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Cryptocurrency Market Size, Share Analysis, Industry Growth & Trends

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Abstract

Cryptocurrency market size will reach USD 1077.4 million in 2028, growing at a CAGR of 3.6% over the analysis period. While the COVID-19 pandemic affected every country in the world, small businesses were hurt the most because of their limited resources. And while no major corporation has gone out of business, many have struggled to stay afloat because of their inability to attract customers. These corporations have recently taken a new interest in crypto assets, with many banks buying Bitcoin and Ethereum for the first time. Leading US banks are creating their own blockchain-based systems, including digital currencies, to enable B2B cryptocurrency payments between their customers. Also, in October 2020, PayPal announced that its customers can buy, sell, and hold Bitcoin and cryptocurrencies using their PayPal accounts. This will allow customers to purchase goods from the 26 million sellers who accept PayPal. In 2021, PayPal is planning to allow cryptocurrency to be used as a funding source.
Overview of Cryptocurrency Market
As the global economy mends, the 2021 growth of Cryptocurrency will have significant
change from previous year. According latest study, the Global Cryptocurrency Market size is
USD million in 2022 from USD 839.4 million in 2021. The global Cryptocurrency market size
will reach USD 1077.4 million in 2028, growing at a CAGR of 3.6% over the analysis period.
While the COVID-19 pandemic affected every country in the world, small businesses were
hurt the most because of their limited resources. And while no major corporation has gone
out of business, many have struggled to stay afloat because of their inability to attract
customers. These corporations have recently taken a new interest in crypto assets, with
many banks buying Bitcoin and Ethereum for the first time. Leading US banks are creating
their own blockchain-based systems, including digital currencies, to enable B2B
cryptocurrency payments between their customers. Also, in October 2020, PayPal
announced that its customers can buy, sell, and hold Bitcoin and cryptocurrencies using
their PayPal accounts. This will allow customers to purchase goods from the 26 million
sellers who accept PayPal. In 2021, PayPal is planning to allow cryptocurrency to be used as
a funding source.
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Cryptocurrency Market Drivers, Restraint, Opportunity, Challenges
Drivers:
When financial transactions are made without the knowledge of stakeholders, particularly in
Asian countries where several instances of fraudulent or unwanted transactions, such as
deduction of scheduled charges, are frequently observed, transparency issues arise. These
problems are caused by human error, machine error, or data manipulation during the
transaction process and may result in customers losing huge amounts of money. This
practice is unacceptable to most people and has led to dissatisfaction among the public
when there is a lack of financial system transparency.
Restraint:
While some financial regulatory bodies are working to find common standards for
cryptocurrencies, regulatory acceptance remains one of the biggest challenges facing the
cryptocurrency market. The lack of regulations and uncertainty regarding the same are
among the major factors restraining the adoption of cryptocurrencies. Distributed ledger
technology is still in the nascent stage, raising questions for regulators and policymakers at
national and international levels.
Opportunity:
For instance, in Brazil, Foxbit, Ripio, Bitcoin Market, and Novadax have signed a code of self-
regulation that aims to legitimize and boost the adoption of cryptocurrency in the country.
The agreement was signed under the auspices of Abcripto, Brazil's association of
cryptocurrency companies.
Overview of Cryptocurrency Market
Challenges:
Cryptocurrency has the potential to transform and revolutionize peer-to-peer payments.
However, the end users have to overcome certain challenges related to security, privacy,
and control. As cryptocurrency transactions are recorded in the public ledger known as
blockchain, hackers can potentially gain access to critical and sensitive information. If this
public ledger is used to store confidential contract-related information or payment data,
replicating the file can make it easier for hackers to access it. If a key is compromised, it can
be used to access the database in a hub-and-spoke model as well as in a distributed
database.
The process of solving cryptocurrency problems and adding blocks to the blockchain
involves transactions. Miners solve these transactions and get rewarded. To solve those
transactions, they generate hash codes. They use powerful hardware called mining rigs for
this purpose. These mining rigs are available in different shapes and sizes depending on the
cryptocurrency being mined. The market for hardware has been segmented based on
processors into GPUs, CPU, FPGAs, and ASICs.
Mining is a crucial process in the generation, transmission, and validation of
cryptocurrencies, ensuring that currency is generated, transmitted, and validated in a
stable, secure, and immutable manner. Unlike fiat currency, where central authorities
control and regulate the transactions, cryptocurrencies are decentralized and work on a
peer-to-peer system.
Cryptocurrency Market Segmentation:
Segmentation by type: breakdown data from 2017 to 2022 and forecast to 2028
Bitcoin (BTC)
Ether (ETH)
Litecoin (LTC)
Other
Segmentation by application: breakdown data from 2017 to 2022 and forecast to
2028
Transaction
Investment
Other
The key players covered in this report:
ZEB IT Service
Coinsecure
Coinbase
Bitstamp
Litecoin
Overview of Cryptocurrency Market
Poloniex
BitFury Group
Unocoin Technologies Private
Ripple
OKEX Fintech Company
Bitfinex
Table of Contents
Market Definition & Scope
Market Development Performance under COVID-19
Industrial Lift Cycle and Main Buyers Analysis
Market Segment: by Type
Market Segment: by Application
Market Segment: by Region
Key Participants Company Information
Global Cryptocurrency Market Forecast by Region by Type and by Application
Analyst Views and Conclusions
Methodology and Data Source
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