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Rising Demand For Digital Payments Fuels Growth In Virtual Currency Market: A Key Driver Powering Virtual Currency Market Growth In 2025
Virtual Currency
What Is the Current Virtual Currency Market Size and Its Estimated Growth Rate?
The virtual currency market has grown rapidly in recent years. It will grow from $2.71 billion in 2024 to $3.05 billion in 2025, reflecting a CAGR of 12.8%. The expansion is driven by the dominance of cryptocurrencies in developed countries, the increasing need for efficiency and convenience in payment methods, the presence of prominent digital payment companies, rising institutional investments, and the demand for digital coins due to their utility and scarcity.
The virtual currency market is projected to reach $4.89 billion by 2029, growing at a CAGR of 12.5%. The growth is attributed to an increase in node count, favorable government regulations, private venture investments, growing consumer business acceptance, and blockchain usage. Key trends include the adoption of digital currencies like e-RMB, the launch of bitcoin ETFs, new cryptocurrencies, blockchain technology advancements, and startup investments.
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How Are Emerging Segments Shaping the Virtual Currency Market Landscape?
The virtual currency market covered in this report is segmented -
1) By Type: Centralized Virtual Currency, Decentralized Virtual Currency
2) By Component: Hardware, Software
3) By Usage: Trading, E-Commerce And Retail, Remittance, Payment, Other Usages
Subsegments:
1) By Centralized Virtual Currency: Platform-Specific Virtual Currencies, Centralized Digital Tokens
2) By Decentralized Virtual Currency: Cryptocurrencies, Tokens On Decentralized Networks
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Which Growth Factors Are Influencing Virtual Currency Market Expansion?
The increasing demand for digital payments is expected to drive the virtual currency market. Digital payments are gaining popularity due to their convenience, security, and speed compared to traditional payment methods. They facilitate the use of virtual currencies by enabling secure and seamless transactions. According to the Canadian Payments Association, digital payment transactions in Canada rose by 11% in 2022, contributing to the growth of virtual currencies.
Who Are the Dominant Players Across Different Virtual Currency Market Segments?
Major companies operating in the virtual currency market are Binance Inc., Xilinx Inc., Coinbase Inc., Robinhood Inc., Gemini Space Station LLC, Bitstamp Inc., Bit fury Group Limited, Bitpay Inc., Elliptic Inc., Block.one Inc., Bit Go Inc., Xapo Holdings Limited, Bit Main Technologies Holding, Coinjar Inc., Cointelegraph Inc., Gocoin Inc., Millipay Systems, Safello Inc., Unicoin DcX, HTX Global
What Trends Are Expected to Dominate the Virtual Currency Market in the Next 5 Years?
Companies in the virtual currency market are developing institutional-grade solutions to provide secure and compliant digital asset management for large investors. These solutions are designed to meet high operational and security standards. In October 2022, BNY Mellon launched a digital asset custody platform, enabling institutional clients to securely manage cryptocurrencies like Bitcoin and Ethereum alongside traditional assets.
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Which Geographic Regions Are Expected to Dominate the Virtual Currency Market in the Coming Years?
Asia-Pacific was the largest region in the virtual currency market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual currency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Virtual Currency Market?
2. What is the CAGR expected in the Virtual Currency Market?
3. What Are the Key Innovations Transforming the Virtual Currency Industry?
4. Which Region Is Leading the Virtual Currency Market?
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