Global Cryptocurrency Market: Snapshot
Cryptocurrency is the type of the virtual currency that is used as a medium of exchange in numerous transactions. Transactions through cryptocurrency are much secured and control the creation of additional units. These transactions are observed and verify the transfer of the assets. These currencies use decentralized control as it was facing opposition to be centralized digital currency and central banking systems.
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Cryptocurrencies are gaining recognition as there are no extra charges, interest rates or exchange rates of any of the countries and accepted as a way of international transaction. Through this transaction, both the time and money is saved. Also, reduces the chances of fraud. The aforesaid factors are fuelling the growth of the global cryptocurrencies market. In addition, the factors such as established technology policy with better transparency in the technology and the low ownership cost are fuelling the growth of the global cryptocurrency market. Additionally, owning Bitcoin is emerging as trend globally which is supporting growth of the global cryptocurrency market.
However, in the trending market, investment in these cryptocurrencies are always considered as high risk due to fluctuations in its prices. Also, it’s decentralize control and risks related to the jurisdictions cryptocurrency exchange which can be banned. These risks related to the cryptocurrencies are hampering growth of the global cryptocurrency market.
According to the report by TMR, the global market for cryptocurrency was valued at around US$0.5 bn in 2016 and is anticipated to expand at a CAGR of around 31.3% from 2017 to 2025 to attain value of US$6.7 bn by the end of forecast period.
Rise in Demand for Safer International Transactions to be Beneficial for Growth
On the basis of component, the global cryptocurrency market is segmented into hardware and software. The hardware segment is sub-segmented into FPGA, GPU, ASIC, wallet, and software segment is further segmented into mining platform, blockchain, coin wallet, and exchange. Of these, hardware segment is dominating the global market for cryptocurrency.
On the basis of type, the global cryptocurrency market is segmented into bitcoin, ethereum, ripple (XRP), litecoin, and dashcoin. Of these, Bitcoin is dominating the global market for cryptocurrencies. This growth is dominated by the benefits such as proof of stake (PoS), electronic cash, and smart contract technology. However, Ethereum segment is gaining substantial attention; thus, the segment is witnessing faster growth in the global market for cryptocurrency.
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High Acceptance from European Countries to Bolster Market Growth
On the basis of region, the global cryptocurrency market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, Europe is dominating the global market for cryptocurrencies owing to higher acceptance from the countries such as Germany. Europe is projected to witness the higher adoption of cryptocurrency owing to presence of several mining pool. Growth in the North America is attributable to the higher adoption from the US. Additionally, the market is getting benefitted by the higher adoption from the countries from Asia Pacific such as Japan, Singapore, and China.
Key players operating in the cryptocurrency market include NVIDIA Corporation, Microsoft Corporation, and Intel Corporation. Earlier the Bitcoin was the only cryptocurrency, huge acceptance of Bitcoin encouraged other vendors to enter into the cryptocurrency market. Litecoin was the first cryptocurrency to gain significant acceptance from people. These companies operating in the market are collectively accounting for major shares of the global market for the cryptocurrency.