With 58.4% CAGR, Cryptocurrency Market Worth will be US$ 32,420 Billion by 2027 – Panama Travel News
The latest research study “Cryptocurrency Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”.The global cryptocurrency market size reached US$ 1,782 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32,420 Billion by 2027, exhibiting a growth rate (CAGR) of 58.4% during 2022-2027.
Cryptocurrency is a digital or virtual currency designed to work as a medium of monetary exchange. It is secured by cryptography that makes it impossible to counterfeit or double-spend and renders the currency immune to government interference or manipulation. This form of digital asset can be distributed over a vast array of computer networks that are connected to a virtual environment. This allows the currency to be exchanged among two parties through the use of public and private keys. It is widely preferred over traditionally used currencies as its usage facilitates quicker payments and allows users to avoid transaction fees. It is considered to be much safer as compared to conventional forms of currencies as it eliminates the chances of identity theft and offers inflation resistance and transparency.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Cryptocurrency Industry Trends and Drivers:
The market is primarily driven by the increasing demand for convenient financial services and virtual currencies across the globe. The use of cryptocurrencies is less time-consuming as they facilitate easy and fast international transactions with a minimal country-to-country transaction fee. They also offer numerous advantages to users, such as increased adaptability, secured confidentiality and enhanced portability and divisibility, thereby boosting their uptake on the global level. Along with this, the legalization of purchase, sale or trade of virtual currencies in several developed countries and the increasing availability of high-speed internet are providing an impetus to the market growth. The market is further driven by the integration of blockchain technology with cryptocurrencies as this offers a reduced risk of fraudulent or unwanted transactions. It also enables users to monitor the changes being made in real-time during the transactions.
Global Cryptocurrency Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the top list of cryptocurrency companies being Advanced Micro Devices, Inc., Cryptomove Inc., AlphaPoint Corporation, Intel Corporation, Microsoft Corporation, Quantstamp, Inc., Ripple Services Inc., Coinbase, Inc., and Bitfury Holding B.V.The report has segmented the market on the basis of region, type, component, process and application.
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Breakup by Type:
Bitcoin
Ethereum
Bitcoin Cash
Ripple
Litecoin
Dashcoin
Others
Breakup by Component:
Hardware
Software
Breakup by Process:
Mining
Transaction
Breakup by Application:
Trading
Remittance
Payment
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
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