Cryptocurrency like Bitcoin enables quick and easy digital payments without third-party involvement. It provides a decentralized method of payment that gives users complete control over their money. Cryptocurrencies utilize blockchain technology to operate autonomously without any central authority involvement.
The global Cryptocurrency Market is estimated to be valued at US$ 37.9 Billion in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Institutional adoption of cryptocurrencies has been rising consistently over the past few years. Various mainstream companies and large financial institutions have started investing in cryptocurrencies directly or via crypto funds. The growing acceptance of digital assets by large corporates and investment giants is expected to provide legitimacy to cryptocurrencies. Companies moving their treasury reserves into Bitcoin is a major positive indicator for the long-term prospects of cryptocurrencies. Increased participation from large institutional players will attract more mainstream investors and fuel greater adoption of digital currencies. The mainstream credibility given by prominent institutional investors entering the crypto space is projected to propel the overall cryptocurrency market size over the forecast period.
Strength: Cryptocurrency allows for transparent and efficient transactions globally without any intermediaries.
Weakness: High volatility in cryptocurrency prices poses major risk for investors. Volatility makes it difficult to use as actual currency.
Opportunity: Wide acceptance of cryptocurrency by retailers and businesses will boost its usage for regular payments and commerce.
Threats: Stringent regulations by governments over usage and trading of cryptocurrencies can negatively impact the market. Unclear regulations in many countries are also a challenge.
The global cryptocurrency market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 37.9 Bn by 2024.
Regional analysis: North America currently dominates the cryptocurrency market led by strong tech infrastructure and high adoption of digital currencies in countries like the US. Asia Pacific is expected to be the fastest growing region on back of large unbanked population and growing crypto usage in countries like China, India and Japan.
Key players: Key players operating in the cryptocurrency market are Bitmain Technologies Ltd. (Beijing, China). Bitmain is one of the dominant manufacturers of cryptocurrency mining equipment around the world. Other major players include NVIDIA (California, US), Advanced Micro Devices (California, US), Ripple Labs Inc. (California, US) and Coinbase (California, US).
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it