Cryptocurrency Market Growth to be Fueled by Surging Market Capitalization
Improved market capitalization,
rising adoption rate for digital currencies among financial institutions, and
growing preference for purchasing products such as cars, luxury watches, and several
tech products through cryptocurrency, are the leading factors driving the
global cryptocurrency market during the projected period.
According to TechSci Research
report, “Cryptocurrency Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global cryptocurrency
market is
expected to project robust growth in the forecast period owing to the factors
such as increasing popularity of digital assets like Bitcoin and Litecoin
cryptocurrencies. As they are considered a more convenient and flexible option
due to its functioning with the support of Blockchain technology that offers
decentralized, fast, transparent, secure, and reliable transactions. A digital payment system
that doesn't rely on banks to validate transactions is known as
cryptocurrency. Peer-to-peer system makes it possible for anyone and
anywhere, to send and receive payments. Payments made using cryptocurrencies
only exist as digital entries to an online database that provide specific
transaction details, not as actual physical coins that can be carried and
exchanged. A public ledger keeps track of all cryptocurrency transactions that
involve money transfers. This means that complex coding is required for the
storage, transmission, and recording of cryptocurrency data to public ledgers.
The purpose of encryption is to provide security and safety.
The value of cryptocurrencies
is solely dependent on investor sentiment, so their price has been extremely
volatile. As a result, the market has experienced significant price swings
whenever positive or negative news, such as the regulatory crackdown on
exchange platforms or more businesses accepting cryptocurrencies, emerges.
Since 2009, the number of
cryptocurrency types has increased dramatically, and there are now more than
5200 of them, with a combined market value of about USD166 billion. The entire
cryptocurrency market initially suffered during the prevailing coronavirus
(COVID-19) outbreak, but the market has since recovered. Bitcoin has increased
by 58% so far in 2020, while Ethereum has increased by 187%. However, the price
of Bitcoin fell by 50% during the second week of March 2020, but it has since
increased by more than twofold. It rose above its peak reached in December 2017
to an all-time high of USD19,857 at the end of November 2020. Inflation fears
and loose monetary policy are forcing investors to seek out alternative means
of protecting the value of their capital, which has been fostering the market
of cryptocurrencies.
Browse over XX market data
Figures spread through XX Pages and an in-depth TOC on the "Global Cryptocurrency Market"
The global cryptocurrency market is segmented based
on type, end user, region, and competitional landscape. Based on type, the
market is further fragmented into Bitcoin, Ethereum, Tether, Binance Coin, Cardano,
Dogecoin, and Others (USD Coin, Ripple, HEX, etc.). Based on End User, the
market is categorized into Trading, Retail & e-commerce, Peer-to-Peer
Payment, Remittance, and Banking. The market analysis also studies the regional
segmentation, which is divided among Asia-Pacific, North America, Europe,
Middle East & Africa, and South America.
Among type, the bitcoin category
is the most well-known cryptocurrency in the market, which commands a
significant market share as numerous people have been investing within the
market with this currency in specific, owing to its growing market
capitalization. For instance, on November 9, 2021, Bitcoin (BTC) had the
highest market capitalization with USD1.28 trillion. The market capitalization
of any cryptocurrency is calculated by dividing its current price by the total
quantity of coins or tokens in circulation. On May 1, 2013, the market value of
bitcoin was USD1.2 billion. However, on November 9, 2021, with a price of
USD67,617.02 per bitcoin, bitcoin briefly reached its highest market
capitalization of USD1.28 trillion. Because of this, there is consistently high
demand for personal loans, which is anticipated to spur growth.
Furthermore, the adoption and
growth rates for cryptocurrencies are among the highest in the Asia-Pacific
(APAC) region. New regulations and guidelines are being developed in the area
by legislators and regulators to support economic growth while safeguarding
consumers and their financial systems. Many of the prerequisites for widespread
adoption of cryptocurrencies are already present in the region. Due to the
population's close proximity to so many other nations, many consumers conduct
cross-border business. There is a sizable unbanked and underbanked population,
which presents a chance for cryptocurrency businesses to provide crucial
financial services. Additionally, in 2021, 45% of all cryptocurrency owners in
the area were first-time buyers. Furthermore, the region has some of the
highest adoption rates of cryptocurrencies in the world, with Indonesia (41%),
Singapore (30%) and Hong Kong (24%) ranking in the top ten.
Key market players in the global
cryptocurrency market include:
- Bakkt
Holdings, Inc. (Bakkt)
- Binance
Holdings Ltd (Binance)
- IFinex
Inc (Bitfinex)
- Coinbase
Global, Inc. (Coinbase)
- BitFlyer,
Inc. (BitFlyer)
- CME
Group Inc. (CME)
- Bybit
Fintech Limited (Bybit)
- Liquidity
Technologies Limited (CoinFlex)
- HDR
Global Trading Limited (BitMEX)
- Mek
Global Limited (KuCoin)
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"The market for
cryptocurrencies is growing quickly, symbolizing its industry, which includes
institutional investors, individual borrowers and savers, and government
policies. The market is anticipated to grow in the coming years as a result of
the acceptance of virtual or digital currencies like Bitcoins, Litecoin, Ethers,
and many others. People in developed nations are more likely to use the simple
and adaptable transactional method that digital currency provides.
Additionally, the crypto industry has seen an unprecedented rise in users
across nations worldwide, from big institutional investors to small retail
investors.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Cryptocurrency Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type (Bitcoin,
Ethereum, Tether, Binance USD, Dogecoin, Cardano, Others
(USD Coin, Ripple, HEX, etc.)), By End User (Trading, Retail & e-commerce,
Peer-to-Peer Payment, Remittance, Banking), By
Region”
has evaluated the future
growth potential of global cryptocurrency market and provides statistics and information on market
structure, size, share, and future growth. The report is intended to provide
cutting-edge market intelligence and help decision-makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities present in
cryptocurrency market globally.
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