October 25, 2019
According to the latest study titled ‘Global Cryptocurrency Market: Analysis By Type (Bitcoin, Ethereum, Ripple, Litecoin, Others), By Constituents (Exchanges, Mining, Wallet and Payment), By Region, By Country (2019 Edition): Opportunities and Forecast (2017-2024)’ available with Market Study Report LLC, the global cryptocurrency market is estimated to grow with a CAGR of 11.9% by the year 2024.
Cryptocurrency is basically a digital form of currency, stored and designed electronically using blockchain technology. It uses encryption methods to monitor the creation of monetary units and to confirm the transfer of funds.
Increasing need for decentralized and secure digital payment systems is key factor driving the growth of cryptocurrency market. The system offers larger returns, hence is gaining popularity across investors. Growing popularity of alternative digital currencies, coupled with introduction of new features and enhanced models are propelling the market growth.
Though, lack of awareness and technical knowledge about the system, along with concerns regarding money laundering and security breach are impeding cryptocurrency market growth, but increasing penetration of smartphones and widespread adoption of digital currency across various industries will aid market expansion.
The study analyzes cryptocurrency market to provide strategic recommendations and help market players to take sound investment decisions. Details encompassing trends, major drivers, challenges and opportunities impacting cryptocurrency market are also given.
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Based on type, cryptocurrency market is segmented into ethereum, bitcoin, litecoin, ripple, and others. While on the basis of constituents, the industry is divided into mining, exchanges, payment, and wallet.
Considering the geographical landscape, the global cryptocurrency market is bifurcated into four major regions as Asia Pacific, Europe, North America, and rest of the world. As per the report, Europe dominated the cryptocurrency market in 2019, owing to legalization of cryptocurrencies as exchange medium in the region, in consort with extensive use of internet.
Some of the vendors that operate in cryptocurrency market profiled in the report are BitGo, Bitmain Technologies, Coinbase, Ripple Networks, and NVIDIA Corporation.
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