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DUBLIN, January 16, 2023 /PRNewswire/ — The Cryptocurrency Market size, market share, application analysis, regional outlook, growth trends, key players, competitive strategies and forecasts, 2022 to 2030″ report has been added to from ResearchAndMarkets.com offer.

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The Global cryptocurrency the market represented US$2,040.5 million in 2020 and is expected to grow at a CAGR of 7.2% throughout the forecast period from 2022 to 2030.

Currently, various types of cryptocurrencies are present in the market, including Bitcoin, Ethereum, Bitcoin Cash and Ripple, among others. Cryptocurrencies use decentralized networks based on blockchain technology. A combination of factors, including high remittances in developing countries, the transparency of distributed ledger technology, the high costs of cross-border remittances, and the growth of venture capital investments, are proliferating the growth of the cryptocurrency market.

The cryptosphere has been complicated in recent years by scams such as Silk Road and Mt. Gox, which have affected cryptocurrency prices. For example, according to Bloomberg, more than 50% of global digital asset trading is based in the Asia Pacific region, representing approximately 43 of the existing 90 stock exchanges, followed by Europewith 24% of exchanges, and North America with 15% of all trade.

Additionally, growing acceptance of digital currency by various industries, fluctuating monetary regulations, and significant opportunities in both developed and emerging markets are bolstering the growth of the cryptocurrency market globally. For example, according to a filing, the U.S. Patent and Trademark Office, retail giant Walmart has filed a patent application to use a digital coin embedded in fiat currency, which would enable faster and more secure transactions. less expensive.

Apart from that, the advantages offered by cryptocurrencysuch as low cost of ownership, secure and faster transactions, are factors that are further driving the growth of the market across the globe.

However, the uncertain regulatory status, lack of awareness and technical understanding of cryptocurrencycoupled with concerns over security, control, and privacy, are factors that are hampering the growth of the market.

Commercial segment dominates the global market cryptocurrency market

In 2021, the commercial segment dominated the cryptocurrency market and represented a share of more than 40.0% of the total turnover generated worldwide. This can be associated with the increase in business activities in different industry verticals and organizations are showing interest in cryptocurrency for trade. Various businesses use cryptocurrencies to transfer funds directly between two parties as this eliminates the requirement of third parties such as banks or credit card companies.

For example, Microsoft Corporation permits the use of bitcoins to recharge the Microsoft account. Wikipedia is also one of those companies that accepts donations in bitcoins through BitPay. By using these digital currencies, the use of public keys and private keys further secure real-time transfers. This, in turn, strengthens market demand.

Asia Pacific the region dominates the world cryptocurrency market

Asia Pacific the region dominated the world cryptocurrency market with a market share of more than 50% in 2021. This can be associated with the crypto– friendly approach, relative accessibility of electricity and exchange activity in the region, especially in countries such as China, hong kong, Japanand South Korea among others. For example, South Korea has been marketing gaming-related digital goods for two decades. This, in turn, proliferates cryptocurrency market growth in the region.

List of companies

  • Bitmain Technologies Ltd.

  • NVIDIA Corporation

  • Advanced Micro Devices, Inc.

  • Xilinx Inc.

  • Limited Bitfury Group

  • intel company

  • Ripple

  • Ethereum Foundation

  • Coinbase

  • BitGo

  • Binance

  • Canaan Creative Co.,Ltd

  • Zhejiang Ebang Communication Co.Ltd.

Key Industry Developments:

  • In May 2020Ripple, the American blockchain firm behind XRP cryptocurrency announced a partnership agreement with Kuwait Financial House to provide cross-border instant payment. Additionally, in 2021, the company began operating an instant cross-border money transfer service via Ripple’s blockchain.

  • In February 2020Bitmain has announced the launch of two upcoming miners Antiminer S19 and Antiminer S19 Pro, which will boast a hash rate of 95 terahashes per second and the pro model will offer 110 terahashes per second.

Market segmentation
Making up

  • Material

  • Asian

  • GPUs

  • FPGAs

  • Wallet

  • Software

  • mining rig

  • Wallet

  • Swap

Apps

Type

  • Bitcoin

  • Ethereum

  • Bitcoin Cash

  • Ripple

  • Dashcoin

  • Litecoin

  • Others

Main topics covered:

1. Preface

2. Executive Summary

3. Cryptocurrency Market: competitive analysis

4. Cryptocurrency Market: macro analysis and market dynamics

5. Cryptocurrency Market: By Component, 2020-2030, USD (Million)

6. Cryptocurrency Market: By Applications, 2020-2030, USD (Million)

7. Cryptocurrency Market: By Type, 2020-2030, USD (Million)

8. North America Cryptocurrency Market, 2020-2030, USD (Million)

9. United Kingdom and European Union Cryptocurrency Market, 2020-2030, USD (Million)

ten. Asia Pacific Cryptocurrency Market, 2020-2030, USD (Million)

11. Latin America Cryptocurrency Market, 2020-2030, USD (Million)

12. Middle East and Africa Cryptocurrency Market, 2020-2030, USD (Million)

13. Company Profile

For more information on this report, visit https://www.researchandmarkets.com/r/lgmoz7

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