The cryptocurrency market is set to grow by 11.2% CAGR to $1,758 million by 2027, introducing new cryptocurrencies to fuel market growth
The size of the global cryptocurrency market is projected to reach $1,758.0 million by 2027 and grow at a CAGR of 11.2% over the estimated period. Cryptocurrency is a virtual trading system that aims to eliminate financial intermediaries. The growing trend of creating people in countries for virtual money trading strategies has a huge impact on the market in the estimated period.
The combination of blockchain innovation in cryptocurrency for fast, secure, and engaging exchanges will contribute to solid market development in the coming years, as stated in a report titled “Cryptocurrency market size, COVID-19 sharing and impact analysis” according to the hardware component), software ), by type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, others), by end-use (commerce, e-commerce, and retail, point-to-point payment, and shipping), and regional forecast, 2021 – 2027, i.e., the market size is $754.0 million in 2021.
Impact of COVID-19:
Coronavirus has accelerated the growth of the financial market worldwide, including the cryptocurrency market. The level of stability in the digital currency landscape has decreased significantly. The market is attracting investment despite the uncertainty prevailing in the digital currency industry. Digital currencies like Ethereum, Bitcoin, etc. Despite the pandemic, they have seen price inflation. Companies from several countries have suspended their mining activities due to the pandemic. Some countries, such as Russia, have delayed the adoption of cryptocurrency laws due to the pandemic.
Violent coronavirus reaches market potential
The COVID-19 outbreak has had a negative impact on the global economy. The slowdown in the stock market has caused immediate concern about bitcoin. For example, on March 12, 2021, Bitcoin’s price dropped below $4,000 after a sharp drop in the US S&P index.
The market crash forced blockchain companies to raise investment capital to offset losses. The blockchain analysis giant, Elliptic, Chainalysis and CipherTrace, said they would cut prices and staff or plan to mitigate the economic impact of the coronavirus pandemic in the near future.
For example, CipherTrace has cut jobs in the advertising and marketing departments. While Elliptic has eliminated 30% of workers in the US and UK, Chainalysis plans to cut workers’ wages by 10% to reduce the risk.
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Based on components, the market is expanding into software and hardware. Based on the type, the market is classified into Ether, Ether Classic, Bitcoin, Ripple, Litecoin, etc. based on end-users, market segments in e-commerce and retail, shipping, commerce, and peer-to-peer payments. Geographically, the market is divided into North America, Asia-Pacific, Europe, Latin America, the Middle East, and Africa.
The growing popularity of digital currencies to drive growth
The growing cryptocurrency model has led to the recognition of automated currencies such as Bitcoin, Litecoin, Ethers, and from there, the sky is the limit. The simple and adaptive conditional strategy offered by the cryptocurrency has encouraged the Digital Central Bank (CBDC) to completely move the world.
For example, the Bank of Thailand and the Central Bank of Uruguay requested the stock of instruments for their CBDC valuation benchmark. The toolbox provides guidelines for countries to gain ground quickly and to abolish CBDC as a commercial medium.
Moreover, the growing interest in blockchain and cryptocurrencies by large organizations will enable rapid market development. For example, in October 2021, Qtum Chain Foundation, a publicly released blockchain application in Singapore, announced a partnership with Amazon Web Services (AWS) China to stream blockchain structures to the AWS cloud. The organization enables AWS customers to use Amazon Machine Images (AMI) to create and deliver creative transactions effectively and productively.