Press Release

Cryptocurrency Market Growth to be Fueled by Surging Market Capitalization

Improved market capitalization, rising adoption rate for digital currencies among financial institutions, and growing preference for purchasing products such as cars, luxury watches, and several tech products through cryptocurrency, are the leading factors driving the global cryptocurrency market during the projected period.

According to TechSci Research report, “Cryptocurrency Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global cryptocurrency market is expected to project robust growth in the forecast period owing to the factors such as increasing popularity of digital assets like Bitcoin and Litecoin cryptocurrencies. As they are considered a more convenient and flexible option due to its functioning with the support of Blockchain technology that offers decentralized, fast, transparent, secure, and reliable transactions. A digital payment system that doesn't rely on banks to validate transactions is known as cryptocurrency. Peer-to-peer system makes it possible for anyone and anywhere, to send and receive payments. Payments made using cryptocurrencies only exist as digital entries to an online database that provide specific transaction details, not as actual physical coins that can be carried and exchanged. A public ledger keeps track of all cryptocurrency transactions that involve money transfers. This means that complex coding is required for the storage, transmission, and recording of cryptocurrency data to public ledgers. The purpose of encryption is to provide security and safety.


The value of cryptocurrencies is solely dependent on investor sentiment, so their price has been extremely volatile. As a result, the market has experienced significant price swings whenever positive or negative news, such as the regulatory crackdown on exchange platforms or more businesses accepting cryptocurrencies, emerges.

Since 2009, the number of cryptocurrency types has increased dramatically, and there are now more than 5200 of them, with a combined market value of about USD166 billion. The entire cryptocurrency market initially suffered during the prevailing coronavirus (COVID-19) outbreak, but the market has since recovered. Bitcoin has increased by 58% so far in 2020, while Ethereum has increased by 187%. However, the price of Bitcoin fell by 50% during the second week of March 2020, but it has since increased by more than twofold. It rose above its peak reached in December 2017 to an all-time high of USD19,857 at the end of November 2020. Inflation fears and loose monetary policy are forcing investors to seek out alternative means of protecting the value of their capital, which has been fostering the market of cryptocurrencies.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Cryptocurrency Market"

The global cryptocurrency market is segmented based on type, end user, region, and competitional landscape. Based on type, the market is further fragmented into Bitcoin, Ethereum, Tether, Binance Coin, Cardano, Dogecoin, and Others (USD Coin, Ripple, HEX, etc.). Based on End User, the market is categorized into Trading, Retail & e-commerce, Peer-to-Peer Payment, Remittance, and Banking. The market analysis also studies the regional segmentation, which is divided among Asia-Pacific, North America, Europe, Middle East & Africa, and South America.

Among type, the bitcoin category is the most well-known cryptocurrency in the market, which commands a significant market share as numerous people have been investing within the market with this currency in specific, owing to its growing market capitalization. For instance, on November 9, 2021, Bitcoin (BTC) had the highest market capitalization with USD1.28 trillion. The market capitalization of any cryptocurrency is calculated by dividing its current price by the total quantity of coins or tokens in circulation. On May 1, 2013, the market value of bitcoin was USD1.2 billion. However, on November 9, 2021, with a price of USD67,617.02 per bitcoin, bitcoin briefly reached its highest market capitalization of USD1.28 trillion. Because of this, there is consistently high demand for personal loans, which is anticipated to spur growth.

Furthermore, the adoption and growth rates for cryptocurrencies are among the highest in the Asia-Pacific (APAC) region. New regulations and guidelines are being developed in the area by legislators and regulators to support economic growth while safeguarding consumers and their financial systems. Many of the prerequisites for widespread adoption of cryptocurrencies are already present in the region. Due to the population's close proximity to so many other nations, many consumers conduct cross-border business. There is a sizable unbanked and underbanked population, which presents a chance for cryptocurrency businesses to provide crucial financial services. Additionally, in 2021, 45% of all cryptocurrency owners in the area were first-time buyers. Furthermore, the region has some of the highest adoption rates of cryptocurrencies in the world, with Indonesia (41%), Singapore (30%) and Hong Kong (24%) ranking in the top ten.

Key market players in the global cryptocurrency market include:

  • Bakkt Holdings, Inc. (Bakkt)
  • Binance Holdings Ltd (Binance)
  • IFinex Inc (Bitfinex)
  • Coinbase Global, Inc. (Coinbase)
  • BitFlyer, Inc. (BitFlyer)
  • CME Group Inc. (CME)
  • Bybit Fintech Limited (Bybit)
  • Liquidity Technologies Limited (CoinFlex)
  • HDR Global Trading Limited (BitMEX)
  • Mek Global Limited (KuCoin)

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"The market for cryptocurrencies is growing quickly, symbolizing its industry, which includes institutional investors, individual borrowers and savers, and government policies. The market is anticipated to grow in the coming years as a result of the acceptance of virtual or digital currencies like Bitcoins, Litecoin, Ethers, and many others. People in developed nations are more likely to use the simple and adaptable transactional method that digital currency provides. Additionally, the crypto industry has seen an unprecedented rise in users across nations worldwide, from big institutional investors to small retail investors.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Cryptocurrency Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type (Bitcoin, Ethereum, Tether, Binance USD, Dogecoin, Cardano, Others (USD Coin, Ripple, HEX, etc.)), By End User (Trading, Retail & e-commerce, Peer-to-Peer Payment, Remittance, Banking), By Regionhas evaluated the future growth potential of global cryptocurrency market and provides statistics and information on market structure, size, share, and future growth. The report is intended 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 present in cryptocurrency market globally.

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Relevant Reports

Cryptocurrency Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Bitcoin, Ethereum, Tether, Binance Coin, Cardano, Dogecoin, Others (USD Coin, Ripple, HEX, etc.)), By End User (Trading, Retail & e-commerce, Peer-to-Peer Payment, Remittance, Banking), By Region

BFSI | Feb, 2023

Improved market capitalization, rising adoption rate for digital currencies among financial institutions, and growing preference for purchasing products such as cars, luxury watches, and several tech products through cryptocurrency are the leading factors driving the global cryptocurrency market during the projected period.

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