Cryptocurrency Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Bitcoin, Ethereum, Tether, Binance Coin, Cardano, Dogecoin, Others (USD Coin, Ripple, HEX, etc.)), By End User (Trading, Retail & e-commerce, Peer-to-Peer Payment, Remittance, Banking), By Region

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Summary

Report Description

Global Cryptocurrency market is anticipated to project robust growth in the forecast period. The rising focus towards mining of these currencies through the usage of blockchain technology across the world has directly impacted the global cryptocurrency industry in a positive manner. Moreover, rising issue of inflation and the need to secure respective savings, are factors significantly influencing people towards the investments in cryptocurrency.

Cryptocurrencies, or digital or virtual currencies that employ cryptography for security, are traded on the crypto market. Because cryptocurrencies are decentralized, no government or financial institution has any control over them. They are employed for buying, selling, trading, and storing digital currencies. The volatility of cryptocurrencies is well-known, and this is also true with the Short-term fluctuations in the price of cryptocurrencies, which can be caused by a variety of factors, including the state of the economy, governmental restrictions, security concerns, technological advancements, and media coverage.

In order to obtain the market shares of the largest exchange platforms where cryptocurrencies are traded, the market capitalization (market cap) is used to describe the market's value. Market cap tells us  about each cryptocurrency that is currently in the market, it demonstrates how the behavior of an individual who is trading about a specific cryptocurrency and how dominant it is in comparison to its rivals. Market capitalization fluctuates in relation with the cryptocurrency’s token prices and its international trade value. To determine the market, we must divide the current price of crypto coin by the total number of coins in circulation to determine its market capitalization. For instance, a bitcoin is worth USD17,208 (as of 9th January 2023) and the circulating supply is 19 million, hence the market cap would be USD331 billion.

However, the significant increase in the value of cryptocurrencies is due to the lack of confidence in the global economy and traditional currencies. In recent scenario, the pandemic resulted in a significant inflationary monetary policy, which has devalued standard currencies and maintained a low-return environment, that encouraged people to invest in such liquid assets with higher return potential.

Men between the ages of 25 and 34 make up 15.5% of cryptocurrency owners, according to a third-quarter 2021 survey. In terms of females, the corresponding percentage is 9.5%. In general, people between the ages of 16 and 44 own the most cryptocurrencies. Without a doubt, cryptocurrencies have taken over some of the functions that traditional monetary systems once served in people's daily lives. Furthermore, according to a survey, about 55% of Americans would prefer to make their living from digital assets.

As of 2022, 10% of people worldwide own cryptocurrencies in some form. With 20.1% of Thai internet users owning cryptocurrencies, Thailand has the highest percentage of cryptocurrencies, globally. Nigeria ranks second, globally, in terms of cryptocurrency adoption, with 19.4%, followed by the Philippines with a similar percentage. USA comes in relatively low on the list, specifically in 14th place, with 12.7% of internet users there owning cryptocurrencies. On the other hand, some people reject cryptocurrencies globally. The countries with the lowest percentages of residents who own cryptocurrencies are Saudi Arabia (3.6%), Morocco (3.1%), Israel (3%), and Russia (only 2%).


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Rising Shift Towards Cryptocurrency for International Transactions

Countries are highly motivated to shift their mode of international transactions through digital currencies. For instance, Saudi Arabia and the UAE have made plans to work together on a new cryptocurrency that will speed up international transfers. Moreover, the French central bank formally began testing its own digital currency for interbank settlements on March 30, 2020, by working diligently on blockchain- and cryptocurrency-related developments in France. These rising shifts are expected to further fuel the market growth in the forecasted period.

Surging Acceptance of Cryptocurrency for Transaction Aiding the Market Growth

The idea behind cryptocurrencies was originally to use them as a medium for everyday transactions, but initially the idea didn’t succeed spontaneously. However, gradually, the businesses started to accept them as payment. For instance, a number of tech-related businesses like Microsoft, AT&T, and newegg.com accepted cryptocurrencies in form of trading. One of the first websites to accept Bitcoin was the e-commerce platform "Overstock". It's also acceptable on Shopify, Rakuten, and Home Depot. Additionally, some upscale stores has accepted cryptocurrency as payment. For instance, Bitdials, an online retailer of luxury goods, accepts Bitcoin in exchange for Rolex, Patek Philippe, and other expensive watches. Cryptocurrency is already accepted as payment by some auto dealers, including high-end luxury dealers and mass-market brands. Furthermore, with a patent application for its own digital currency in August 2019, the company “Walmart” aimed to increase the profitability of the company by using cryptocurrency to collect customer purchase data for better inventory forecasts and consumer behavior predictions. With the surging acceptance rate of cryptocurrencies among the companies, the market is expected to witness a significant rise in cryptocurrency trading.

Growing Support Towards Cryptocurrency is Fueling the Industry

A significant factor affecting the market's growth is the accelerating demand and continuously growing support to the cryptocurrencies, with certain largest digital payment platforms. For instance, a new multi-currency crypto card from Wirex that will be supported by Mastercard, was announced in November 2020.

Furthermore, the venture capitalists and major corporations like PayPal, eBay, Uber, Spotify, and Vodafone support cryptocurrencies. Paypal will start allowing users in the US to buy, store, and trade cryptocurrencies directly through their accounts in November 2020. In its initial statements, Paypal also stated that its 26 million merchant network would allow customers to use cryptocurrencies starting in early 2021. PayPal is considering buying cryptocurrency businesses, including bitcoin custodian BitGo, as a way to broaden its support for virtual currency. In order to help investors store Bitcoin securely, BitGo has been in discussion with PayPal.

Market Segmentation

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, Others (USD Coin, Ripple, HEX, etc.). Based on End User, the market is categorized into (Trading, Retail & e-commerce, Peer-to-Peer Payment, Remittance, Banking). The market analysis also studies the regional segmentation, which is divided among North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

Company Profiles

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) are among the major market players in the global platform that lead the market growth of the global cryptocurrency market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

End User

Region

Company

Regional Scope

Asia-Pacific, North America, Europe, South America and Middle East & Africa

Country Scope

China; India; Japan; South Korea; Australia; United States; Canada; Mexico; United Kingdom; Germany; Italy; France; Spain; Brazil; Argentina; Colombia; UAE; South Africa; Turkey; Saudi Arabia

Key Companies Profiled

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)

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, the global cryptocurrency market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Global cryptocurrency market, By Type:
    • Bitcoin
    • Ethereum
    • Tether
    • Binance Coin
    • Cardano
    • Dogecoin
    • Others
  • Global cryptocurrency market, By End User:
    • Trading
    • Retail & e-commerce
    • Peer-to-Peer Payment
    • Remittance
    • Banking
  • Global cryptocurrency market, By Region:
    • Asia-Pacific
      • China
      • India
      • Japan
      • South Korea
      • Australia
    • North America
      • The United States
      • Canada
      • Mexico
    • Europe
      • United Kingdom
      • Germany
      • Italy
      • France
      • Spain
    • South America
      • Brazil
      • Argentina
      • Colombia
    • Middle East & Africa
      • UAE
      • South Africa
      • Turkey
      • Saudi Arabia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global cryptocurrency market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Cryptocurrency Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Global Cryptocurrency Market Outlook

4.1.  Market Size & Forecast

4.1.1.     By Value

4.2.  Market Share & Forecast

4.2.1.     By Type Market Share Analysis (Bitcoin, Ethereum, Tether, Binance Coin, Cardano, Dogecoin, Others (USD Coin, Ripple, HEX, etc.))

4.2.2.     By End User Market Share Analysis (Trading, Retail & e-commerce, Peer-to-Peer Payment, Remittance, Banking)

4.2.3.     By Regional Market Share Analysis

4.2.3.1.         Asia -Pacific Market Analysis

4.2.3.2.         North America Market Analysis

4.2.3.3.         Europe Market Analysis

4.2.3.4.         South America Market Analysis

4.2.3.5.         Middle East & Africa Market Analysis

4.2.4.     By Company Market Share Analysis

4.3.  Global Cryptocurrency Market Mapping & Opportunity Assessment

4.3.1.     By Type Market Mapping & Opportunity Assessment

4.3.2.     By End User Market Mapping & Opportunity Assessment

4.3.3.     By Regional Market Mapping & Opportunity Assessment

5.    Asia-Pacific Cryptocurrency Market Outlook

5.1.  Market Size & Forecast          

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Type Market Share Analysis

5.2.2.     By End User Market Share Analysis

5.2.3.     By Country Market Share Analysis

5.2.3.1.         China Cryptocurrency Market Outlook

5.2.3.1.1.             Market Size & Forecast

5.2.3.1.1.1. By Value

5.2.3.1.2.             Market Share & Forecast

5.2.3.1.2.1. By Type Market Share Analysis

5.2.3.1.2.2. By End User Market Share Analysis

5.2.3.2.         India Cryptocurrency Market Outlook

5.2.3.2.1.             Market Size & Forecast

5.2.3.2.1.1. By Value

5.2.3.2.2.             Market Share & Forecast

5.2.3.2.2.1. By Type Market Share Analysis

5.2.3.2.2.2. By End User Market Share Analysis

5.2.3.3.         Japan Cryptocurrency Market Outlook

5.2.3.3.1.             Market Size & Forecast

5.2.3.3.1.1. By Value

5.2.3.3.2.             Market Share & Forecast

5.2.3.3.2.1. By Type Market Share Analysis

5.2.3.3.2.2. By End User Market Share Analysis

5.2.3.4.         South Korea Cryptocurrency Market Outlook

5.2.3.4.1.             Market Size & Forecast

5.2.3.4.1.1. By Value

5.2.3.4.2.             Market Share & Forecast

5.2.3.4.2.1. By Type Market Share Analysis

5.2.3.4.2.2. By End User Market Share Analysis

5.2.3.5.         Australia Cryptocurrency Market Outlook

5.2.3.5.1.             Market Size & Forecast

5.2.3.5.1.1. By Value

5.2.3.5.2.             Market Share & Forecast

5.2.3.5.2.1. By Type Market Share Analysis

5.2.3.5.2.2. By End User Market Share Analysis

6.    North America Cryptocurrency Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type Market Share Analysis

6.2.2.     By End User Market Share Analysis

6.2.3.     By Country Market Share Analysis

6.2.3.1.         United States Cryptocurrency Market Outlook

6.2.3.1.1.             Market Size & Forecast

6.2.3.1.1.1. By Value

6.2.3.1.2.             Market Share & Forecast

6.2.3.1.2.1. By Type Market Share Analysis

6.2.3.1.2.2. By End User Market Share Analysis

6.2.3.2.         Canada Cryptocurrency Market Outlook

6.2.3.2.1.             Market Size & Forecast

6.2.3.2.1.1. By Value

6.2.3.2.2.             Market Share & Forecast

6.2.3.2.2.1. By Type Market Share Analysis

6.2.3.2.2.2. By End User Market Share Analysis

6.2.3.3.         Mexico Cryptocurrency Market Outlook

6.2.3.3.1.             Market Size & Forecast

6.2.3.3.1.1. By Value

6.2.3.3.2.             Market Share & Forecast

6.2.3.3.2.1. By Type Market Share Analysis

6.2.3.3.2.2. By End User Market Share Analysis

7.    Europe Cryptocurrency Market Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Type Market Share Analysis

7.2.2.     By End User Market Share Analysis

7.2.3.     By Country Market Share Analysis

7.2.3.1.         Germany Cryptocurrency Market Outlook

7.2.3.1.1.             Market Size & Forecast

7.2.3.1.1.1. By Value

7.2.3.1.2.             Market Share & Forecast

7.2.3.1.2.1. By Type Market Share Analysis

7.2.3.1.2.2. By End User Market Share Analysis

7.2.3.2.         France Cryptocurrency Market Outlook

7.2.3.2.1.             Market Size & Forecast

7.2.3.2.1.1. By Value

7.2.3.2.2.             Market Share & Forecast

7.2.3.2.2.1. By Type Market Share Analysis

7.2.3.2.2.2. By End User Market Share Analysis

7.2.3.3.         United Kingdom Cryptocurrency Market Outlook

7.2.3.3.1.             Market Size & Forecast

7.2.3.3.1.1. By Value

7.2.3.3.2.             Market Share & Forecast

7.2.3.3.2.1. By Type Market Share Analysis

7.2.3.3.2.2. By End User Market Share Analysis

7.2.3.4.         Italy Cryptocurrency Market Outlook

7.2.3.4.1.             Market Size & Forecast

7.2.3.4.1.1. By Value

7.2.3.4.2.             Market Share & Forecast

7.2.3.4.2.1. By Type Market Share Analysis

7.2.3.4.2.2. By End User Market Share Analysis

7.2.3.5.         Spain Cryptocurrency Market Outlook

7.2.3.5.1.             Market Size & Forecast

7.2.3.5.1.1. By Value

7.2.3.5.2.             Market Share & Forecast

7.2.3.5.2.1. By Type Market Share Analysis

7.2.3.5.2.2. By End User Market Share Analysis

8.    South America Cryptocurrency Market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Type Market Share Analysis

8.2.2.     By End User Market Share Analysis

8.2.3.     By Country Market Share Analysis

8.2.3.1.         Brazil Cryptocurrency Market Outlook

8.2.3.1.1.             Market Size & Forecast

8.2.3.1.1.1. By Value

8.2.3.1.2.             Market Share & Forecast

8.2.3.1.2.1. By Type Market Share Analysis

8.2.3.1.2.2. By End User Market Share Analysis

8.2.3.2.         Argentina Cryptocurrency Market Outlook

8.2.3.2.1.             Market Size & Forecast

8.2.3.2.1.1. By Value

8.2.3.2.2.             Market Share & Forecast

8.2.3.2.2.1. By Type Market Share Analysis

8.2.3.2.2.2. By End User Market Share Analysis

8.2.3.3.         Colombia Cryptocurrency Market Outlook

8.2.3.3.1.             Market Size & Forecast

8.2.3.3.1.1. By Value

8.2.3.3.2.             Market Share & Forecast

8.2.3.3.2.1. By Type Market Share Analysis

8.2.3.3.2.2. By End User Market Share Analysis

9.    Middle East & Africa Cryptocurrency Market Outlook

9.1.  Market Size & Forecast          

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Type Market Share Analysis

9.2.2.     By End User Market Share Analysis

9.2.3.     By Country Market Share Analysis

9.2.3.1.         Saudi Arabia Cryptocurrency Market Outlook

9.2.3.1.1.             Market Size & Forecast

9.2.3.1.1.1. By Value

9.2.3.1.2.             Market Share & Forecast

9.2.3.1.2.1. By Type Market Share Analysis

9.2.3.1.2.2. By End User Market Share Analysis

9.2.3.2.         UAE Cryptocurrency Market Outlook

9.2.3.2.1.             Market Size & Forecast

9.2.3.2.1.1. By Value

9.2.3.2.2.             Market Share & Forecast

9.2.3.2.2.1. By Type Market Share Analysis

9.2.3.2.2.2. By End User Market Share Analysis

9.2.3.3.         South Africa Cryptocurrency Market Outlook

9.2.3.3.1.             Market Size & Forecast

9.2.3.3.1.1. By Value

9.2.3.3.2.             Market Share & Forecast

9.2.3.3.2.1. By Type Market Share Analysis

9.2.3.3.2.2. By End User Market Share Analysis

9.2.3.4.         Turkey Cryptocurrency Market Outlook

9.2.3.4.1.             Market Size & Forecast

9.2.3.4.1.1. By Value

9.2.3.4.2.             Market Share & Forecast

9.2.3.4.2.1. By Type Market Share Analysis

9.2.3.4.2.2. By End User Market Share Analysis

10.  Market Dynamics

10.1.              Drivers

10.1.1.  Easy and fast payment 

10.1.2.  Secure and anonymous

10.1.3.  Low cost

10.2.              Challenges

10.2.1.  Regulatory challenges

10.2.2.  Risk of fraud and money laundering

11.  Market Trends & Developments

11.1.              Growing preference for Technological advanced tools 

11.2.              Increasing number of Cryptocurrencies Platform

11.3.              Dominance from Asia Pacific countries

11.4.              Surging support from business sector

11.5.              Rising government initiatives

12.  Porter’s Five Forces Model

12.1.              Competitive Rivalry

12.2.              Bargaining Power of Suppliers

12.3.              Bargaining Power of Buyers

12.4.              Threat of New Entrants

12.5.              Threat of Substitutes

13.  SWOT Analysis

13.1.              Strengths

13.2.              Weaknesses

13.3.              Opportunities

13.4.              Threats

14.  Competitive Landscape

14.1.              Company Profiles

14.1.1.  Bakkt Holdings, Inc. (Bakkt)

14.1.1.1.      Company Details

14.1.1.2.      Product & Services

14.1.1.3.      Financials (As Reported)

14.1.1.4.      Key Market Focus & Geographical Presence

14.1.1.5.      Recent Developments

14.1.1.6.      Key Management Personnel

14.1.2.  Binance Holdings Ltd (Binance)

14.1.2.1.      Company Details

14.1.2.2.      Product & Services

14.1.2.3.      Financials (As Reported)

14.1.2.4.      Key Market Focus & Geographical Presence

14.1.2.5.      Recent Developments

14.1.2.6.      Key Management Personnel

14.1.3.  IFinex Inc (Bitfinex)

14.1.3.1.      Company Details

14.1.3.2.      Product & Services

14.1.3.3.      Financials (As Reported)

14.1.3.4.      Key Market Focus & Geographical Presence

14.1.3.5.      Recent Developments

14.1.3.6.      Key Management Personnel

14.1.4.  Coinbase Global, Inc. (Coinbase)

14.1.4.1.      Company Details

14.1.4.2.      Product & Services

14.1.4.3.      Financials (As Reported)

14.1.4.4.      Key Market Focus & Geographical Presence

14.1.4.5.      Recent Developments

14.1.4.6.      Key Management Personnel

14.1.5.  BitFlyer, Inc. (BitFlyer)

14.1.5.1.      Company Details

14.1.5.2.      Product & Services

14.1.5.3.      Financials (As Reported)

14.1.5.4.      Key Market Focus & Geographical Presence

14.1.5.5.      Recent Developments

14.1.5.6.      Key Management Personnel

14.1.6.  CME Group Inc. (CME)

14.1.6.1.      Company Details

14.1.6.2.      Product & Services

14.1.6.3.      Financials (As Reported)

14.1.6.4.      Key Market Focus & Geographical Presence

14.1.6.5.      Recent Developments

14.1.6.6.      Key Management Personnel

14.1.7.  Bybit Fintech Limited (Bybit)

14.1.7.1.      Company Details

14.1.7.2.      Product & Services

14.1.7.3.      Financials (As Reported)

14.1.7.4.      Key Market Focus & Geographical Presence

14.1.7.5.      Recent Developments

14.1.7.6.      Key Management Personnel

14.1.8.  Liquidity Technologies Limited (CoinFlex)

14.1.8.1.      Company Details

14.1.8.2.      Product & Services

14.1.8.3.      Financials (As Reported)

14.1.8.4.      Key Market Focus & Geographical Presence

14.1.8.5.      Recent Developments

14.1.8.6.      Key Management Personnel

14.1.9.  HDR Global Trading Limited (BitMEX)

14.1.9.1.      Company Details

14.1.9.2.      Product & Services

14.1.9.3.      Financials (As Reported)

14.1.9.4.      Key Market Focus & Geographical Presence

14.1.9.5.      Recent Developments

14.1.9.6.      Key Management Personnel

14.1.10.                Mek Global Limited (KuCoin)

14.1.10.1.    Company Details

14.1.10.2.    Product & Services

14.1.10.3.    Financials (As Reported)

14.1.10.4.    Key Market Focus & Geographical Presence

14.1.10.5.    Recent Developments

14.1.10.6.    Key Management Personnel

15.  Strategic Recommendations/Action Plan

15.1.              Key Focus Areas

15.2.              Target Regions & Countries

15.3.              Target End User

16.   About Us & Disclaimer

Figures and Tables

Frequently asked questions

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According to a report from June 2021, North America was responsible for 18% of the total crypto value received, making it potentially the region with the highest transaction volume. China, UK, and India all have very high transaction volumes.

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No single exchange is the best for all users. The best cryptocurrency exchanges do, however, share some characteristics, such as strong security tools, low fees, a variety of payment options, an accessible platform, and availability on both mobile and desktop. A further thing to look for is a sizable selection of tradable cryptocurrencies, such as different altcoins and trading pairs like Bitcoin/Litecoin (BTC/LTC) and Ethereum/Bitcoin Cash (ETH/BCH).

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Prior to its mining ban in 2021, China was a mining hotspot because of its affordable energy. Since the ban, the majority of cryptocurrency miners are based in the US, Kazakhstan, Russia, and Canada.

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Security, fees, and the cryptocurrencies offered are a few factors to take into account when selecting a cryptocurrency exchange. Additionally, it's critical to comprehend how your cryptocurrency is kept secure and whether you have the option of taking control of it by transferring it to your personal digital wallet.

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