Press release
Cryptocurrency Market is Projected to Reach US$ 3.8 Billion in 2024
Cryptocurrency Market
Cryptocurrency, often referred to as virtual currency, is a digital form of currency that lacks a governing body. It relies on distributed ledger technologies such as blockchain for transaction validation. The growing acceptance of this technology is projected to boost cryptocurrency market growth during the forecasted period.
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Technological advancements play a crucial role in driving the cryptocurrency market. The creation of more secure and efficient blockchain technologies supports this growth by improving the scalability, security, and transaction speed of cryptocurrencies. Innovations such as DeFi (Decentralized Finance) and NFTs (Non-Fungible Tokens) have introduced new investment and application opportunities by attracting a wider user base beyond traditional investors.
Technological advancements enable unique applications such as smart contracts, decentralized apps (DApps), and asset tokenization, expanding the appeal of cryptocurrencies. As blockchain technology continues to advance, it is expected to encourage more innovative applications, potentially disrupting various sectors such as finance, real estate, and digital content creation.
Key Takeaways from Market Study
The global cryptocurrency market has been calculated to reach US$ 13 billion by 2034. The North American market is forecasted to expand at 13.2% CAGR from 2024 to 2034.
East Asia is forecasted to occupy 23.1% of the global cryptocurrency market share by 2034-end. The market in Japan is projected to expand at 13.5% CAGR from 2024 to 2034.
The hardware component segment is estimated to account for 75% market share in 2024. The market in Canada is forecasted to advance at 13.5% CAGR from 2024 to 2034.
"Rising usage of cryptocurrencies for international remittances due to their low consumer fees and exchange costs is driving market growth. Blockchain evolution and regulatory clarity as well as efficient mining and transparency are also supporting market growth," says a Fact.MR analyst.
Key players in the cryptocurrency industry are Intel Corporation; Microsoft Corporation; NVIDIA Corporation; BitFury Group Limited; Alphapoint Corporation; Advanced Micro Devices, Inc.; Xilinx Inc.; Bingo; Ripple; BTL Group Ltd.
Market Developments
Leading cryptocurrency market players are Intel Corporation, Microsoft Corporation, NVIDIA Corporation, BitFury Group Limited, and Alphapoint Corporation.
In 2022, Intel Corporation declared its commitment to advancing blockchain technology by unveiling a roadmap for energy-efficient accelerators. The firm confirmed that its blockchain accelerator chip is set to be released later in the year. Among the early adopters of this forthcoming product are Argo Blockchain and Block & Grid Infrastructure.
In 2021, NYDIG, a company specializing in digital asset management, collaborated with NCR Corporation to enable cryptocurrency transactions for credit unions and 650 banks. This initiative was undertaken in response to the demand from NCR's banking customers who had been acquiring digital currencies via external exchanges.
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Insights by country:
The United States is becoming an increasingly lucrative market for cryptocurrency providers, thanks to its advanced technological infrastructure and high rate of internet usage, creating an ideal environment for digital transactions. The country's large population of tech-savvy individuals and businesses eager to adopt new technologies is fueling the expansion of the cryptocurrency market. Furthermore, regulatory clarity in certain states is promoting the use of cryptocurrencies.
The presence of major global cryptocurrency exchanges in the United States enables easy access to and transactions in cryptocurrencies. Additionally, the growing acceptance of cryptocurrencies as a payment method by major businesses and the rising interest in blockchain technology among financial institutions are further driving the growth of the cryptocurrency market in the United States.
"Comparing Transparency in Expenditure: Blockchain Technology versus Traditional Payment Systems"
Improved clarity regarding the various types of cryptocurrencies in the market is expected to drive market growth. Youngsters are increasingly adopting cryptocurrency wallets on online platforms, reflecting a notable trend in the market. As user numbers rise, digital currency exchanges are anticipated to gain more acceptance, fostering a positive outlook for the cryptocurrency market.
One of the primary benefits of cryptocurrency, compared to traditional cash and digital payment systems, is its transparency in spending enabled by blockchain technology. Concerns about interference from financial institutions and governments in the financial market are driving the growing popularity of cryptocurrencies.
The availability of robust hardware and high-speed internet has facilitated the development of advanced crypto-mining machines. These machines, used for mining various coins, have significantly increased the volume of cryptocurrencies, further driving market expansion in the forecast period.
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