Cryptocurrency Market

Cryptocurrency Market Size, Share, Growth Analysis, By Type(Bitcoin, Crypto Wallet, Hot Wallets, Ethereum), By Component(Hardware, and Software), By Process(Mining, Transaction), By Application(Trading, Remittance, Payment, and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG40A2011 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 134 | Figures: 77

Cryptocurrency Market News

  • In November 2023, the presentation of ETMarkets Crypto Corner, given in collaboration with Mudrex, marks the start of an excursion pointed toward unwinding the complexities of the innovation-driven speculation scene of digital currencies. We want to enlighten the potential dangers intrinsic in this developing space while offering thorough inclusion of every aspect of the cryptographic journey. Through our foundation, we endeavor to bring issues to light and give fundamental direction on exploring the administrative scene and anticipating impending standards in the digital currency space. Go along with us as we dig profound into the universe of cryptographic forms of money, engaging financial backers with the information expected to pursue informed choices in this unique market. 

  • In September 2023, Paysend, a UK-based FinTech innovator, and Visa, a global digital payments firm, declared a strategic collaboration. This partnership empowers Paysend's clients overall to send cash progressively to qualified Visa cards across 170 nations and domains. 

  • In January 2024, Bay Binance, a joint venture between Binance and Thailand's Bay Innova, sent off cryptocurrency exchange services to the overall population in Thailand. This send-off followed a welcome test directed in November. Thai clients currently can trade cryptographic forms of money with neighborhood cash matching utilizing their Binance TH accounts, as indicated by the articulation. 

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Global Cryptocurrency Market size was valued at USD 4.06 billion in 2022 and is poised to grow from USD 4.57 billion in 2023 to USD 11.72 billion by 2031, growing at a CAGR of 12.5% during the forecast period (2024-2031).

A notable strategic initiative in the cryptocurrency market is the partnership between Ripple, a leading cryptocurrency and blockchain technology company, and Japanese financial services group SBI Holdings. This collaboration demonstrates how strategic alliances can drive innovation, expanding the market and increasing the acceptance of cryptocurrency technology. Ripple and SBI Holdings formed a joint venture. The partnership aims to promote the use of Ripple blockchain technology and its cryptocurrency XRP in Asia. The partnership focuses on Ripple real-time payments policy, exchange control and remittance management coordination to improve cross-border payments. 'Ethereum (Switzerland)  ', 'Bitcoin (US) ', 'Binance Coin (US)  ', 'Cardano (Switzerland)  ', 'XRP (Ripple) (US) ', 'Solana (US)  ', 'Dogecoin (Sweden)  ', 'Polkadot (Switzerland)  ', 'Terra (Singapore)  ', 'Chainlink (US)  ', 'Internet Computer (US)  ', 'Bitcoin Cash (US)  ', 'Litecoin (Singapore)  ', 'Uniswap (US)  ', 'Polygon (MATIC) (UK)  ', 'Cosmos (Switzerland)   ', 'VeChain (Europe)  ', 'Avalanche (Singapore)  ', 'Algorand (Singapore)  ', 'Shiba Inu (US)'

The increasing adoption of digital assets is driving the cryptocurrency market forward. Despite their increasing adoption by individuals and businesses due to the increasing recognition of the benefits of cryptocurrencies. This acceptance is not limited to Bitcoin and Ethereum but also includes a wide variety of altcoins and tokens, offering various investment opportunities. The decentralized structure of cryptocurrencies offers advantages compared to traditional financial systems, including reduced transaction costs and increased financial services. 

Surging Popularity of Digital Assets: The market's growth is chiefly fueled by the expanding presence of distributed ledger technology alongside heightened digital investment within venture capital circles. A notable trend has emerged in developing countries, where digital currency is increasingly adopted as a medium for financial exchanges. The surging popularity of digital assets such as Bitcoin and Litecoin stands poised to be a significant catalyst driving market expansion in the years ahead. Furthermore, digital currencies frequently leverage blockchain integration, aiming for decentralization and streamlined, efficient transaction processes.

North America has claimed the largest share in the cryptocurrency market, boasting an impressive 42% of the total market share. This dominance has been entrenched since the early days of cryptocurrency trading, largely owing to regulations within Canada and the US that afford a degree of anonymity in crypto payments.

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Cryptocurrency Market

Report ID: SQMIG40A2011

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