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Cryptocurrency Market Size

Report ID: GMI5049
Published Date: Apr 2021
Report Format: PDF

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Cryptocurrency Market Size

Cryptocurrency Market size crossed USD 900 million in 2020 and is projected to register gains at over 10% CAGR from 2021 to 2027. The cryptocurrency industry is witnessing substantial growth with increasing volumes of cryptocurrency transactions and their market capitalizations. For instance, the market cap for bitcoin was more than 609 billion in January 2021 as compared to 134 billion in January 2020. Advanced capabilities including reduced costs associated with the transactions along with peer-to-peer connection are contributing to the adoption of cryptocurrency. Several enterprises are adopting virtual currencies to limit the impact of currency fluctuations, enabling the market growth.

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Amid the COVID-19 pandemic, the market observed significant growth across multiple geographies. The exchange platform witnessed a sharp increase in trading transactions and the market caps of these currencies also flourished. In response, companies operating in the market also predicted a rise in demand for mining hardware components.

Cryptocurrency Market Report Attributes
Report Attribute	Details
Base Year:	2020
Cryptocurrency Market Size in 2020:	USD 900 Million (2020)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	10%
2027 Value Projection:	USD 1.8 Billion (2027)
Historical Data for:	2016 to 2019
No. of Pages:	270
Tables, Charts & Figures:	368
Segments covered:	Component, Type, End-use, and Region
Growth Drivers:	Rise in financial technology developments Growing adoption of digital assets Upsurge in venture capital investments Rising market capitalization of cryptocurrencies
Pitfalls & Challenges:	Volatile currency exchange rate Data security concerns

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The cryptocurrency industry growth is attributed to rising investments and development in financial technologies. The companies across geographies prefer advanced technological infrastructures for financial applications. In response, the investments for the development of digital financial infrastructure have also increased. According to a study by KPMG, in 2019, the total investments in financial technology across Asia Pacific reached USD 12.9 billion by the fourth quarter of 2019. These investments followed by favorable government initiatives are expected to support cryptocurrency developments, further fueling the market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The industry for cryptocurrency was valued at USD 900 million in 2020 and is anticipated to strike at a CAGR of 10% up to 2027.

The regional revenue share from the trading software segment reached USD 6.66 million in 2020 and will grow with an inclining need for enhanced security as well as flexibility in cryptocurrency transactions.

The bitcoin cryptocurrency industry size in the Canadian region was responsible for close to 30.4% of revenue share in 2020 and is expected to grow exponentially by 2027.

Asia Pacific accounted for over 20% of the cryptocurrency industry share in 2020 and will witness significant growth with proliferating volumes of cryptocurrency transactions in the region.