Global cryptocurrency market expected to grow at a CAGR of 30% and is anticipated to reach around USD 5,190.62 million by 2026.
NEW YORK, UNITED STATES, June 8, 2020 /EINPresswire.com/ — Findings from Facts and Factors report “Cryptocurrency Market By Type (Bitcoin, Ethereum, Ripple, Litecoin, Dashcoin, Others), By Component (Hardware, Software), By Process (Transaction, Mining), and By End-Users Analysis (Banking, Real Estate, Stock Market & Virtual Currency, Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global cryptocurrency market in 2019 was approximately USD 792.53 million. The market is expected to grow at a CAGR of 30% and is anticipated to reach around USD 5,190.62 million by 2026.
Cryptocurrency is virtual cash or digital asset. It is used as a medium of exchange with strong cryptography to secure financial transactions, control additional unit creation and substantiate asset transfer. The cryptocurrency is present in various types of viz. bitcoin, bitcoin cash, ethereum, ripple, litecoin, dashcoin, and many more. In which one of the cryptocurrency is bitcoin (used under the symbol BTC), and other cryptocurrencies like “Ripple (XRP),” “Litecoin (LTC) ” and “Ether (ETH),”. Alternatives to Bitcoin are called “altcoins.” Cryptocurrency is coarsely the correspondent of using a Debit Card or PayPal, excluding on-screen numbers reflecting cryptocurrencies as opposed to other currency like the dollar.
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Some top key players included in the cryptocurrency market are Bitfinex, Bitfury Group Limited, Bitstamp, Coinbase, Inc., OKEx, Circle Internet, financial Limited, Ripple Labs, Inc., Unocoin Technologies Private Limited, BitGo, BitPay, Inc., and others.
Cryptocurrency transaction uses the concept of blockchain and cryptography. The cryptocurrency needs low ownership costs, and it is much safer and faster transactions. These parameters are expected to augment market growth globally. In addition, minimal rates for exchange, interest rates or charges across all international transactions are expected to boost the cryptocurrency market over the years to come. Cryptocurrency is becoming progressively popular. Distributed ledgers allow the digital currency payment system to run in decentralized mode, by removing the need for centralized processing by intermediaries. Distributed ledger technology allows financial transaction tracking. By creating digital money, it virtualizes tracking and trading anything of value.Blockchain provides a robust platform for safe real-time data sharing. Blockchain is a type of distributed ledger system that delivers greater safety to the digital economic process in real-time. These parameters may drive the cryptocurrency market in the future years. The uncertainty in the regulatory status may hamper the growth of the market. Many people in the world are still unaware of the benefits of digital currency.
The major type of the global cryptocurrency market includes bitcoin, ethereum, ripple, litecoin, dashcoin, and others. Among these, bitcoin led the market with a major share above 40% in 2019 and it is further expected to continue the trend over the forecasted period.
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By End-User analysis, the cryptocurrency market is divided into banking, real estate, stock market & virtual currency, others, Among these, the stock market & virtual currency headed the market in 2019 with more than USD 500 million and it is anticipated to grow in the future years.
On the component basis, the global cryptocurrency market is segregated into hardware and software. Among the components, hardware was the largest segment used in the cryptography market. The hardware segment held the major share of the entire market in 2019. Furthermore, the hardware segment is expected to continue its dominance over the forthcoming years.
Based on the process, the global cryptocurrency market is classified into transactions and mining. Among these, the mining segment held a significant share of the total market nearly 65% in 2019. The mining segment is likely to exhibit the lucrative growth in the future years.
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By region-wise, Europe region led the market in 2019, with around USD 400 million and it is anticipated to increase over the forecast period.
This report segments the CryptoCurrency market as follows:
Global Crypto Currency Market: By Type Segmentation Analysis
Global Crypto Currency Market: By End-Users Segmentation Analysis
Stock Market & Virtual Currency
Global Crypto Currency Market: By Component Segmentation Analysis
Global Crypto Currency Market: By ProcessSegmentation Analysis
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