DUBLIN–(BUSINESS WIRE)–The “Global Cryptocurrency Market Report 2021: COVID-19 Implications and Growth” report has been added to ResearchAndMarkets.com’s offering.
The global cryptocurrency market is expected to grow from $1.44 billion in 2020 to $1.63 billion in 2021 at a compound annual growth rate (CAGR) of 12.9%. The market is expected to reach $2.73 billion in 2025 at a CAGR of 13.8%.
Major players in the cryptocurrency market are Advanced Micro Devices Inc., BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger SAS, Nvidia Corporation, Ripple, Xilinx Inc., Xapo, BitGo, Binance, Coinbase Global Inc., CoinDesk, and Bitmain Technologies Ltd.
The cryptocurrency market consists of sales of digital or virtual currencies by entities (organizations, sole traders, and partnerships) that operate independently of a central bank and employ encryption techniques to regulate the formation of their units and verify the transfer of payments.
The main types of cryptocurrency are bitcoin, ethereum, bitcoin cash, ripple, dash coin, litecoin, and others. Bitcoin is a digital currency that uses peer-to-peer technology to facilitate instant payments. The different processes comprise mining, transactions, and offerings include hardware, software. Cryptocurrencies are used in trading, retail and e-commerce, banking, and others.
Stable coins are gaining significant popularity in the cryptocurrency market. Stable coins are cryptocurrencies that are linked to a physical asset, such as government-issued currency or a commodity to reduce cryptocurrency fluctuation. For instance, in 2020, the circulation volume of stable coins increased by 500%.
Additionally, in March 2021, Techemynt, an India-based financial service provider, introduced stable coins supported by the New Zealand dollar to combine the flexibility of cryptocurrency with the stability of the New Zealand dollar.
In March 2021, PayPal Holdings Inc, a US-based financial technology company acquired Curv for an undisclosed amount. With this acquisition, PayPal Holdings, Inc strengthens and develops its initiatives to support cryptocurrencies and digital assets. Curv is an Israel-based cryptocurrency security company.
Transparency in financial payment is expected to propel the growth of the cryptocurrencies market in the coming years. Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historic transactions, that means it is not controlled by one central source.
The centralized systems and human gatekeepers limit the speed and sophistication of transactions while reducing users’ direct control over their money. There are no middlemen in digital currency transactions and consumers have the authority to stop or pause transactions and record them in their private ledger.
For instance, in July 2021, Tesla, a US-based electric car manufacturer has started accepting bitcoin as a mode of payment because of its transparency and unique value. Therefore, the transparency in financial payment drives the market for cryptocurrencies market.
Key Topics Covered:
1. Executive Summary
2. Cryptocurrency Market Characteristics
3. Cryptocurrency Market Trends and Strategies
4. Impact of COVID-19 On Cryptocurrency
5. Cryptocurrency Market Size and Growth
5.1. Global Cryptocurrency Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints On the Market
5.2. Global Cryptocurrency Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints On the Market
6. Cryptocurrency Market Segmentation
6.1. Global Cryptocurrency Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Bitcoin
- Ethereum
- Bitcoin Cash
- Ripple
- Dashcoin
- Litecoin
- Others
6.2. Global Cryptocurrency Market, Segmentation by Process, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Mining
- Transaction
6.3. Global Cryptocurrency Market, Segmentation by Offering, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Hardware
- Software
6.4. Global Cryptocurrency Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Trading
- Retail and E-commerce
- Banking
- Others
7. Cryptocurrency Market Regional and Country Analysis
7.1. Global Cryptocurrency Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Cryptocurrency Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- Advanced Micro Devices Inc.
- Binance
- BitFury Group Limited
- BitGo
- Bitmain Technologies Ltd.
- BTL Group Ltd.
- Coinbase Global Inc.
- Coincheck Inc.
- CoinDesk
- Intel Corporation
- Ledger SAS
- Nvidia Corporation
- Ripple
- Xapo
- X
For more information about this report visit https://www.researchandmarkets.com/r/rmq9h9
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