to top-up Microsoft accounts, and BitPay, which accepts bitcoin donations. These digital currencies can be secured with the use of public or private keys, allowing for real-time transfers.
Asia Pacific Is the Dominant Region for the Global Cryptocurrency Market
In 2021, Asia Pacific was the dominant region for cryptocurrency, with more than half of the market share. This is attributed to the friendliness of cryptocurrency, the relative affordability and exchange activity in the region, particularly in countries such as China, Hong Kong, Japan and South Korea. South Korea has been marketing digital products related to gaming for over 20 years, which is helping to drive the growth of cryptocurrency markets in the region.
Key Industry Developments
- In May 2020, Ripple, the American Blockchain company behind XRP cryptocurrency, announced a partnership deal with Kuwait Financial House, to provide instant cross-border payments. In 2021, the company launched an instant cross border remittance service through the Ripple blockchain.
- In February 2020, Bitmain released two new miners, Antiminer S19 and Antiminer S19 Pro. The standard model can hash at 95 terahashes per sec, while the professional model can offer 110 terahashes each second.
Key Topics Covered by the Report
- Preface
- Executive Summary
- Cryptocurrency Market: Competitive Analysis
- Cryptocurrency Market: Macro Analysis and Market Dynamics
- Cryptocurrency Market: By Component (2020-2030, USD millions)
- Cryptocurrency Market: By Applications (2020-2030, USD millions)
- Cryptocurrency Market: By Type (2020-2030, USD millions)
- North America Cryptocurrency Market (2020-2030 USD millions)
- UK and EU Cryptocurrency Market (2020-2030 USD millions)
- Asia Pacific Cryptocurrency Market (2020-2030 USD millions)
- Latin America Market for Cryptocurrency (2020-2030 USD millions)
- Middle East and Africa Cryptocurrency Market (2020-2030 USD millions)
- Company Profile
For more information on this report, please visit https://www.researchandmarkets.com/r/4i0vfj
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