Press release
Cryptocurrency Market Projected to Reach $3,141.32 Million by 2032, Growing at a CAGR of 11.5%
Cryptocurrency Market
What Is Cryptocurrency?
Cryptocurrency, also known as crypto or digital currency, is a virtual currency that is recorded on a public ledger called a blockchain. Crypto- is a prefix that means "hidden" or "secret." It comes from the Greek word kryptós. It is a decentralized currency, which means it is not governed by a central bank. Cryptocurrencies are digital assets that are bought and sold using real money and are verified and recorded on a blockchain, which is a public ledger that tracks all transactions. Blockchain encryption makes it difficult to tamper with or counterfeit transactions. Cryptocurrencies are not backed by any material change, so their value can be unpredictable and can be very volatile, with prices fluctuating based on popularity.
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Market Growth Drivers:
• As different types of digital assets, such as cryptocurrencies and NFTs, become more popular, the market is growing swiftly.
• Technological advancements play a crucial role in propelling the growth of the cryptocurrency market.
• Recent advancements in artificial intelligence (AI) are anticipated to propel the market expansion.
• Numerous key participants in the sector are launching innovative offerings like Exchange Traded Funds (ETFs) and NFTs, which are expected to enhance market development.
Market Competition:
• BITMAIN Technologies Holding Company
• NVIDIA Corporation
• Bitfury Group Limited
• Kraken
• BitGo
• BlockFi
• Xilinx (AMD)
• Gemini Trust Company
• LLC
• Ledger SAS
• Intel Corporation
• AirSwap
• Binance Holdings Ltd.
• Ripple
• and Coinbase Global Inc.
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Recent Developments
• January 2023: BITMAIN Technologies Holding Company introduced the ANTMINER S19j Pro+, a next-generation mining device designed for enhanced voltage compatibility in data centers, reducing the need for additional voltage-specific equipment.
• February 2023: Binance launched Binance Tax, a free tool that simplifies tax reporting for crypto traders. This tool enables users to access and download detailed tax summaries of their trading activities, helping them track gains and losses efficiently.
• December 2023: Bitfinex Securities Ltd successfully raised $5.2 million USDt through one of the world's first tokenized bond issuances. The funding was conducted by ALTERNATIVE, a securitization fund in Luxembourg managed by Mikro Kapital.
Regional Summary:
• In 2022, North America led the global market because of the growing use of cryptocurrencies in NFTs and their recognition as a form of wealth storage.
• The market for cryptocurrency in Asia Pacific is expanding steadily, fueled by the demand for safer transactions and greater acceptance of cryptocurrencies and blockchain technology in the region.
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Segmental Analysis:
• The cryptocurrency market is basically segmented based on type, component, end-use, and region.
• The market for cryptocurrency, based on component, is segmented as software and hardware.
• The hardware segment held the largest market share in 2022 and is expected to maintain its status throughout the projected period.
Cryptocurrency Market, Component Outlook (Revenue - USD Million, 2019-2032)
• Hardware
• Software
Cryptocurrency Market, Type Outlook (Revenue - USD Million, 2019-2032)
• Bitcoin
• Ethereum
• Tether
• Binance Coin
• XRP
• Other
Cryptocurrency Market, End-Use Outlook (Revenue - USD Million, 2019-2032)
• Banking
• Gaming
• Government
• Healthcare
• Retail & E-Commerce
• Trading
• Other
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