The latest research study “Global Cryptocurrency Market Share, Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that The global cryptocurrency market size reached US$ 1,782 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32,420 Billion by 2027, exhibiting a growth rate (CAGR) of 58.4% during 2022-2027.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cryptocurrency Industry Definition and Application:
Cryptocurrency, also referred to as a crypto coin, represents a digital or virtual currency encrypted by cryptography to prevent counterfeiting or double-spend and monitoring transactions. It operates via decentralized networks based on blockchain technology and can be distributed over computer networks linked to a virtual environment. Cryptocurrency eliminates the risk of identity theft and ensures enhanced safety as it involves using authenticated security passwords attached directly to the digital wallet of users. It is extensively preferred over traditional currencies as it facilitates quicker payments with zero transaction charges and provides inflation resistance and transparency. As a result, cryptocurrency finds widespread applications in making payments, trading, remittance, etc.
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Cryptocurrency Market Industry Trends and Drivers:
The escalating need for security, operational efficiency, and transparency in financial payment systems is among the primary factors driving the cryptocurrency market. Besides this, the increasing usage of high-speed internet and installation of trading applications on smartphones provide seamless access to online expenditure transactions, which, in turn, is further augmenting the market growth. Moreover, the legalization and approval of the sale, purchase, or trade of cryptocurrencies, including ripple, bitcoin, and Ethereum, across countries is also catalyzing the global market. Apart from this, the growing popularity of blockchain or distributed ledger technology that minimizes the chance of fraudulent and undesirable transactions, owing to manual or machine errors and data manipulation, is acting as another significant growth-inducing factor. Additionally, the elevating demand for this technique to track any modifications in real-time and enhance information security and transaction immutability, on account of the rising instances of cybercriminal activities, is also stimulating the market growth. Furthermore, the expanding market capitalization of the industry is anticipated to propel the cryptocurrency market in the coming years.
The information is a declaration of the way that digital currencies are quickly turning into a supported resource class among the twenty to thirty-year-olds and Gen Z Indians who lean toward Bitcoin over the traditional metals, property, and stocks, for straightforwardness and development it offers.
Cryptocurrency Market Segmentation 2022-27:
The report has been segmented the market into following categories:
Breakup by Component:
Breakup by Process:
Breakup by Application:
Middle East and Africa
List of Major Key Players:
- Micro Devices, Inc (NASDAQ: AMD)
- Cryptomove Inc
- AlphaPoint Corporation
- Intel Corporation (NASDAQ: INTC)
- Microsoft Corporation (NASDAQ: MSFT)
- Quantstamp Inc
- Ripple Services Inc
- Coinbase, Inc (NASDAQ: COIN)
- Bitfury Holding B.V
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