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Cryptocurrency Market to Exhibit 11.1% CAGR in 2021-2028; Growing Interest of Investors and Supporting Regulations to Augment Market Growth

October 22, 2021 | Information & Technology

The global cryptocurrency market size is expected to gain momentum by reaching USD 1,902.5 million by 2028.  As a result, crypto has become a popular method of investing. The exceptional growth opportunities related to this currency is tempting people to choose it as an alternative investment option. Moreover, support by governments of a few nations is also promoting its demand. Fortune Business Insights™ in its report titled “Cryptocurrency Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, and Others), By End-Use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2021-2028 ”, mentions that the market stood at USD 826.6 million in 2020 and is projected to exhibit a CAGR of 11.1% during the forecast period. 


Reddit Partnered with the Ethereum Foundation for Blockchain Ecosystem Promotion


In January 2021, Reddit entered into a partnership with Ethereum Foundation to promote the blockchain ecosystem and experimented with Ethereum-based tokens for its subreddits, r/FortNiteBR, and r/Cryptocurrency. Since Reddit has around 50 million visitors daily, it aims to accelerate scaling and resources for the Ethereum ecosystem and independent blockchain technology to millions of redditors.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/cryptocurrency-market-100149


Growing Adoption of Digital Currencies will have Profound Impact on the Market


 With the growing popularity of digital currencies such as Bitcoins, Ethers, Litecoins, and others, people adopt these digital currencies for easy transactional methods. Moreover, the central bank patented the Central Bank Digital Currency (CBDC) for digital currency projects in many developed nations. For example, the Bank of Thailand and the Central Bank of Uruguay applied for the toolkit for its CBDC evaluation process. Facebook, Inc. is also expanding its business by providing cryptocurrency. For instance, in June 2019, Facebook, Inc. announced the launch of a digital currency called Libra. Libra will allow customers to shop as well as send money to others. These factors are expected to drive cryptocurrency market growth.


Key Players Focus on Partnerships to Brighten their Market Prospects


The market is experiencing healthy competition among key players focusing on developing and launching new products, forming partnerships to widen their product portfolio, and further boost sales revenues. For instance, in June 2021, NYDIG, a digital asset management firm, announced its partnership with NCR Corporation to make crypto purchases available to credit unions and 650 banks. This development is undertaken in response to the demand from NCR banking clients who have been purchasing cryptocurrency through third-party exchanges. Such strategies will contribute to the growth of the market during the forecast period.


Industry Development



  • January 2020 – Binance.com announced the acquisition of WazirX Bitcoin exchange situated in Mumbai. With this acquisition, Binance.com is planning to exchange its business portfolio in India. 


List of Key Players Profiled in the Report



  • Bitmain Technologies Ltd. (Beijing, China)

  • Xilinx, Inc. (California, U.S.)

  • Intel Corporation (California, United States)

  • Advanced Micro Devices, Inc. (California, U.S.)

  • Ripple Labs, Inc. (California, U.S.)

  • Bitfury Group Limited. (Amsterdam, U.K.)

  • Ledger SAS (Paris, France)

  • Nvidia Corporation (California, U.S.)

  • BitGo (California, U.S.)

  • Xapo (Zürich, Switzerland)


Further Report Findings



  • North America is expected to hold the largest cryptocurrency market share during the forecast period. The acceptance of digital currencies by consumers and retailers in the region is likely to boost market progress. Additionally, the growing popularity of bitcoin mining and the presence of prominent key players are driving the regional market.  The region stood at USD 273.0 million in 2020.



  • Asia Pacific is expected to showcase a significant rise in the market as Japan recently accepted a new cryptocurrency exchange during the COVID-19 outbreak. Moreover, other Asian nations such as Malaysia’s Securities Commission also legalized cryptocurrency exchange operators to operate in the country. These factors are driving the regional market growth. 

  • By end-use, it is divided into trading, E-commerce and retail, peer-to-peer payment, and remittance. Out of these, the trading segment held a market share of 42.8% in 2020 because of the availability of many trading applications.


Table of Segmentation






































  ATTRIBUTE



  DETAILS



Study Period



  2017 – 2028



Base Year



  2020



Forecast Period



  2021 – 2028



Historical Period



  2017 – 2019



Unit



  Value (USD million)



Segmentation



  By Component; Type; End-Use; and Region



By Component




  • Hardware

    • FPGA

    • ASIC

    • GPU

    • Others (Paper Wallet, Web Wallet, Etc.)



  • Software

    • Mining Software

    • Exchanges Software

    • Wallet

    • Payment

    • Others (Vaults, Encryption, Etc.)




Cryptocurrency Market
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  • 2020
  • 2017-2019
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