LONDON, Nov. 10, 2023 (GLOBE NEWSWIRE) —
This report describes and evaluates the global cryptocurrency market. It covers three five–year periods, including 2015 to 2020, termed the historic period, 2020–2025 forecast period and 2025–2030 a further forecast period.
According to The Business Research Company’s research report on the cryptocurrency market, 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 2023, 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.
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 of mining, transactions, and offerings include hardware, software. Cryptocurrencies are used in trading, retail and e-commerce, banking, and others.
The Business Research Company’s report titled Cryptocurrency Global Market Report 2023 – By Type (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin), By Process (Mining, Transaction), By Offering (Hardware, Software), By End User (Trading, Retail And E-commerce, Banking), COVID-19 Implications And Growth covers major cryptocurrency companies, cryptocurrency market share by company, cryptocurrency manufacturers, cryptocurrency market size, and cryptocurrency market forecasts. The report also covers the global cryptocurrency market and its segments.
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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. Cryptocurrencies are digital currencies that are protected by encryption, making counterfeiting or double-spending practically impossible. These are built on decentralized networks like blockchain technology, which is a distributed ledger enforced by a network of computers. Cryptocurrencies, as compared to traditional currency, are not issued by any central authority, making them potentially impervious to government meddling or manipulation.
The global cryptocurrency market size is expected to grow from $1.44 billion in 2020 to $1.63 billion in 2023 at a compound annual growth rate (CAGR) of 12.9%. The change in growth trend of the cryptocurrency market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The cryptocurrency market is expected to reach $2.73 billion in 2025 at a CAGR of 13.8%.
Major players in the cryptocurrency industry 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.
In March 2023, PayPal Holdings Inc, a US-based financial technology company acquired Curv for an undisclosed amount. Curv is an Israel-based cryptocurrency security company. With this acquisition, PayPal Holdings, Inc strengthens and develops its initiatives to support cryptocurrencies and digital assets.
Asia Pacific was the largest region in the cryptocurrency market in 2020. The regions covered in the cryptocurrency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the cryptocurrency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Cryptocurrency Global Market Report 2023 – COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Financial Services Global Market Report 2023 – By Type (Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services), COVID-19 Impact And Recovery
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