Cryptocurrency Market

Increasing Online Payments Has Increased the Demand for Cryptocurrency Market

The global cryptocurrency market accounted for US$ 1,783.7 Mn in 2018 and is anticipated to grow at a CAGR of 7.2% throughout the forecast period from 2019 to 2027.

A cryptocurrency can be defined as a digital currency, which is secured with the help of cryptography, that leads to nullify, counterfeit or double-spend on a product. Currently, there are various types of cryptocurrencies present in the market including Bitcoin, Etgereum, Bitcoin Cash, and Ripple among others. Cryptocurrencies uses decentralized networks based on blockchain technology. A combination of factors including high remittances in developing nations, transparency of distributed ledger technology, high cost of cross border remittance, and growth of venture capital investment among others are factors proliferating the growth of cryptocurrency market. The cryptosphere is developed into more complicated machine in recent years following scams of Silk Road, and Mt. Gox, which astounded the cryptocurrency prices. For Instance, according to Bloomberg, more than 50% of global digital asset exchanges are based in the Asia Pacific region and accounts for approximately 43 of the 90 exchanges in existence. Followed by Europe, with 24% of exchanges, and North America with 15% of all exchanges.

Additionally, increasing acceptance of digital currency by various industries, fluctuation in monetary regulations, and significant opportunities in developed and emerging markets are bolstering the growth of cryptocurrency market globally. For instance, the US Patent and Trademark Office, according to a filling the retailing giant Walmart applied for a patent to use digital coin integrated with fiat currency which will allow for faster and cheaper transactions. Apart from this, benefits offered by cryptocurrency such as low ownership cost, safe and faster transactions are factors further boosting the market growth across the globe. However, uncertain regulatory status, lack of awareness and technical understanding of cryptocurrency coupled with concerns regarding security, control, and privacy are factors hindering the growth of the market.

Market Synopsis

Trading segment dominates the global cryptocurrency market

In 2018, trading segment dominated the cryptocurrency market and accounted for a share of more than 40.0% of the total revenue generated globally. This can be associated with rising business activities across different industrial verticals and organizations are showing interest in cryptocurrency for trading. Various companies use cryptocurrencies to transfer funds directly between two parties, as it eliminates the requirement of third parties such as banks or credit card companies. For instance, Microsoft Corporation allows the use of bitcoin to top up the Microsoft account. Wikipedia is also one such company which accepts donations in bitcoin through BitPay. Using these digital currencies, the use of public keys and private keys further secures the real-time transfers. This, in turn, is bolstering the demand of the market.

Asia Pacific region dominates the global cryptocurrency market

Asia Pacific region dominated the global cryptocurrency market with a market share of more than 50% in the year 2018. This can be associated with the crypto-friendly approach, relative affordability of electricity, and exchange activity in the region especially in countries such as China, Hong Kong, Japan, and South Korea among others. For instance, South Korea has been trading digital goods related to gaming since past two decades. This, in turn, is proliferating the cryptocurrency market growth in the region.

However, western regions including North America and Europe are expected to grow at a significant rate. Owing to institutional money flooding back in the cryptocurrency market, and regulatory compliance of digital assets among others. For instance, in 2018, the US SEC is set to decide on several bitcoin-based ETF and a number of investment banks, NASDAQ and Bakkt platform are set to launch this year.

List of Companies: 

• Bitmain Technologies Ltd.
• NVIDIA Corporation
• Advanced Micro Devices, Inc.
• Xilinx Inc.
• Bitfury Group Limited
• Intel Corporation
• Ripple
• Ethereum Foundation
• Coinbase
• BitGo
• Binance
• Canaan Creative Co., Ltd
• Zhejiang Ebang Communication Co. Ltd.

Key Industry Development:

• In May 2018, Ripple, the US blockchain firm behind the XRP cryptocurrency announced partnership agreement with Kuwait Financial House to provide cross-border instant payment. Further, in 2019, the company started operating an instant cross-border remittance service through Ripple’s blockchain.
• In February 2020, Bitmain has announced the launch of two upcoming miners Antiminer S19 and Antiminer S19 Pro, which will boast a hash rate of 95 terahashes per second and the pro model will offer 110 terahashes per second.

Historical & Forecast Period

This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.

Market Segmentation

The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the overall cryptocurrency market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.

Key questions answered in this report

• What are the current market trends and dynamics in the cryptocurrency market and valuable opportunities for emerging players?
• Estimated forecast and market projections up to 2027
• Which segment accounts for the fastest CAGR during the forecast period?
• Which application segment holds a larger market share and why?
• Are low and middle-income economies investing in the cryptocurrency market?
• Which is largest regional market for cryptocurrency?
• What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America and Middle East & Africa?
• Worldwide market value of the cryptocurrency market in 2017 and 2018
• Which are the key trends driving the global cryptocurrency market growth?
• Who are the leading providers of cryptocurrency market worldwide?

1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Component
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Cryptocurrency Market
2.2. Global Cryptocurrency Market, by Component, 2018 (US$ Mn)
2.3. Global Cryptocurrency Market, by Application, 2018 (US$ Mn)
2.4. Global Cryptocurrency Market, by Type, 2018 (US$ Mn)
2.5. Global Cryptocurrency Market, by Geography, 2018 (US$ Mn)

3. Market Dynamics
3.1. Introduction
3.1.1. Global Cryptocurrency Market Value, 2017-2027, (US$ Mn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players

4. Global Cryptocurrency Market, by Component, 2017-2027 (US$ Mn)
4.1. Overview
4.2. Hardware
4.2.1. Asic
4.2.2. Gpu
4.2.3. FPGA
4.2.4. Wallet
4.3. Software
4.3.1. Mining Platform
4.3.2. Coin Wallet
4.3.3. Exchange

5. Global Cryptocurrency Market, by Application, 2017-2027 (US$ Mn)
5.1. Overview
5.2. Trading
5.3. Remittance
5.4. Payment

6. Global Cryptocurrency Market, by Type, 2017-2027 (US$ Mn)
6.1. Overview
6.2. Bitcoin
6.3. Ethereum
6.4. Bitcoin Cash
6.5. Ripple
6.6. Dashcoin
6.7. Litecoin
6.8. Others

7. North America Cryptocurrency Market Analysis, 2017-2027 (US$ Mn)
7.1. Overview
7.1.1. North America Cryptocurrency Market Value and Growth, 2017-2027, (US$ Mn)
7.2. North America Cryptocurrency Market Value, By Component, 2017-2027 (US$ Mn)
7.2.1. Market Analysis
7.3. North America Cryptocurrency Market Value, By Application, 2017-2027 (US$ Mn)
7.3.1. Market Analysis
7.4. North America Cryptocurrency Market Value, By Type, 2017-2027 (US$ Mn)
7.4.1. Market Analysis
7.5. North America Cryptocurrency Market Value, By Region/Country, 2017-2027 (US$ Mn)
7.5.1. Market Analysis
7.5.2. U.S.
7.5.3. Rest of North America

8. Europe Cryptocurrency Market Analysis, 2017-2027 (US$ Mn)
8.1. Overview
8.1.1. Europe Cryptocurrency Market Value and Growth, 2017-2027, (US$ Mn)
8.2. Europe Cryptocurrency Market Value, By Component, 2017-2027 (US$ Mn)
8.2.1. Market Analysis
8.3. Europe Cryptocurrency Market Value, By Application, 2017-2027 (US$ Mn)
8.3.1. Market Analysis
8.4. Europe Cryptocurrency Market Value, By Type, 2017-2027 (US$ Mn)
8.4.1. Market Analysis
8.5. Europe Cryptocurrency Market Value, By Region/Country, 2017-2027 (US$ Mn)
8.5.1. Market Analysis
8.5.2. U.K.
8.5.3. Germany
8.5.4. France
8.5.5. Rest of Europe

9. Asia Pacific Cryptocurrency Market Analysis, 2017-2027 (US$ Mn)
9.1. Overview
9.1.1. Asia Pacific Cryptocurrency Market Value and Growth, 2017-2027, (US$ Mn)
9.2. Asia Pacific Cryptocurrency Market Value, By Component, 2017-2027 (US$ Mn)
9.2.1. Market Analysis
9.3. Asia Pacific Cryptocurrency Market Value, By Application, 2017-2027 (US$ Mn)
9.3.1. Market Analysis
9.4. Asia Pacific Cryptocurrency Market Value, By Type, 2017-2027 (US$ Mn)
9.4.1. Market Analysis
9.5. Asia Pacific Cryptocurrency Market Value, By Region/Country, 2017-2027 (US$ Mn)
9.5.1. Market Analysis
9.5.2. Japan
9.5.3. China
9.5.4. India
9.5.5. Rest of Asia Pacific

10. Rest of the World Cryptocurrency Market Analysis, 2017-2027 (US$ Mn)
10.1. Overview
10.1.1. Rest of the World Cryptocurrency Market Value and Growth, 2017-2027, (US$ Mn)
10.2. Rest of the World Cryptocurrency Market Value, By Component, 2017-2027 (US$ Mn)
10.2.1. Market Analysis
10.3. Rest of the World Cryptocurrency Market Value, By Application, 2017-2027 (US$ Mn)
10.3.1. Market Analysis
10.4. Rest of the World Cryptocurrency Market Value, By Type, 2017-2027 (US$ Mn)
10.5. Market Analysis
10.6. Rest of the World Cryptocurrency Market Value, By Region, 2017-2027 (US$ Mn)
10.6.1. Market Analysis
10.6.2. Middle East & Africa
10.6.3. Latin America

11. Company Profiles
11.1. Bitmain Technologies Ltd.
11.2. NVIDIA Corporation
11.3. Advanced Micro Devices, Inc.
11.4. Xilinx Inc.
11.5. Bitfury Group Limited
11.6. Intel Corporation
11.7. Ripple
11.8. Ethereum Foundation
11.9. Coinbase
11.10. BitGo
11.11. Binance
11.12. Canaan Creative Co., Ltd
11.13. Zhejiang Ebang Communication Co. Ltd.

List of Figures

FIG. 1 Global Cryptocurrency Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global Cryptocurrency Market Segmentation
FIG. 4 Global Cryptocurrency Market, by Component, 2018 (US$ Mn)
FIG. 5 Global Cryptocurrency Market, by Application, 2018 (US$ Mn)
FIG. 6 Global Cryptocurrency Market, by Type, 2018 (US$ Mn)
FIG. 7 Global Cryptocurrency Market, by Geography, 2018 (US$ Mn)
FIG. 8 Attractive Investment Proposition, by Geography, 2018
FIG. 9 Global Market Positioning of Key Cryptocurrency Market Providers, 2018
FIG. 10 Global Cryptocurrency Market, by Component, 2017–2027 (US$ Mn)
FIG. 11 Global Cryptocurrency Market, by Hardware, Value, 2017–2027 (US$ Mn)
FIG. 12 Global Cryptocurrency Market, by Software, Value, 2017–2027 (US$ Mn)
FIG. 13 Global Cryptocurrency Market, by Application, 2017–2027 (US$ Mn)
FIG. 14 Global Cryptocurrency Market, by Trading, Value, 2017–2027 (US$ Mn)
FIG. 15 Global Cryptocurrency Market, by Remittance, Value, 2017–2027 (US$ Mn)
FIG. 16 Global Cryptocurrency Market, by Payment, Value, 2017–2027 (US$ Mn)
FIG. 17 Global Cryptocurrency Market, by Type, 2017–2027 (US$ Mn)
FIG. 18 Global Cryptocurrency Market, by Bitcoin, Value, 2017–2027 (US$ Mn)
FIG. 19 Global Cryptocurrency Market, by Ethereum, Value, 2017–2027 (US$ Mn)
FIG. 20 Global Cryptocurrency Market, by Bitcoin Cash, Value, 2017–2027 (US$ Mn)
FIG. 21 Global Cryptocurrency Market, by Ripple, Value, 2017–2027 (US$ Mn)
FIG. 22 Global Cryptocurrency Market, by Dashcoin, Value, 2017–2027 (US$ Mn)
FIG. 23 Global Cryptocurrency Market, by Litecoin, Value, 2017–2027 (US$ Mn)
FIG. 24 Global Cryptocurrency Market, by Others, Value, 2017–2027 (US$ Mn)
FIG. 25 U.S. Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 26 Rest of North America Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 27 U.K. Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 28 Germany Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 29 France Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 30 Italy Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 31 Rest of Europe Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 32 Japan Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 33 China Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 34 India Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 35 Rest of Asia Pacific Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 36 Middle East & Africa Cryptocurrency Market, 2017–2027 (US$ Mn)
FIG. 37 Latin America Cryptocurrency Market, 2017–2027 (US$ Mn)

List of Tables

TABLE 1 Market Snapshot: Global Cryptocurrency Market
TABLE 2 Global Cryptocurrency Market, by Component, 2017–2027 (US$ Mn)
TABLE 3 Global Cryptocurrency Market, by Application, 2017–2027 (US$ Mn)
TABLE 4 Global Cryptocurrency Market, by Type, 2017–2027 (US$ Mn)
TABLE 5 Global Cryptocurrency Market, by Geography, 2017–2027 (US$ Mn)
TABLE 6 North America Cryptocurrency Market, by Component, 2017–2027 (US$ Mn)
TABLE 7 North America Cryptocurrency Market, by Application, 2017–2027 (US$ Mn)
TABLE 8 North America Cryptocurrency Market, by Type, 2017–2027 (US$ Mn)
TABLE 9 North America Cryptocurrency Market, by Country, 2017–2027 (US$ Mn)
TABLE 10 Europe Cryptocurrency Market, by Component, 2017–2027 (US$ Mn)
TABLE 11 Europe Cryptocurrency Market, by Application, 2017–2027 (US$ Mn)
TABLE 12 Europe Cryptocurrency Market, by Type, 2017–2027 (US$ Mn)
TABLE 13 Europe Cryptocurrency Market, by Country, 2017–2027 (US$ Mn)
TABLE 14 Asia Pacific Cryptocurrency Market, by Country/Region, 2017–2027 (US$ Mn)
TABLE 15 Asia Pacific Cryptocurrency Market, by Component, 2017–2027 (US$ Mn)
TABLE 16 Asia Pacific Cryptocurrency Market, by Application, 2017–2027 (US$ Mn)
TABLE 17 Asia Pacific Cryptocurrency Market, by Type, 2017–2027 (US$ Mn)
TABLE 18 Asia Pacific Cryptocurrency Market, by Country/Region, 2017–2027 (US$ Mn)
TABLE 19 RoW Cryptocurrency Market, by Component, 2017–2027 (US$ Mn)
TABLE 20 RoW Cryptocurrency Market, by Application, 2017–2027 (US$ Mn)
TABLE 21 RoW Cryptocurrency Market, by Type, 2017–2027 (US$ Mn)
TABLE 22 RoW Cryptocurrency Market, by Country/Region, 2017–2027 (US$ Mn)
TABLE 23 Bitmain Technologies Ltd.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 24 NVIDIA Corporation: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 25 Advanced Micro Devices, Inc.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 26 Xilinx, Inc..: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 27 Bitfury Group Limited.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 28 Intel Corporation.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 29 Ripple.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 30 Ethereum Foundation.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 31 Coinbase.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 32 BitGo.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 33 Binance.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 34 Canaan Creative Co., Ltd.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)
TABLE 35 Zhejiang Ebang Communication Co. Ltd.: Company Snapshot (Company Details, Geographical Presence, Component Portfolio, Key Developments)