Asia Pacific Cryptocurrency Market to Witness Formidable Growth During Forecast Period
Rising awareness among the
investors about cryptocurrency is expected to drive the growth of Asia Pacific
cryptocurrency market.
According to
TechSci Research report, “Asia
Pacific Cryptocurrency Market By Offering (Hardware & Software), By
Process (Mining & Transaction), By Type (Bitcoin, Ethereum, Bitcoin Cash,
Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock
Market & Virtual Currency), By Country, Competition, Forecast &
Opportunities, 2025”, Asia Pacific cryptocurrency market is expected to
witness a formidable CAGR during the forecast period. Growing requirement for
transparency is
one of the major factors accounting for the growth of Asia Pacific cryptocurrency
market. In context of cryptocurrency, once the data transaction’s information
has been written on a blockchain, it enters in the distributed ledger and there
can be no alterations, not even by the system administrator, thereby creates
transparency. Moreover, minimal ownership cost, safer, and quicker transactions
is expected to bode well for the growth of Asia Pacific cryptocurrency market
through the forecast period. In addition to this, increasing adoption of the
digital currency by several traders in the region is projected to positively
influence the growth of Asia Pacific cryptocurrency market in the years to
come. Also, transparency and immutability of the distributed ledger technology is
making headway for the growth of Asia Pacific cryptocurrency market. Along with
this, increased investment in blockchain technology supposedly provide
favorable opportunities for advancements in the cryptocurrency industry,
thereby anticipated to drive the market growth in the next five years. However,
there are some factors that might act as major impediments to the growth of
Asia Pacific cryptocurrency market through 2025 including lack of regulations
and the uncertainty regarding the same. Moreover, due to concerns in terms of
standardization and interoperability, the regulatory status of cryptocurrency
remains uncertain, which might hamper the growth of this market through 2025.
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XX market data Tables and XX Figures spread through XX Pages and an in-depth TOC on " Asia Pacific Cryptocurrency Market ".
Asia Pacific
cryptocurrency market can be segmented based on offering, process, type, end
user, company, and country. Based on type, the market can be categorized into Bitcoin,
Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, and others. Out of these, the
Bitcoin segment dominated the market until 2019 and is expected to grow at the
highest CAGR during the forecast period on account of growing awareness among the
investors along with availability of larger returns. In addition to this, Bitcoin’s
advantage of being the pioneer in the field because of which it is accepted
worldwide, is further contributing to the growing trend. Moreover, the Ethereum
witnessed significant growth until 2019 which can be accredited to the
advantages offered by Ethereum over Bitcoin, which includes electronic cash,
smart contract technology, and proof-of-stake. This is expected to drive the
growth of the market for Ethereum. In terms of process, the market is
fragmented into mining & transaction. Among them, transaction segment is
estimated to dominate the market in the next 5 years on account of have several
advantages it provides, such as enhanced transactional security, decentralized
system, protection from fraud and low fees. Furthermore, factors such as quick
international transfers and protection from consumer chargebacks are further
boosting the growth of segment.
Intel Corporation, NVIDIA
Corporation, Microsoft Corporation, Xilinx, Inc., Advanced Micro Devices, Inc.,
AlphaPoint Corporation, Amazon.com, Inc., BitGo, BTL Group Ltd. (Blockchain
Tech), BitFury Group, Coinbase UK, Ltd., 21 Inc., Ripple Labs Inc., are among others
are the leading players operating in Asia Pacific cryptocurrency market. The
leading players are adopting several growth strategies to enhance the market
scenario of cryptocurrency.
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“Asia
Pacific cryptocurrency market is forecast to register high growth in the market
during the next five years on account of rising number of internet users in the
region. Furthermore, availability of venture capital funding is further expected
to boost the market growth for cryptocurrency over the coming years. In
addition to this, favorable government regulations in the region is further estimated
to propel the market growth through 2025.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Asia Pacific Cryptocurrency Market By Offering
(Hardware & Software), By Process (Mining & Transaction), By Type
(Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End
User (Banking, Real Estate, Stock Market & Virtual Currency), By Country,
Competition, Forecast & Opportunities, 2025” has evaluated
the future growth potential of Asia Pacific cryptocurrency market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Asia Pacific cryptocurrency market.
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