Cryptocurrency, a virtual currency secured using cryptography to track transactions & prevent fraudulent acts, works through decentralized networks based on Blockchain technology. It eliminates the chances of identity theft using authenticated security passwords linked with users' digital wallets and thus ensures superior safety. Presently, cryptocurrency is increasingly becoming popular & preferred over traditional currencies in several countries worldwide since it allows instant payments with nil transaction charges.
The Global Cryptocurrency Market is projected to grow at a CAGR of more than 50% during the forecast period, i.e., 2022-27. The substantially growing market is driven principally by rapidly increasing market caps & transaction volumes of cryptocurrencies, coupled with a rapid surge in venture capital funding and massive global investments in fintech companies. Besides, the mounting popularity of virtual currencies like Bitcoin, Ethereum, & Litecoin, among others, is also contributing to the growth of the cryptocurrency market globally.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, France, Italy, UK, Russia|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Africa: Saudi Arabia, Israel, Turkey|
|Key Companies Profiled||Advanced Micro Devices, Inc. Bitfury Group Limited. Bitmain Technologies Ltd. Coinbase CryptoMove Inc. Intel Corporation Ledger SAS Nvidia Corporation Quantstamp Inc. Ripple Labs, Inc. Xilinx, Inc. Others|
|Unit Denominations||USD Million/Billion|
Moreover, the integration of Blockchain technology into these digital currencies to attain decentralized, transparent, fast, & more secure transactions is another prominent aspect augmenting the growth of the global market. With Blockchain, the chances of fraudulent & undesirable transactions due to data manipulation or manual or machine errors are minimal.
As a result, more and more companies are collaborating & investing significantly in cryptocurrency to provide users with highly efficient services. In addition, governments of several countries are legalizing cryptocurrencies for purchasing, selling, or trading. Hence, the aspects cited above, coupled with the increasing prevalence of cyberattacks worldwide, are instigating the need for using cryptocurrencies to monitor any modifications in real-time and, in turn, boost the overall data security, thereby driving the global market.
Impact of Covid-19 on the Global Cryptocurrency Market
The advent of Covid-19 in 2020 severely impacted many businesses worldwide. However, the Global Cryptocurrency Market has grown, and the same trend is likely even in the forthcoming years. Initially, cryptocurrency slumped to quite a small value but afterward witnessed ample growth. The swift rise in the availability of high-speed internet, coupled with digital transformations worldwide, resulted in a steep surge in trading transactions and flourishing market values of cryptocurrencies amidst the global crisis. With all uncertainties surfaced due to the pandemic, Ethereum, Bitcoin, & other digital currencies observed significant traction. Moreover, for the first time, banks started accepting these virtual currencies and, in turn, contributed notably to the expansion of the global market in 2020.