Bengaluru, NFAPost: The global cryptocurrency market is rising with increasing Internet penetration worldwide. Recently Fortune Business Insights has published a report titled, “Cryptocurrency Market Size, Share and Global Trend by Component (Software, Services), Process (Transaction, Mining), Type (Bitcoin, Etherum, Litecoin, Ripple, Dashcoin), End User, and Geography Forecast till 2025.”
North America Leads Cryptocurrency Market
As per the report, North America was leading the global cryptocurrency market in 2017. The growth witnessed is attributable to the high adoption of digital currency in the region. The trend is unlikely to change and North America may lead the global cryptocurrency market through the forecast period.
The rising demand for online financial services in the region is likely to contribute to the growth of the market in North America. Besides this, North America holds 27% participants, 39% of wallets, 18% transactions, and 19% of cryptocurrency payment companies. This is a primary reason behind the high demand witnessed in the region. It also facilitates the higher adoption of cryptocurrency.
Cryptocurrency Market in Asia
The cryptocurrency market in the Asia Pacific is anticipated to expand at a relatively higher CAGR. The growth witnessed is attributable to the increasing number of cryptocurrency transactions taking place in the region. Japan is known for major investments in cryptocurrency. Rising investments in the cryptocurrency have resulted in the formation of new laws for the legalization of cryptocurrency under financial service agencies. This is a major step taken by Japan and is expected to boost the Asia Pacific cryptocurrency market.
Europe is also amongst the leading regions in the global cryptocurrency market. The growth witnessed is attributable to the high adoption of e-financial services in the region. Moreover, Germany issued a statement to consider cryptocurrency as a private currency without any payable taxes, unless held for a year or more. Tax and other benefits from cryptocurrency are expected to fuel the demand for cryptocurrency and increase the number of owners globally.
Adoption of e-wallets to Drive Market
“Government initiated awareness programs regarding cryptocurrency in developing and undeveloped nations are anticipated to enable growth in the global cryptocurrency market,” said a lead analyst at Fortune Business Insights.
Some of the chief factors expected to drive the global cryptocurrency market during the forecast period 2018-2025 are the rising adoption of e-wallets and consumer shift towards online platforms. Additionally, cashback, promotional, and other offers on e-currency is a factor anticipated to fuel the demand in the global market.
On the contrary, the requirement of a good network connection and high-cost data tariff plans are a few factors that may hamper the growth in the global cryptocurrency market.
Click here to get the short-term and long-term impact of COVID-19 on this Cryptocurrency Market.
Increasing Focus on Acquisitions aimed at Leading the Global Market
Rapid technological developments taking place in e-currency and its services is a factor anticipated to propel the growth in the global cryptocurrency market. Additionally, mergers and acquisitions taking place in the global market are likely to propel the growth rate. For instance, Tron acquired a California based company, BitTorrent in 2018 for US$ 150 Mn. In October, 2018 a Belgian based investment firm NXMH acquired Bitstamp a crypto exchange for US$ 350 Mn. The competition among the global cryptocurrency market players is very high.
List of the Companies Profiled in the Cryptocurrency Market:
- Microsoft Corporation
- BitFury Group Limited
- Advanced Micro Devices Inc.
- Ripple Labs Inc.
- Intel Corporation
- NVIDIA Corporation
- Coinbase Ltd.
- AlphaPoint Corporation
- Xilinx Inc.
- BTL Group Ltd.
Fortune Business Insights
It offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. It tailors innovative solutions for its clients, assisting them to address challenges distinct to their businesses. Its main goal is to empower the clients with holistic market intelligence, giving a granular overview of the market they are operating in.