According to the latest report by IMARC Group, titled “Cryptocurrency Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026,” The global cryptocurrency market reached a value of US$ 364.5 Billion in 2020 and expects the market to grow at a CAGR of 60.8% during 2021-2026.
Cryptocurrency is a digital or virtual currency designed to work as a medium of monetary exchange. It is secured by cryptography that makes it impossible to counterfeit or double-spend and renders the currency immune to government interference or manipulation. This form of digital asset can be distributed over a vast array of computer networks that are connected to a virtual environment. This allows the currency to be exchanged among two parties through the use of public and private keys. It is widely preferred over traditionally used currencies as its usage facilitates quicker payments and allows users to avoid transaction fees. It is considered to be much safer as compared to conventional forms of currencies as it eliminates the chances of identity theft and offers inflation resistance and transparency.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Cryptocurrency Market Trends:
The market is primarily driven by the increasing demand for convenient financial services and virtual currencies across the globe. The use of cryptocurrencies is less time consuming as they facilitate easy and fast international transactions with a minimal country-to-country transaction fee. They also offer numerous advantages to users, such as increased adaptability, secured confidentiality and enhanced portability and divisibility, thereby boosting their uptake on the global level. Along with this, the legalization of purchase, sale or trade of virtual currencies in several developed countries and the increasing availability of high-speed internet are providing an impetus to the market growth. The market is further driven by the integration of blockchain technology with cryptocurrencies as this offers a reduced risk of fraudulent or unwanted transactions. It also enables users to monitor the changes being made in real-time during the transactions.
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Global Cryptocurrency Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Advanced Micro Devices Inc., Alphapoint Corporation, Bitfury Holding B.V., Coinbase Inc., Cryptomove Inc., Intel Corporation, Microsoft Corporation, Quantstamp Inc., Ripple Labs Inc. and Xilinx Inc.
The report has segmented the market on the basis of region, type, component, process and application.
Breakup by Type:
- Bitcoin Cash
Breakup by Component:
Breakup by Process:
Breakup by Application:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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