About Crypto Currency
A cryptocurrency is a revolutionized digital currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. According to the Japanese Financial Services Agency (FSA), there are 3.5 million cryptocurrency traders in Japan. Moreover, the market cap of the entire cryptocurrency industry will eventually hit USD1 trillion according to Jesse Powell, the CEO of Kraken.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Billion) |
CAGR | 7.2% |
Crypto Currency is a fragmented market due to the presence of several regional and international players. The players are focusing on planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Crypto Currency market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bitfinex (Hong Kong), BitFury Group (Netherlands), Bitstamp Ltd. (United Kingdom), Coinbase (United States), Litecoin.com (Germany), OKEx Fintech Company (Malaysia), Poloniex LLC. (United States), Ripple (United States), Unocoin Technologies Pvt Ltd (India) and ZEB IT Service (Singapore) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are BitGo (United States) and Kraken (United States).
Segmentation Overview
AMA Research has segmented the market of Global Crypto Currency market by Type (Bitcoin, Litecoin, Etherium, Zcash and Others), Application (Private, Enterprise, Government and Others) and Region.
On the basis of geography, the market of Crypto Currency has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Offering Type, the sub-segment i.e. Software will boost the Crypto Currency market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Process Type, the sub-segment i.e. Mining will boost the Crypto Currency market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing regulation of cryptocurrency and exchanges.
Market Growth Drivers:
High cost of cross-border remittance, Fluctuations in monetary regulations, Growth in venture capital investments and Transparency of distributed ledger technology
Challenges:
Increasing concern regarding security, privacy and control and Technical challenges pertaining to scalability
Restraints:
Lack of awareness and technical understanding regarding crypto currency and Uncertainty in regulatory status
Opportunities:
Acceptance of crypto currency across various industries and Significant growth opportunities in emerging and developed markets
Market Leaders and their expansionary development strategies
In March 2021, Bitfury unit to merged with SPAC to created bitcoin mining company . Cipher Mining Technologies, a newly formed U.S.-based bitcoin mining operation formed from bitcoin mining hardware giant Bitfury and Good Works Acquisition, a special purpose acquisition company.
In November 2023, Bitfinex proudly celebrates 11 years of innovation and leadership in Bitcoin. Bitfinex observed its 11th year in operation, a remarkable period characterised by sustained innovation and authoritative influence within the realms of Bitcoin, blockchain, and P2P technologies.
In March 2018, the Malaysian government announced, Cryptocurrency exchanges must Implement KYC requirements. This includes obtaining customer identification data and ID documentation and subjecting anyone offering services to exchange cryptocurrencies to the rules of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. and In April 2018, the European Parliament reached an agreement demanding tighter regulations of cryptocurrency in the EU. As part of the EU Anti-Mon
Key Target Audience
Cryptocurrency exchanges, Software solutions providers companies, Cryptocurrency companies, Wallets companies, Banking and finance organizations, Semiconductor and electronics manufacturers and Ecommerce companies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.