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The global cryptocurrency market size predicted to reach USD 1,758.0 million by 2027. The increasing adoption of cryptocurrencies as an exchanging medium in the U.S., Germany, China, and the U.K will create lucrative business for the market in the forthcoming years, mentioned in a report, titled “Cryptocurrency Market Size, Share and COVID-19 Impact Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, Others), By End-use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2020 – 2027” the market size stood at USD 754.0 million in 2019 and is predicted to exhibit a CAGR of 11.2% between 2020 to 2027.
Launch of Cryptocurrency Aid Programs to Fight COVID Perils
The initiation of the Red Cross bitcoin fundraiser, coronavirus relief campaign and investment fund to aid countries, hospitals, and people suffering from COVID-19 will significantly boost the growth of the market during the forecast period. For instance, Binance, a cryptocurrency exchange platform declared a charity donation of USD 5 million in coronavirus relief campaign. The collection of fund for donations around the world will uplift the cryptocurrency market share in the foreseeable future. For instance, in October 2019, the United Nations Children’s Fund, also known as UNICEF has started a new fund, which involves, transactional disbursal of donations in cryptocurrencies. Branches of UNICEF in Australia, New Zealand, and the U.S. are also readied to collect cryptocurrency. Furthermore, the increasing fund-raising schemes of major companies will bolster the healthy growth of the market. For instance, Binance, a global decentralized exchange platform has set up a USD 50 million (Rs 370 crore) blockchain technology fund for India. The fund will back plans of Binance’s global blockchain ecosystem for India’s entrepreneurial community. This, will enhance the possibilities for integration of blockchain technology in this digital currency and enable intensification in the digital currency methods.
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Mounting Admiration of Bitcoin to Stimulate Development
The growing inclination of investors towards bitcoins will aid the adoption of cryptocurrency in the forthcoming years. The supporting regulations regarding digital currency and increased popularity of bitcoins will subsequently enable speedy expansion of the market. The rising cognizance regarding bitcoin cash value and rewards will intensify market proceedings in the foreseeable future. Similarly, the rising awareness about the advantages of cryptocurrencies during the financial crisis will boost the market. For instance, cryptocurrencies are better options in the time of financial uncertainties, especially in regions with unstable economical structure. Financial uncertainty disrupts the economy with dropping value of currency besides, traditional banking and the financial sectors are primarily affected by it.
Collaborations and Deals among Players to Consolidate Industry
The market is dominated by the presence of major key players. The strategical collaborations and partnerships by key players to strengthen their market position and aid digital currency adoption. For instance, in April 2020, Bitcoin.com partnered with the Bit Mining company for expanding their bitcoin mining services, bitcoin pools across Japan. Key players are focused on enhanced product platform by incorporating new cryptocurrencies in their offerings to improve trading. Furthermore, leading players are focused on investment in the liquidity of their product suite to advance trading features. In December 2019, Binance announced a partnership with FTX services and strategic investment into FTX services to build a more effective crypto and trading platform to raise the crypto derivatives exchange market.
The Report Lists the Leading Players in the Cryptocurrency Market:
Further Report Findings:
The Market is Segmented into:
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD million)