Cryptocurrency Market Report

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)

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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

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