Cryptocurrency Market To Reach $ 1,902.5 Million By 2028;

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Pune, India, November 23, 2021 (GLOBE NEWSWIRE) – The global Cryptocurrency market It is expected that the size will be increased by reaching. is gaining momentum $ 1,902.5 million by 2028 while it had a CAGR of 11.1% between 2021 and 2028. In its report, titled “Cryptocurrency Market,” Fortune Business Insight mentions that the market in 2020 was $ 826.6 million.

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List of major players in the cryptocurrency market:

  • Bitmain Technologies Ltd. (Beijing, China)
  • Xilinx, Inc. (California, USA)
  • Intel Corporation (California, USA)
  • Advanced Micro Devices, Inc. (California, USA)
  • Ripple Labs, Inc. (California, USA)
  • Bitfury Group Limited. (Amsterdam, USA)
  • Ledger SAS (Paris, France)
  • Nvidia Corporation (California, USA)
  • BitGo (California, USA)
  • Xapo (Zurich, Switzerland)

The demand for crypto has increased due to increasing investments in venture capital. Additionally, the increasing popularity of digital assets like Bitcoin and Litecoin is likely to accelerate the market in the years to come. In addition, it has been shown that the digital currency is also used in the integration of blockchain technology in order to achieve decentralization and control efficient transactions. Hence, such benefits encourage people to invest in crypto as well. In October 2018, for example, the Qtum Chain Foundation entered into a partnership with Amazon Web Services (AWS) China to use blockchain systems in the AWS cloud. With this collaboration, AWS can help its users use Amazon Machine Images (AMI) to easily and efficiently develop and publish smart contracts.

Effects of COVID-19

The COVID-19 pandemic has had a negative impact on the global economy. However, the relationship between Bitcoin and the stock market expanded amid the pandemic. For example, in March 2020, the price of Bitcoin fell and fell below $ 4,000 after the US S&P index fell. When the market for Initial Coin Offerings (ICO) collapsed, blockchain companies emerged as an important alternative to raising investments in the capital.

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Market segmentation:

In terms of components, the market is divided into hardware and software. By type, it is divided into Bitcoin, Ether, Litecoin, Ripple, Ether Classic and others. By end use, it is divided into Commerce, Ecommerce and Retail, Peer-to-Peer Payment, and Wire Transfer.

In terms of end-use, the trading segment held a 42.8% market share in 2020 as it focuses on crypto solutions used for trading such as Pionex, Cryptohopper, Bitsgap, Coinrule and others.

Finally, in terms of geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

What does the report provide?

The market report offers an in-depth analysis of various factors influencing market growth. In addition, the report offers insights into the regional analysis of different regions. It encompasses the competitive landscape involving the leading companies and the adoption of strategies to launch new products, announce partnerships and collaborations that will help fuel the market.

Driving factor

Focus on containing financial crises and regional instability is driving demand for virtual currency

Recently, the financial disaster has been one of the major problems in the conventional banking system. This financial instability disrupts the economy by lowering the value of money. For example, in 2008 ICICI Bank of India faced the Lehman Brother crisis, which had a huge impact on the country’s economy. But with the use of bitcoins and other cryptocurrencies, such situations of economic decline can be avoided. Therefore, cryptocurrencies are emerging as alternative options in regions with unstable economic structures, and this has been an important driving factor for the growth of the cryptocurrency market.

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Regional insights

North America will dominate, supported by the presence of prominent players

North America is expected to stay at the top and take the largest position in the market during the forecast period. This is because bitcoins have become a medium of exchange for tax purposes rather than actual currency in most parts of the region. While these are not regulated by law by the government, many of the countries in the region focus on the use of digital currencies. The region’s market in 2020 was $ 273.0 million.

The Asia-Pacific region is expected to have a significant market share of cryptocurrencies in the coming years due to several technological developments and the adoption of virtual currencies for some platforms in Japan and Taiwan. In addition, the strategic cooperations and partnerships of key players fuel the regional market. For example, in January 2020, Z Corporation, Inc. and TaoTao, Inc. worked with the financial services agency to expand the crypto market by validating regulatory compliance in the Japanese market.

Competitive landscape

Key players are focused on introducing new services to fuel market growth

The market is being strengthened by large companies that want to maintain their position by concentrating on new product launches, collaborations and partnerships, as well as acquisitions. Such strategies by the major players are expected to strengthen their market prospects. The following is the industry development:

March 2021 – Visa Inc. plans to introduce crypto as a direct payment. With this important initiative, the company wants to accept cryptocurrencies as a means of payment for the financial industry.

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Main table of contents:

  • introduction
    • Definition, by segment
    • Research methodology / approach
    • Data sources
  • The central theses
  • Market dynamics
    • Macro and microeconomic indicators
    • Drivers, restrictions, opportunities and trends
    • Effects of COVID-19
      • Short term effects
      • Long-term effect
  • Competitive landscape
    • Business strategies adopted by key players
    • Consolidated SWOT Analysis of Key Players
  • Global Insights and Analysis on Cryptocurrency Market Share Key Players, 2020
  • Key market insights and strategic recommendations
  • Distinguished companies (Covered for Key 10 players only)
    • overview
      • Key management
      • Headquarters etc.
    • Offers / business segments
    • Important details (Key details are subject to data availability in the public area and / or in chargeable databases)
      • Employee size
      • Financial metrics
        • Past and current earnings
        • Gross margin
        • Geographical share
        • Business segment share
    • Recent developments
  • Appendix / Appendix
    • Global Cryptocurrency Market Size Estimates and Forecasts (Quantitative Data), by Segments, 2017-2028
      • By component (value)
        • hardware
          • FPGA
          • ASIC
          • GPU
          • Others (paper wallet, web wallet, etc.)
        • software
          • Mining software
          • Exchange software
          • wallet
          • payment
          • Others (vaults, encryption, etc.)
      • By type (value)
        • Bitcoin
        • ether
        • Litecoin
        • Ripple
        • Ether classic
        • Others (Dogecoin, Moneor, Dash, etc.)
      • By end use (value)
        • trade
        • E-commerce and retail
        • Peer-to-Peer Payment
        • transfer

Table of contents continued…!

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