The Cryptocurrency Market was valued at USD 826.6 million in 2020; it is anticipated to increase to USD 1,902.5 million in 2028, from USD 910.3 million in 2021, with a CAGR of 11.1%. According to our analysis, the global market showed a significant increase of 10.0% in 2020 compared to year-over-year growth between 2017 and 2019.
The size of the global market includes mining hardware like the Antminer S19, WhatsMiner M30S+, and AvalonMiner 1246, as well as software like Kryptex Miner by Kryptex, Cudo Miner by Cudo Ventures, and Nicehas Miner by NICEHASH Ltd.
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Which company dominates the Global Cryptocurrency Market?
- Bitmain Technologies Ltd. (Beijing, China)
- Xilinx, Inc. (California, U.S.)
- Intel Corporation (California, U.S.)
- Advanced Micro Devices, Inc. (California, U.S.)
- Ripple Labs, Inc. (California, U.S.)
- Bitfury Group Limited. (Amsterdam, U.K.)
- Ledger SAS (Paris, France)
- Nvidia Corporation (California, U.S.)
- BitGo (California, U.S.)
- Xapo (Zürich, Switzerland)
What are the factors driving the growth of the Cryptocurrency Market?
A significant problem affecting traditional banking and the financial sector is financial disaster. By causing the currency value to decline, financial uncertainty disturbs the economy. For instance, India's ICICI bank had to deal with the Lehman Brothers crisis, which had an impact on the country's economy, head-on in 2008. Since the value of Bitcoins and other cryptocurrencies is balanced globally, the financial crisis has little impact on them. Cryptocurrencies are better options in times of financial uncertainty for areas with unstable economic structures, and this is increasingly a key market-driving factor.
What are the geographical insights of the Cryptocurrency Market?
Geographically, the market is divided into five key areas: Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
In 2020, North America accounted for the largest portion of the global market because most of that continent treated bitcoins more like a tax-related medium of exchange than a form of money. Many developed nations continue to emphasize the use of digital money, despite the fact that the government does not legally regulate it. The market is expanding as a result of consumers' and merchants' acceptance of digital currency. The market in North America is also dominated by the prevalence of bitcoin mining and the presence of most of the major players.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2028, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2028.
Analysts have segmented the "Cryptocurrency Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Cryptocurrency Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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