Global Cryptocurrency Market
The GMI Research forecasts that the cryptocurrency market is witnessing an upsurge in demand over the forecast period starting from 2020 till 2027. This is mainly due to the changes in the monetary regulations, a growing number of cross-border payments, followed by the increasing penetration of the internet.
Introduction of the Cryptocurrency Market:
A digital or virtual currency is called cryptocurrency. It is verified and secured by cryptography, which makes it impossible to counterfeit or double spend. Cryptocurrency is a type of digital asset with a major function to work as a medium of exchange value among the peer-to-peer economic system. The majority of the cryptocurrencies are not controlled by any form of central authority. It is mostly decentralized by a distributed network of computers present worldwide and are known as nodes. This form of currency can be sent directly among the two parties using private and public keys.
Cryptocurrency Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The primary factors contributing to the growth of the global cryptocurrency market include the growing adoption of cryptocurrency for payments and other options across various developed and developing countries. Moreover, various R&D activities, and several technological advancements for the development of cryptocurrency, including the implementation of blockchain technology, further lead to the development in the cryptocurrency. As per cryptocurrency market analysis, changes in the monetary regulations, the growing number of cross-border payments, followed by increasing penetration of the internet are some other factors fuelling the growth of the global cryptocurrency market across the world.
The factors enhancing the demand of the market include growing acceptance of cryptocurrency across various application areas and the remarkable advantages of cryptocurrency, including more confidential transactions, improved adaptability, and easier international trade, decreased transaction fees, coupled with instant payments. The outbreak of the coronavirus crisis will further fuel the demand of the market. The rising focus on using crypto assets, digital currencies, and other blockchain technologies is the key factor in boosting the market demand. According to cryptocurrency market research report, the increasing emphasis on maintaining social distance, consumers choose contactless payments instead of physical cash. All these factors are accelerating the demand of the market. On the other hand, the increasing concerns regarding privacy, security & control, and limited technical understanding regarding the cryptocurrency are the factors hindering the growth of the global cryptocurrency market.
Key Players of the Global Cryptocurrency Market:
- Xilinx
- BitMain Technologies Holding Company
- Quantstamp, Inc.
- Advanced Micro Devices, Inc.
- Intel Corporation
- Bitfury Group Limited
- Ripple
- BitGo
- Coinbase
- Ethereum Foundation
Cryptocurrency Market Segmentation:
Segmentation by Offering:
- Hardware
- Gpu
- Asic
- FPGA
- Wallet
- Software
- Coin Wallet
- Mining Platform
- Exchange
Segmentation by Process:
- Transaction
- Wallet
- Exchange
- Mining
- Pool Mining
- Solo Mining
- Cloud Mining
Segmentation by Type:
- Etgereum (ETH)
- Bitcoin
- Ripple (XRP)
- Bitcoin Cash
- Litecoin (LTC)
- Dashcoin
- Others
Segmentation by Application:
- Remittance
- Trading
- Payment
- Ecommerce & Retail
- Peer-To-Peer Payment,
- Travel & Tourism
- Media & Entertainment
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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