Cryptocurrency Market Share, Size, Trends, Industry Analysis Report, By Type, End-Use, Region Segment and Forecast 2022 – 2030
The global cryptocurrency market size is expected to reach USD 3.14 billion by 2030 according to a new study by Polaris Market Research.
The escalating demand of platforms, which allows the trading of cryptocurrencies for fiat money, as well as continuous technological advancements, are acts as a major catalyzing factor for the global industry growth. Moreover, the growing adoption of smartphones is also creating lucrative opportunities for growth as this facilitates and enables customers to influence the potential of cryptocurrency exchange platforms. Various service vendors are focused on presenting their services via mobile phones to proficiently fulfill the needs of the consumers. Besides, various leading players are also performing a wide range of promotional activities, which gain the interests of the new audience that, in turn, creates huge growth opportunities for the industry over the forthcoming years.
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Based on the type, the Bitcoin segment is dominating the global industry with the highest revenue shares because it is the most adopted digital currency across the globe. It is a decentralized digital currency, which can be exchanged from user to user on the peer-to-peer bitcoin network. Whereas the Ethereum segment is showing the significant growth rate that propels the market demand. It is like a technology that is home to digital money, global payments, and applications. Factors such as the rapid acceptance of Ethereum in the industry and better response across DeFi are contributing towards the segment growth.
The growing numbers of cryptocurrency users are also directly associated with the growing demand. The increasing crypto service providers lead to the rising penetration of DeFi and the growing acceptance of cryptocurrencies by financial institutions around the world. For instance, in March 2021, Morgan Stanley- an American investment bank, started to offer access to bitcoin funds to its wealth management clients. This enabled the company to improve its offerings. A significant amount of funds that are being raised by various venture capital firms in the industry are expected to offer lucrative growth opportunities. For instance, in October 2021, CoinSwitchKuber (cryptocurrency exchange platform) raised over USD 260 million through investors such as Andreessen Horowitz &Coinbase Ventures. Additionally, the growing number of developments by the key industry player is anticipated to boost the market growth.
Some of the key players are industry participants such as FTX, Coinbase, Binance, Bitstamp, BlockFi, AirSwap, Coincheck, WazirX, eToro, Gemini, Huobi Global, Kraken, KuCoin, and Coinmama are operating worldwide. For instance, in September 2021, Crypto.com partnered with Fnatic-an, an e-sports organization. With this partnership, the former inflated the set of partners, which is also supported the addition of crypto-currency to its Fnatic fans.
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Polaris Market Research has segmented the cryptocurrency market report on the basis of type, end-use, and region:
Cryptocurrency, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Cryptocurrency, End-use Outlook (Revenue – USD Billion, 2018 – 2030)
- Fintech Companies
- Credit Unions
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