Pune, December 04, 2024 (Globe Newswire) – Cryptocurrency market Size analysis:
“”The SNS Insider report indicates that the CRYPTO-WHO Market Size was estimated at 5.08 billion USD in 2023 and should increase to USD 15.39 billion by 2032, with an annual growth rate (TCAC) of 13.13% during the forecast period from 2024 to 2032.“”
The cryptocurrency market is experiencing rapid expansion due to a combination of technological innovations, an increase in institutional adoption and an increasing demand for decentralized financial services. One of the main growth factors stimulating the market is the rise of decentralized finance (DEFI). DEFI applications, which allow financial transactions between peers without traditional intermediaries, have experienced enormous growth, the total locked value (TVL) in DEFI platforms exceeds $ 100 billion in 2023, highlighting the growing confidence of consumers and investors in cryptocurrency solutions.
Another important growth factor is institutional investment. The main players such as Tesla, Microstrategy and the Grand Hell Funds have considerably increased their assets in cryptography, while companies like Blackrock advance with investment products based on cryptocurrency, signaling a change towards a broader acceptance. In addition, the emergence of new financial products, including FNB Bitcoin (funds negotiated on the stock market) and cryptographic future, widens access to cryptocurrencies for retail and institutional investors.
Technological progress, such as Ethereum’s transition to proof of participation (POS) via Ethereum 2.0, also play a central role in market growth. This change aims to reduce the environmental impact of cryptocurrency extraction while improving scalability and transaction speeds, positioning Ethereum as an increasingly attractive platform for developers and businesses. Finally, regulatory clarity contributes to relieving concerns about security and compliance. Countries like the United States and the EU introduce executives who will help ensure the legitimacy and safety of cryptocurrency transactions, thus attracting more participants in space. The boom in blockchain solutions as a service (BAAS) and the growing use of cryptocurrencies in shipments of cross-border funds still contribute to the growth of the sector, strengthening the ascending trajectory of the market.
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The main analysis of the actors listed in this report is:
- Coinbase – Coinbase Exchange
- Binance – Binance Exchange
- Kraken – Kraken Exchange
- Gemini – Gemini portfolio
- Bitfinex – Bitfinex Exchange
- Ripple Labs – Ripple (XRP)
- Ethereum Foundation – Ethereum blockchain
- Bitcoin Foundation – Bitcoin Protocol
- Chainalysis – Chain -analysis reactor (conformity and investigation tool)
- Blockfi – Blockfi interests (BIA)
- Bitmain – Antmin S19 Pro (ASIC Miner)
- Ledger – Ledger Nano X (Material portfolio)
- TETHER – TETHER (USDT)
- Okx – Okx Exchange
- Kucoin – Kucoin Exchange
- Crypto.com – Crypto.com application
- Cardano (Iohk) – Blockchain Cardano
- Polkadot – Polkadot blockchain
- Avalanche – avalanche blockchain
- Uniswap – Uniswap protocol
Cryptocurrency market Scope of the report:
| Attribute report | Details |
| Market size in 2023 | USD 5.08 billion |
| Market size by 2032 | USD 15.39 billion |
| Tcac | TCAC of 13.13% of 2024-2032 |
| Basic year | 2023 |
| Forecast period | 2024-2032 |
| Historical data | 2020-2022 |
| Key regional coverage | North America (United States, Canada, Mexico), Europe (Eastern Europe (Poland, Romania, Hungary, Turkey, the rest of East Europe) Western Europe (Germany, France, United Kingdom, Italy, Spain, Netherlands, Switzerland, Austria, rest of Western Europe). Asia-Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, rest of Asia-Pacific), Middle East and Africa (Middle East (Water, Egypt, Saudi Arabia, Qatar, rest of the Middle East), Africa (Nigeria, South Africa, rest of Africa), Latin America (Brazil, from Latin America) |
| Key growth engines | • Companies like Tesla and Microstrategy incorporate cryptocurrencies into their portfolios, increasing confidence and legitimacy
• Innovations such as Ethereum 2.0 and layer 2 layout solutions improve the transaction speed and reduce costs • Requests for cross -border payments, NFTS, decentralized financing (DEFI) and decentralized applications (DAPP) widen the usefulness of cryptography |
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Segmentation analysis
By type
In 2023, the Bitcoin segment dominated the market and represented more than 40.25%. The growing trend of funds negotiated in exchange for Bitcoin (ETF) should lead to an increase in the volume of global bitcoin tradies during the forecast period. Such as Bitcoin Etf Purty in Canada, which knew its largest USD entry of USD 207 million in May 2022.
Ethereumțs expected significant growth in TCAC during the forecast period. Ethereum is an open software platform based on blockchain to build a wide range of decentralized applications. As the number of new projects launched using the Ethereum network has exploded in the past year, the quantity of activity of the network correlated to the growth of the Ethereum market has made a significant increase. Ethereum was the pioneer of the application of intelligent contracts to financial transactions based on algorithms. An intelligent contract is a transaction instruction on the blockchain network. The advantage of first furniture should help the cryptocurrency to grow during the period of this forecast as Ethereum is transformed towards Ethereum 2.0, a much more environmentally friendly and cheap-to-mine system.
Cryptocurrency market Segmentation:
By type
- Bitcoin
- Ethereum
- Bitcoin Cash
- Ripple
- Litecoin
- Dashcoin
- Others
By component
By process
By request
- Trade
- Discount
- Payment
- Others
Regional landscape
In 2023, North America dominated the cryptocurrency market and represented a share of 36.23%income, driven by the concentration of mining cryptocurrency farms, such as riot blockchain, digital marathon and Bitfarm. These installations play an essential role in the validation of transactions and the security of blockchain networks, especially for cryptocurrencies like Bitcoin and Ethereum. The rapid adoption of cryptocurrencies in the United States and the recognition of digital currencies as an investment active viable by major financial institutions also contribute to the growth of the region. In addition, the growing use of cryptocurrencies for transactions in retail spaces also supports this expansion. In the future, North America should maintain strong growth, in particular with institutional investments and technological progress in blockchain systems
The Asia-Pacific region is experiencing the annual growth rate of the highest compounds (TCAC) on the cryptocurrency market. Countries like Japan, South Korea and China stimulate this growth, thanks to their strong emphasis on blockchain innovation and cryptocurrency infrastructure. In particular, initiatives supported by the government of Japan and the domination of China in the production of mining equipment contributes considerably. In addition, decentralized finance (DEFI) and research on blockchain in the region continue to prosper, attracting institutional and detail investors. The active development of blockchain applications for a wide range of industries, from finance to the management of the supply chain, is about to further accelerate market expansion in the region
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Recent developments
January 2024 – Dry approval of Bitcoin ETF: the American Commission for Securities and Exchange (SEC) should approve the Bitcoin ETF, which could open the market to a wider range of institutional investors, stimulating the general adoption of digital assets.
February 2024 – Ethereum 2.0 upgrades: Ethereum continues to improve its blockchain, Ethereum 2.0 upgrades to further improve scalability and reduce energy consumption, which makes it a more attractive platform for decentralized applications (DAPP) and financial services.
Table of contents – Major key points
1. Introduction
2. Summary
3. Research methodology
4. Impact analysis on market dynamics
5. Statistical reports of information and trends
6. Competitive landscape
7. Segmentation of the cryptocurrency market, by type
8. Segmentation of the cryptocurrency market, by process
9. Segmentation of the cryptocurrency market, by component
10. Segmentation of the cryptocurrency market, by final use
11. Regional analysis
12. Business profiles
13. Using and best practices
14. Conclusion
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