The global cryptocurrency market is projected to reach US$ 32,530.0 Mn in 2028 from US$ 1,073.0 Mn in 2018. The market is estimated to grow with a CAGR of 46.6% from 2020-2028. The cryptocurrency market is growing due to increased awareness among people about Blockchain technology and its benefits, the emergence of new players that offer innovative products and services, a rise in demand for fast and secure transactions, and increasing use cases for blockchain technology across several sectors for example financial services. If you have to select the best option, start trading at tesler.software.
Cryptocurrency Market to Reach 32,530 billion by 2028
In 2018, North America accounted for a major revenue share of the global cryptocurrency market. This is mainly due to the early adoption of technology by developed countries in this region and its growing popularity among individuals and businesses.
It is the largest cryptocurrency market, accounting for more than 22% of the global cryptocurrency market in 2018. This can be attributed to the early adoption of technology by developed countries in this region and its growing popularity among individuals and businesses.
The retail segment held a significant share of more than 70% in revenue in the global cryptocurrency market in 2018, owing to its rising popularity among consumers as a method of payment and investment.
The cryptocurrency market is nascent and highly competitive, with many small and large players operating in this space. The retail segment held a significant share of more than 70% in revenue in the global cryptocurrency market in 2018, owing to its rising popularity among consumers as a method of payment and investment. The retail segment is expected to continue its dominance throughout the forecast period owing to its high adoption rate for making payments or investments.
The North American region held an important share of over 50% in terms of value and is expected to continue its dominance throughout the forecast period due to its large population base, higher awareness level regarding cryptocurrencies, easy access to financial services such as banking services, credit cards better infrastructure facilities such as internet connectivity, etc.
Favorable regulatory environment for cryptocurrency trading platforms etc., which are driving factors for growth across all segments within North America (U.S.). Asia Pacific held an important share of over 40% in terms of value and is expected to grow at the highest CAGR during the forecast period due to the rapidly growing start-up ecosystem coupled with soaring remittances from South East Asian countries like India, where remittances are done through digital channels such as apps or websites that accept prepaid cards.
The cryptocurrency market is highly competitive, with numerous small and large players operating. The competition among players is intense due to new product launches and investments in research & development activities in blockchain technology.
For instance, a few companies have developed their blockchain technology platforms to provide secure transactions. In contrast, others have developed applications that run on these platforms to create value for customers by making life easier. Moreover, some companies offer services like crypto-currency trade exchanges or crypto-currency wallet providers that allow users to store digital currency tokens securely.
Cryptocurrencies are gaining acceptance globally for making payments or investments, which is expected to create lucrative opportunities for stakeholders across the value chain during the forecast period. Users can trade in cryptocurrencies through bitcoin trading software. The cryptocurrency market is projected to reach $32,530 billion by 2028 at a compound annual growth rate (CAGR) of 35.2%, according to research and consulting firm Global Market Insights (GMI).
The “Blockchain: Market Growth and Opportunities” report said that cryptocurrencies are decentralized currencies used as mediums of exchange within a peer-to-peer network. They do not have any central authority or regulatory agencies controlling them. Bitcoin has the highest market capitalization among all the cryptocurrencies in circulation, followed by Ethereum and Ripple.
The global market growth is driven by several factors, such as the increasing adoption of blockchain technology by enterprises and governments across the globe. During the forecast period, the market is also set to witness a boom in the number of cryptocurrency users worldwide.