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    Cryptocurrency Market Report

    Cryptocurrency Market Report
    Report code - SR1310 Delivery - 2 Weeks
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    Cryptocurrency Market Trends, Dynamics & Market Insights
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    Impact of COVID-19 on Cryptocurrency Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Cryptocurrency Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Cryptocurrency Market is estimated to grow from USD 1.5 billion in 2020 to USD 2.3 billion by 2026 at a healthy CAGR of 7.4% during the forecast period.

    Figure: Cryptocurrency Market Size, 2020-2026 (USD Billion)

    Cryptocurrency-Market-Forecast

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    What is a cryptocurrency?

    Cryptocurrency is a digital or virtual currency that uses cryptography which is designed to work as a medium of exchange with verified and secured transactions. It is a system that allows secured and verified transactions through a decentralized record-keeping platform, referred to as ‘Distributed Ledger’.

    Key Players

    Key players operating in the cryptocurrency market are-

    • Intel Corporation (US)
    • Microsoft Corporation (US)
    • NVIDIA Corporation (US)
    • BitFury Group Limited (Netherlands)
    • Alphapoint Corporation (US)
    • Advanced Micro Devices, Inc. (US)
    • Xilinx Inc. (US)
    • BitGo (US)
    • Ripple (US)
    • BTL Group Ltd. (UK).

    Market Dynamics

    Low cost, ownership, quicker, and safer transactions are some of the key factors boosting market growth. Also, minimal exchange rates, interest rates, or charges across all international transactions are further expected to augment the industry growth. Moreover, higher acceptance of bitcoins in developed countries increased investment in blockchain technology, and a surge in the demand for safer transactions across international borders offer immense growth opportunities to the market players.

    Segments' Analysis

    Component Trends

    Based on components, the cryptocurrency market is categorized into hardware and software. The hardware segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In the transaction monitoring process, miners (generally the users) validate the transactions made by other users. In this process, the system needs high computing power to validate the transactions, which further bolsters the segment growth.

    Regional Trends

    By region, the North American market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to the strong presence of data mining and crypto mining companies in the US. Also, increasing awareness regarding digital currency in the region coupled with various companies accepting digital/virtual currencies as a form of payment, further proliferates the regional market growth.

    COVID-19 Impact on Cryptocurrency Market

    The COVID-19 outbreak has moderately affected the cryptocurrency industry. Against the backdrop of the uncertainty raised by COVID-19, the cryptocurrencies such as Bitcoin, Ethereum, and other digital currencies have gained significant traction. Even banks have started buying crypto for the first time. Banks in the US are developing their blockchain-based systems, including digital currencies, to enable B2B cryptocurrency payments between their customers.

    Critical Questions Answered in the Report

    • What are the key trends in the cryptocurrency market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the cryptocurrency market?
    • What are the key strategies adopted by the major vendors to lead in the cryptocurrency market?
    • What is the market share of the top vendors?

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    Target Audience

    Here is the list of the group of customers that the cryptocurrency market hopes to have the greatest opportunity to convert-

    • Cryptocurrency vendors
    • Cryptocurrency retailers
    • Data mining companies
    • Stock market companies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The cryptocurrency market size is expected to reach USD 1.5 billion in the foreseeable future.

    Intel Corporation (US), Microsoft Corporation (US), NVIDIA Corporation (US), BitFury Group Limited (Netherlands), Alphapoint Corporation (US), Advanced Micro Devices, Inc. (US), Xilinx Inc. (US), BitGo (US), Ripple (US), and BTL Group Ltd. (UK) are among the key players in the cryptocurrency market.

    The cryptocurrency market is expected to witness an impressive growth of 7.4% CAGR in the coming years.

    Hardware segment is expected to register the healthy CAGR in the cryptocurrency market in the coming years.

    North America is expected to grow at the highest CAGR in the cryptocurrency market during the next five years.

    Cryptocurrency vendors, Cryptocurrency retailers, Data mining companies, Stock market companies are the target audience in the cryptocurrency market.

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