The global cryptocurrency market is projected to surpass USD 3.4 billion by 2031, from USD 1.6 billion in 2021, growing at a CAGR of 7.8% during the forecast period, 2021 to 2031.

The global cryptocurrency market is witnessing rapid growth due to growing investments in digital currencies and rising acceptance for cryptocurrencies worldwide. The global cryptocurrency market is primarily driven by the growing adoption of digital currencies in the industrial sectors. However, the absence of stringent rules for using cryptocurrencies is likely to restrain the cryptocurrency market growth.

IMPACT OF COVID-19 ON THE GLOBAL CRYPTOCURRENCY MARKET

The rise of the COVID-19 pandemic in 2020 has severely impacted the financial markets worldwide, including cryptocurrencies. After the outbreak of the pandemic, the correlation between Bitcoin and the equities market has significantly surged. For instance, in March 2020, Bitcoin (BTC), a cryptocurrency invented in 2008, has made a quick bounce from a dip to below $4,000 after the S&P Index saw an exponential decline in the U.S. 

During the pandemic, the level of uncertainty in the cryptocurrency market surged, and digital currencies such as Bitcoin, Ethereum, and others attained substantial attention. The pandemic even made banks buy cryptocurrencies for the first time. Banks in the U.S. are developing their blockchain-based systems and digital currencies, allowing B2B cryptocurrency payments between their customers. Furthermore, in October 2020, PayPal, an American firm operating an online payments system and serving as an electronic substitute such as traditional paper-based methods like money orders and checks, declared that its “customers will now be able to buy, sell, and hold Bitcoin cryptocurrencies through their PayPal accounts”, thus letting customers purchase things from the 26 million sellers who accept PayPal.

GLOBAL CRYPTOCURRENCY MARKET INFOGRAPHICS

Source: ThinkWise Intelligence Analysis

GLOBAL CRYPTOCURRENCY MARKET DYNAMICS

MARKET DRIVER: TRANSPARENCY OF DISTRIBUTED LEDGER TECHNOLOGY

The financial industry is revolutionizing with the development of cryptocurrencies. People across the world are experiencing a continuous rise of interest in investing in such digital currencies. The growing digitization in the industrial sector is significantly boosting the growth of the cryptocurrency market. Also, ease of access and increasing use of high-speed internet connectivity in daily activities contribute to market growth. 

Distributed ledger technology or blockchain offers various benefits such as immense transparency; due to this, there is a minimal threat of deceitful or unsolicited transactions due to human or machine errors or data handling. This enables easy monitoring of any vicissitudes made during the transaction in real-time, thus enabling improved data security and constancy of the transactions. Moreover, easy access to online trading platforms via smartphones is further propelling the market growth.

MARKET RESTRAINT: AMBIGUOUS REGULATORY STATUS

The cryptocurrency industry is not yet systematized and regulated. The absence of strict protocols and the ambiguity of the processes in cryptocurrency is prominent the reason for some people being hesitant about the adoption of cryptocurrencies. Although financial governing bodies worldwide are putting their efforts to develop some common standards for cryptocurrencies, acceptance from higher authorities remains one of the significant challenges. As the distributed ledger technology is yet in the evolving phase, it gives rise to several questions by higher management and legislators at national and international levels. Moreover, more significant threats related to instabilities in the prices are expected to curtail the growth of the global cryptocurrency market.

MARKET OPPORTUNITY: INCREASING INVESTMENTS IN THE ADVANCEMENT OF BLOCKCHAIN TECHNOLOGY

The growing adoption of Bitcoin technology in the developed countries, increasing investments in the advancement of blockchain technology, and rising demand for safer transactions worldwide are expected to bring in rewarding opportunities for the growth of the global cryptocurrency market. Developing markets, including China, India, and Brazil and developed nations including Germany, the U.S., and Japan, are projected to unlock various growth opportunities for the cryptocurrency market. For instance, in August 2020, some of the leading Brazilian crypto firms, including Ripio, Bitcoin Market, Foxbit, and Novadax, have signed a code of self-regulation that intends to legitimize and increase the adoption of crypto technology in Brazil. The document was signed under the patronages of Abcripto, the country's association of cryptocurrency companies. The motive of the agreement is to create operational practices and compliance standards that all members must follow. 

MARKET THREAT: HIGH RISK OF FRAUDULENT ACTIVITIES

As cryptocurrencies are highly unstable or volatile, they are subjected to a high risk of fraudulent activities during transactions. A trader should comprehensively understand all the threats about cryptocurrencies before trading. Investors assume certain legal dangers when they trade in cryptocurrencies. For instance, when a cryptocurrency exchange is hacked, and customers' holdings are stolen, there is usually no defined method for recuperating the missing funds. 

Moreover, cryptocurrencies can offer criminals and fraudulent organizations a new resource for committing scams, money laundering, and a multitude of other financial crimes. All these factors are anticipated to cause a significant threat to the growth of the cryptocurrency market.

KEY TRENDS IN THE GLOBAL CRYPTOCURRENCY MARKET

GLOBAL CRYPTOCURRENCY MARKET TRENDS, BY TYPE

"During the forecast period, the bitcoin is projected to dominate the global market."

The bitcoin type sub-segment is estimated to grow at a significant CAGR during the forecast period due to the growing acceptance of bitcoin in numerous countries because of its improved flexibility. In addition, multiple benefits of using bitcoin technology, such as user's independence, peer-to-peer focus, freedom of choice, and the elimination of banking charges along with significantly low fees for international transactions, are enticing many trades to the bitcoin market.

GLOBAL CRYPTOCURRENCY MARKET TRENDS, BY APPLICATION

"During the projected period, the payment application segment is anticipated to lead the global market."

The payment application sub-segment is expected to grow with a remarkable CAGR over the forecast period due to the growing adoption of digital currencies for carrying out payments by traders, industries, businesses, and other individuals.

GLOBAL CRYPTOCURRENCY MARKET TRENDS, BY REGION

"Asia-Pacific is expected to have a commanding position in the global market."

In 2020, Asia-Pacific grabbed the largest share of the cryptocurrency market and was estimated to continue dominating the global market during the forecast period. This is mainly because cryptocurrencies are in high demand in the Asia-Pacific countries such as China and Japan. Moreover, an increasing number of transactions related to mergers & acquisitions, crypto-related fundraising activities, and growing demand for fast peer-to-peer payment portals among consumers are other reasons for the rapid adoption of cryptocurrencies in this region.

COMPETITIVE LANDSCAPE IN THE GLOBAL CRYPTOCURRENCY MARKET

The global cryptocurrency market is highly diverse and competitive, with many international players and a small number of regional and local players. Some of the players include Bitfury Group Limited, Xilinx, Coinbase, Ethereum Foundation, BitMain Technologies Holding Company, Advanced Micro Devices, Inc., BitGo, Intel Corporation, Ripple, and Quantstamp, Inc.

RECENT ADVANCES IN THE GLOBAL CRYPTOCURRENCY MARKET

• In February 2021, the Bank of New York Mellon (BK), a global investments company focused on serving its clients, to manage and service their financial assets, announced that it would soon give its customers the same access and protection cryptocurrencies that they get for stocks and other assets.
• In April 2021, Venmo, the peer-to-peer payment service owned by PayPal Holdings Inc, announced that it has begun permitting users to buy, hold, and sell cryptocurrencies on its app: Venmo, one of the most prominent payment apps in the U.S.
• In April 2020, CreamPYE, a project developed to impact humanity and make decentralized technology available to crypto enthusiasts, launched a new token called PYE to the crypto community.
• In April 2021, Gemini Trust Company, LLC, digital currency exchange and custodian that allows customers to buy, sell, and store digital assets, in partnership with Mastercard, an American multinational financial services corporation, announced that both the firms are planning to launch the first credit card that will offer digital currency "rewards" on purchases.

CHAPTER 1.    INTRODUCTION
1.1.    KEY OBJECTIVES OF THE STUDY
1.2.    MARKET SCOPE & DEFINITION
1.2.1.    MARKET SEGMENTATION
1.3.    REPORT DESCRIPTION
1.4.    LIMITATIONS
1.5.    STAKEHOLDERS FOR PRIMARY INTERVIEWS

CHAPTER 2.    RESEARCH METHODOLOGY
2.1.    DATA EXPLORATION
2.1.1.    PRIMARY DATA
2.1.1.1.    DATA SOURCES
2.1.1.2.    KEY DATA COLLECTED
2.1.2.    SECONDARY DATA
2.1.2.1.    DATA SOURCES
2.1.2.2.    KEY DATA COLLECTED
2.2.    MARKET SIZE ESTIMATION
2.2.1.    TOP-DOWN APPROACH
2.2.2.    BOTTOM-UP APPROACH
2.3.    DATA BREAKDOWN & TRIANGULATION
2.4.    ASSUMPTIONS & FORECAST PARAMETERS

CHAPTER 3.    EXECUTIVE SUMMARY

CHAPTER 4.    THINKWISE INTELLIGENCE EXCLUSIVE INSIGHTS
4.1.    MARKET ATTRACTIVENESS, BY TYPE
4.2.    MARKET ATTRACTIVENESS, BY PROCESS
4.3.    MARKET ATTRACTIVENESS, BY COMPONENT
4.4.    MARKET ATTRACTIVENESS, BY END-USER
4.5.    MARKET ATTRACTIVENESS, BY REGION

CHAPTER 5.    MARKET OVERVIEW
5.1.    INTRODUCTION
5.2.    GROWTH IMPACT FORCES
5.2.1.    DRIVERS
5.2.2.    RESTRAINTS
5.2.3.    OPPORTUNITIES
5.2.4.    THREATS
5.3.    MARKET ECOSYSTEM & VALUE CHAIN
5.3.1.    ECOSYSTEM ANALYSIS
5.3.1.1.    IMPACT OF COVID-19 ON THE MARKET ECOSYSTEM
5.3.2.    VALUE CHAIN ANALYSIS
5.3.2.1.    IMPACT OF COVID-19 ON THE MARKET VALUE CHAIN
5.4.    INNOVATION & SUSTAINABILITY MATRICES
5.4.1.    PATENT MATRIX
5.4.2.    REGULATORY MATRIX
5.5.    PORTER’S FIVE FORCES ANALYSIS
5.5.1.    BARGAINING POWER OF SUPPLIERS
5.5.2.    BARGAINING POWER OF CONSUMERS
5.5.3.    THREAT OF SUBSTITUTES
5.5.4.    THREAT OF NEW-ENTRANTS
5.5.5.    COMPETITIVE RIVALRY INTENSITY
5.6.    PESTLE ANALYSIS
5.6.1.    POLITICAL
5.6.2.    ECONOMICAL
5.6.3.    SOCIAL
5.6.4.    TECHNOLOGICAL
5.6.5.    ENVIRONMENTAL
5.7.    IMPACT OF COVID-19 ON GLOBAL CRYPTOCURRENCY MARKET
5.7.1.    PRE-COVID MARKET SCENARIO
5.7.2.    POST-COVID MARKET SCENARIO

CHAPTER 6.    GLOBAL CRYPTOCURRENCY MARKET ANALYSIS, BY TYPE
6.1.    INTRODUCTION
6.1.1.    BITCOIN
6.1.2.    DASHCOIN
6.1.3.    ETHEREUM
6.1.4.    LITECOIN
6.1.5.    RIPPLE (XRP)
6.1.6.    OTHERS

CHAPTER 7.    GLOBAL CRYPTOCURRENCY MARKET ANALYSIS, BY PROCESS
7.1.    INTRODUCTION
7.1.1.    MINING
7.1.2.    TRANSACTION

CHAPTER 8.    GLOBAL CRYPTOCURRENCY MARKET ANALYSIS, BY COMPONENT
8.1.    INTRODUCTION
8.1.1.    HARDWARE
8.1.2.    SOFTWARE

CHAPTER 9.    GLOBAL CRYPTOCURRENCY MARKET ANALYSIS, BY END-USER
9.1.    INTRODUCTION
9.1.1.    TRADING
9.1.2.    REMITTANCE
9.1.3.    PEER-TO-PEER PAYMENT
9.1.4.    E-COMMERCE
9.1.5.    RETAIL
9.1.6.    OTHERS
 
CHAPTER 10.    GLOBAL CRYPTOCURRENCY MARKET ANALYSIS, BY REGION
10.1.    INTRODUCTION
10.1.1.    NORTH AMERICA
10.1.1.1.    UNITED STATES (U.S.)
10.1.1.2.    CANADA
10.1.1.3.    MEXICO
10.1.2.    SOUTH AMERICA
10.1.2.1.    ARGENTINA
10.1.2.2.    BRAZIL
10.1.2.3.    COLOMBIA
10.1.2.4.    REST OF SOUTH AMERICA
10.1.3.    EUROPE
10.1.3.1.    GERMANY
10.1.3.2.    FRANCE
10.1.3.3.    UNITED KINGDOM (UK)
10.1.3.4.    RUSSIA
10.1.3.5.    SPAIN
10.1.3.6.    ITALY
10.1.3.7.    SWITZERLAND
10.1.3.8.    REST OF EUROPE
10.1.4.    ASIA-PACIFIC
10.1.4.1.    CHINA
10.1.4.2.    JAPAN
10.1.4.3.    INDIA
10.1.4.4.    SOUTH KOREA
10.1.4.5.    AUSTRALIA
10.1.4.6.    INDONESIA
10.1.4.7.    SINGAPORE
10.1.4.8.    MALAYSIA
10.1.4.9.    REST OF ASIA-PACIFIC
10.1.5.    MIDDLE EAST
10.1.5.1.    EGYPT
10.1.5.2.    KUWAIT
10.1.5.3.    SAUDI ARABIA
10.1.5.4.    UNITED ARAB EMIRATES (UAE)
10.1.5.5.    REST OF MIDDLE EAST
10.1.6.    AFRICA
10.1.6.1.    EGYPT
10.1.6.2.    NIGERIA
10.1.6.3.    SOUTH AFRICA
10.1.6.4.    REST OF AFRICA

CHAPTER 11.    COMPETITIVE LANDSCAPE
11.1.    TOP WINNING STRATEGIES
11.1.1.    BY STRATEGY
11.1.2.    BY REGION
11.1.3.    BY YEAR
11.2.    COMPETITIVE HEATMAP
11.3.    PRODUCT BENCHMARKING
11.4.    STRATEGIC BENCHMARKING
11.4.1.    MERGERS & ACQUISITIONS
11.4.2.    STRATEGIC PARTNERSHIPS & COLLABORATIONS

CHAPTER 12.    PLAYER BENCHMARKING
12.1.    BITFURY GROUP LIMITED
12.1.1.    BUSINESS OVERVIEW
12.1.2.    PRODUCT OFFERINGS
12.1.3.    FINANCIAL OVERVIEW
12.1.4.    STRATEGIC BENCHMARKING
12.1.5.    SWOT ANALYSIS
12.2.    XILINX
12.2.1.    BUSINESS OVERVIEW
12.2.2.    PRODUCT OFFERINGS
12.2.3.    FINANCIAL OVERVIEW
12.2.4.    STRATEGIC BENCHMARKING
12.2.5.    SWOT ANALYSIS
12.3.    COINBASE
12.3.1.    BUSINESS OVERVIEW
12.3.2.    PRODUCT OFFERINGS
12.3.3.    FINANCIAL OVERVIEW
12.3.4.    STRATEGIC BENCHMARKING
12.3.5.    SWOT ANALYSIS
12.4.    ETHEREUM FOUNDATION
12.4.1.    BUSINESS OVERVIEW
12.4.2.    PRODUCT OFFERINGS
12.4.3.    FINANCIAL OVERVIEW
12.4.4.    STRATEGIC BENCHMARKING
12.4.5.    SWOT ANALYSIS
12.5.    BITMAIN TECHNOLOGIES HOLDING COMPANY
12.5.1.    BUSINESS OVERVIEW
12.5.2.    PRODUCT OFFERINGS
12.5.3.    FINANCIAL OVERVIEW
12.5.4.    STRATEGIC BENCHMARKING
12.5.5.    SWOT ANALYSIS
12.6.    ADVANCED MICRO DEVICES, INC.
12.6.1.    BUSINESS OVERVIEW
12.6.2.    PRODUCT OFFERINGS
12.6.3.    FINANCIAL OVERVIEW
12.6.4.    STRATEGIC BENCHMARKING
12.6.5.    SWOT ANALYSIS
12.7.    BITGO
12.7.1.    BUSINESS OVERVIEW
12.7.2.    PRODUCT OFFERINGS
12.7.3.    FINANCIAL OVERVIEW
12.7.4.    STRATEGIC BENCHMARKING
12.7.5.    SWOT ANALYSIS
12.8.    INTEL CORPORATION
12.8.1.    BUSINESS OVERVIEW
12.8.2.    PRODUCT OFFERINGS
12.8.3.    FINANCIAL OVERVIEW
12.8.4.    STRATEGIC BENCHMARKING
12.8.5.    SWOT ANALYSIS
12.9.    RIPPLE
12.9.1.    BUSINESS OVERVIEW
12.9.2.    PRODUCT OFFERINGS
12.9.3.    FINANCIAL OVERVIEW
12.9.4.    STRATEGIC BENCHMARKING
12.9.5.    SWOT ANALYSIS
12.10.    QUANTSTAMP, INC.
12.10.1.    BUSINESS OVERVIEW
12.10.2.    PRODUCT OFFERINGS
12.10.3.    FINANCIAL OVERVIEW
12.10.4.    STRATEGIC BENCHMARKING
12.10.5.    SWOT ANALYSIS

CHAPTER 13.    APPENDIX
13.1.    PREMIUM INSIGHTS FROM INDUSTRY EXPERTS
13.2.    RELATED REPORTS