The Global Cryptocurrency Market Is Predicted To Be Valued At US$ 46.2 Bn By 2032

The global cryptocurrency market is predicted to grow at a robust CAGR of 31.3%. The global cryptocurrency market is estimated to be valued at US$ 46.2 Bn by 2032 from US$ 2.3 Bn in 2021. In recent years the popularity of different digital assets has gained momentum against the dwindling government-backed financial markets in many nations.

With the development of distributed ledger technology, cryptocurrencies, such as Bitcoin, Ethereum, and others, are favored for online value and money transactions.

Following this development, several crypto trading platforms have evolved over the World Wide Web creating a solid market for facilitating cryptocurrency transactions and generating revenue from it.

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What is the Covid-19 Impact on Global Cryptocurrency Market?

As the global cryptocurrency market is almost based on the digital or internet world, the Covid-19 restrictions had some indirect effects on it, if not directly.

During the pandemic years, the global economic condition got hit, severely disrupting the financial condition of many citizens. Though the significant driving factor of the cryptocurrency market is the retail peer-to-peer payment over online platforms, the reduction in personal income resulted in lesser attraction for any investment in digital assets.

The slowing down of the global cryptocurrency market reflects the dropping down in growth rate from 32.2% during the years just before the pandemic.

On the other hand, Covid-19 had some remarkable influence on the global cryptocurrency market as per the market analysis reports. The significant impact positive impact was the growth of knowledge about the cryptocurrency coins among the greater mass.

This can be evident from the shift in attitude towards cryptocurrency investments in post-pandemic years that is predicted to drive the global market.

What are the Major Challenges Faced by the Cryptocurrency Market Players?

Despite all the advantages of using digital ledger technology and cryptocurrencies, the acceptability of cryptocurrencies is not widespread. Like any other medium of exchange, cryptocurrencies need a proper backup by an authority for their legitimacy.

Ambiguity in its regulation by national and international organizations has presented a lot of uncertainty regarding cryptocurrency coins in the recent past.

Also, the higher cost associated with crypto mining rigs limits the availability of such coins over digital platforms sufficient amount. This fact is expected to be a major restraint for the growth of the global cryptocurrency market for some more years ahead.

Some of the other issues that have posed a major challenge for the growth of digital currency exchange commodities is the anonymity of the transaction. There is a major concern over using this retail peer-to-peer payment technology by non-state organizations.

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How Strong is the Competitive Landscape for the Global Cryptocurrency Market?

The major focus of the market players in the current global scenario is capturing retail peer-to-peer payment systems compatible to crypto wallets. The introduction of advanced micro devices has also created immense opportunities for the regional players in specific domains.

Prominent market players are also trying to collaborate as a strategy to include bank account features with the mobile wallet options. Such initiatives by market players and government policies are expected to boost the global cryptocurrency market during the forecast year and ahead.

What are the Major Developments in the Global Cryptocurrency Market?

The German restaurant chain named Berger King announced to accept Bitcoin as payments in September 2019. This is predicted to increase the validation of cryptocurrencies in other retail and e-commerce payments through online platforms.

A new payment system has been introduced by Visa Inc. In March 2021 for accepting cryptocurrency as a payment method. This new service has been designed to process cryptocurrency payments on Ethereum blockchain directly.

Key Segments

By Component

• Hardware
• FPGA
• GPU
• ASIC
• Wallet
• Others
• Software
• Mining Platform
• Block chain
• Coin Wallet
• Exchange

By Type

• Bitcoin
• Ethereum
• Ripple (XRP)
• Litecoin
• Dodgecoin
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

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