Cryptocurrency Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, UK, Germany, Switzerland - Size and Forecast 2024-2028

Cryptocurrency Market Forecast 2024-2028 

The cryptocurrency market size is projected to increase by USD 34.5 billion at a CAGR of 16.64% between 2023 and 2028. Market growth hinges on factors such as heightened investment in digital assets, expanded accessibility of crypto wallets, and rising expenditures in FinTech. These elements shape the market landscape, reflecting the evolving trends in digital finance and blockchain technology. With increased investment in digital assets and the proliferation of crypto wallets, coupled with growing FinTech spending, the market anticipates continued growth opportunities in the digital economy.

Moreover, the market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including Bitcoinforme S.L., Bitfury Group Ltd., CEX.IO Ltd, Coinbase Global Inc., Dogecoin, FMR LLC, Gemini Trust Co. LLC, KuCoin, Ledger SAS, Marathon Digital Holdings Inc, Pantera Capital, Pintu Kemana Saja, Riot Platforms Inc., Ripple Labs Inc., Shiba Inu, WazirX, Xapo Bank Ltd., Cardano, and Valora. Additionally, AlphaPoint Corp. company offers cryptocurrency solutions such as wallet solutions, Liquidity solutions, yield platform, exchange software, brakerage software, and wallet ecosystem.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics 

The market is witnessing a surge in adoption driven by advancements in Artificial Intelligence (AI) and regulatory initiatives like the Markets in Crypto Assets (MiCA) law. Business-to-Business (B2B) transactions are facilitated by platforms such as Exchange Liquidity Network (ELN) and Robin Hood. Innovations like Sand Dollar and Enegix are reshaping financial ecosystems. Investors are drawn to assets like Purpose Bitcoin ETF amidst growing interest in cryptocurrency mining software like Cudo Miner. Major players like Amazon Web Services (AWS) and Shopify are integrating crypto payments, while projects like Libra and Qtum Chain Foundation explore blockchain's potential. Coin Payments and Sepior offer secure solutions in this evolving landscape. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

Increased availability of crypto wallets is the key factor driving the market. Individuals can access and manage their cryptocurrencies more easily now that there are a variety of crypto wallets available from the central bank digital currency (CBDC). User-friendly wallet as a service (WaaS), particularly those with intuitive interfaces and strong security features, can attract a larger user base, including those who are new to the world of cryptocurrency. As the number of crypto wallets increases, more people may be drawn to investigate and adopt cryptocurrencies. The simplicity of creating and using wallets can encourage people to participate in the digital economy and use cryptocurrencies for a variety of transactions and purposes.

Moreover, in recent years, it has become abundantly clear that digital currency investors, with companies like Brave Software, Inc. Kryptex miner, and Nicehas Miner. In addition, custom wallets give users more freedom and flexibility in managing their Bitcoin exchange traded funds (ETFs) and crypto APIs. Some examples of cryptocurrency wallets are the Coinbase Wallet, Electrum Bitcoin Wallet, Mycelium Bitcoin Wallet, Exodus Wallet, and MetaMask Wallet. The increasing number of crypto wallet users is anticipated to boost the growth of the market during the forecast period.

Significant Market Trends

The rising inclination towards digital currency is one of the key market trends. Digital currencies offer the potential for faster and cheaper bank transfers, accelerating e-commerce, increasing the number of financial transactions in low-income countries, and increasing international money transfers. Digital currencies like Bitcoin have the potential to change the world. Payments in digital currency reduce the risk of compromise of the financial system. Align with market trends and analysis, no interbank payments are required as the system exchanges digital currencies instead of bank deposits like cash. The need for a reliable long-term store of value is a common reason for investing in cryptocurrencies.

Furthermore, unlike fiat currencies, most cryptocurrencies have a finite supply limited by mathematical algorithms. This prevents political parties or government organizations from lowering the value of cryptocurrencies through inflation. Millions of ordinary investors have registered with several domestic cryptocurrency exchanges, an investment class recognized for its legendary volatility and high-profit potential. Thus, an inclination toward digital payment is expected to boost the growth of the global market during the forecast period.

Major Market Restrain

Volatility in the value of cryptocurrency is one of the factors impeding market growth. The value of cryptocurrencies is highly volatile. Therefore, low-risk investors do not include cryptocurrencies in their financial portfolios. The volatility in value is largely due to cryptocurrencies being held by a limited number of people who buy and sell in bulk on trading platforms and exchanges. In June 2022, Bitcoin lost more than 10% of its value in one day. This is a significant drop from November 2021, when Bitcoin was worth USD 69,000 per token. A bill released in India plans to ban cryptocurrencies and is poised to launch its own cryptocurrency, leading to the devaluation of several digital currencies. The coin fell more than 13% on the Indian exchange WazirX, while Shiba Inu and Dogecoin both fell more than 15%.

Moreover, the lack of transaction charges, position charges, trade posting fees, and regulations on trading platforms also causes volatility in the value of cryptocurrency. Hence, people who hold a significant share of cryptocurrency manipulate the value to increase their profits without making any actual investments. Therefore, several investors, like Accel, Ribbit Capital, insight partners, etc, have refrained from including cryptocurrency in their financial portfolios, which is a challenge for the growth of the market during the forecast period.

Market Segmentation By Type

The market share growth by the bitcoin segment will be significant during the forecast period. Bitcoin, the most popular cryptocurrency in the world, is gaining popularity globally. It is primarily designed to be an alternative to traditional. Bitcoin is a digital currency that can be transferred peer-to-peer (P2P) without central authorities.

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The bitcoin segment showed a gradual increase in the market share of USD 6.87 billion in 2018. Tether, USD Coin, Binance USD, and DAI are the four top-20 cryptocurrencies that are directly pegged to the value of the US dollar. In the US, about 8% of people trade cryptocurrencies. 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, the high popularity of Bitcoin will drive the growth of the global cryptocurrency market during the forecast period.

Market Segmentation By  Component 

The hardware segment will account for the largest share of this segment.?Various hardware types are prevalent in the market, each with distinct features and utilities. ASICs specialize in mining specific cryptocurrencies like Bitcoin or Ethereum efficiently, while GPUs offer versatility but lower efficiency. Hardware wallets ensure secure offline storage, while trading platforms facilitate buying and selling. Mining rigs, customizable for individual needs, use GPUs or ASICs. Understanding these hardware segments aids businesses in targeting customers effectively. Consequently, the hardware segment is expected to grow with the rising popularity of cryptocurrencies like DogeCoin, Bitcoin, Tether, and Tron.

Regional Overview

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North America is estimated to contribute 45% to the growth of the global market during the forecast period. 
Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. North America holds the largest share of the market due to the presence of multiple market players and new innovations in the region. Growing demand for digital payments boosted the growth of the North American market in 2022. The United States is one of the top girlfriends and is considered to be at the forefront of technological progress in digital currencies. In North America, the market is expected to grow during the forecast period owing to increased investments by vendors to expand their operations in the region. 

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• Binance Holdings Ltd.: The company offers cryptocurrency such as Binance coin, which is the native cryptocurrency on the BNB Chain.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028

• Type Outlook
  • Bitcoin
  • Ethereum
  • Avalanche and others

• Component Outlook
  • Hardware
  • Software

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview:

The market is characterized by transparency and relies on distributed ledger technology. Venture capital investments drive growth in both emerging and developed countries. Decentralized finance (DeFi) and Non-fungible tokens (NFTs) are emerging trends, with DeFi platforms and NFT markets gaining traction. Bitcoin remains a dominant force, offering investment opportunities for miners utilizing GPUs, CPUs, FPGAs, and ASICs. Transaction monitoring ensures security through hash codes in the peer-to-peer system amidst regulatory ambiguity and security vulnerabilities. Uncertain regulatory status impacts both emerging and developed markets, influencing security, privacy, and control. Adoption spans small businesses to large corporations like Apple, Bloomingdale's, PayPal, and AMD, leveraging processors like EPYC Embedded 3000 series.

Furthermore, the market has experienced significant growth, especially in emerging countries where it challenges traditional financial systems and banks. Dominated by Bitcoin and Litecoin, this industry relies on virtual currency and advanced technologies like Central processing units (CPUs), NVIDIA, and processors such as EPYC Embedded 3000 series and AMD Ryzen Embedded V1000. While initiatives like the Central Bank of Bahamas and Eastern Caribbean Central Bank explore digital currencies, concerns over security, money laundering, and tax evasion persist, prompting regulators and law enforcement agencies to monitor closely. Despite challenges, cryptocurrencies like Bitcoin cash and Ether Classic continue to reshape financial landscapes globally.

Market Scope
Report Coverage	Details
Page number	155
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 16.64%
Market Growth 2024-2028	USD 34.5 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	15.02
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 45%
Key countries	US, China, UK, Germany, and Switzerland
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	AlphaPoint Corp., Binance Holdings Ltd., Bitcoinforme S.L., Bitfury Group Ltd., CEX.IO Ltd, Coinbase Global Inc., Dogecoin, FMR LLC, Gemini Trust Co. LLC, KuCoin, Ledger SAS, Marathon Digital Holdings Inc, Pantera Capital, Pintu Kemana Saja, Riot Platforms Inc., Ripple Labs Inc., Shiba Inu, WazirX, Xapo Bank Ltd., Cardano, and Valora
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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