Cryptocurrency Market Size to Grow by USD 1.47 Bn, Bitcoin Segment to be the Largest Revenue-generating Type Segment

NEW YORK, Oct. 24, 2022 /PRNewswire/ — The cryptocurrency market share growth in the bitcoin segment will be significant during the forecast period. Bitcoin is a digital currency that can be transferred peer-to-peer (P2P) without central authorities. It is created, stored, processed, and shared using a distributed decentralized system known as the blockchain. The public ledger records all bitcoin transactions, and copies are kept on all servers across the world. Therefore, with the rising popularity of bitcoin, the market is expected to witness significant growth during the forecast period.

The “Cryptocurrency Market by Type (Bitcoin, Ethereum, and Others) and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. The potential growth difference for the cryptocurrency market size between 2021 and 2026 is USD 1.47 bn. To get the exact CAGR and the Y-O-Y growth rate, Buy the Full Report

Market Segmentation:

47% of the market’s growth will originate from North America during the forecast period. The US is the key market for the cryptocurrency market in North America. The increase in blockchain investments will facilitate the cryptocurrency market’s growth in North America over the forecast period.

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Key Market Dynamics:

• Market Driver – Rising investment in digital assets is one of the key drivers fueling the cryptocurrency market’s growth. Digital assets allow rapid transfer of ownership without the need for paper copies or any paperwork. For instance, the owner of a digital asset can quickly transfer ownership to a new owner or buyer when the asset is purchased through NFT. Cryptocurrencies are becoming more popular in the global market for digital assets as a result of these characteristics. As many people interact with digital assets every day, from investing in crypto as a digital asset to digitizing their existing investment assets, digital assets have become integrated into the existing network of traditional financial markets. Therefore, the rising investment in digital assets is expected to boost the growth of the market during the forecast period.

• Market Challenges – Rate volatility is one of the factors limiting the cryptocurrency market’s growth. Crypto miners perform calculations using mining hardware solutions to mine cryptocurrencies, such as Bitcoin. The valuation of cryptocurrencies depends significantly on their uniqueness and the perceptions of related owners and buyers, as well as the availability of distribution channels. Therefore, it is extremely difficult for a new seller to predict the identity of the next cryptocurrency buyer or the possible factors that may favor or influence the purchase. Therefore, the price of cryptocurrency basically depends on how buyers perceive its value, which leads to fluctuations. Thus, fluctuating prices may hinder market growth during the forecast period.

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Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Type

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

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