The global cryptocurrency market size is expected to reach USD 6,574.73 million by 2032, according to a new study by Polaris Market Research. The report “Cryptocurrency Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware and Software); By Type; By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The worldwide cryptocurrency market is significantly impacted by the growing number of users of cryptocurrencies. The total number of cryptocurrency users worldwide hit 106 Mn in January 2021, according to crypto.com (a supplier of crypto exchanges). The increase in bitcoin exchange service providers, the adoption of DeFi, and the growing acceptance of cryptocurrencies by financial institutions worldwide are all factors contributing to the rise in cryptocurrency users.
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 market are expected to offer lucrative growth opportunities.
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Among all types, bitcoin holds the largest market share. During the forecast period, it is anticipated that the emergence of Bitcoin Exchange Traded Funds (ETFs) will increase the volume of global bitcoin trades. For instance, the Purpose Bitcoin ETF in Canada saw the greatest inflow of USD 207 million in May 2022.
Many players are doing strategic partnerships and collaborations to expand their offerings. In November 2021, Ripple collaborated with Palau to investigate the country's first national digital currency and application scenarios for the XRP Ledger. This partnership helps to develop cross-border payments and USD-backed digital currency for Palau.
Cryptocurrency Market Report Highlights
Polaris Market Research has segmented the cryptocurrency market report based on component, type, end-use, and region:
Cryptocurrency, Component Outlook (Revenue - USD Million, 2019 - 2032)
Cryptocurrency, Type Outlook (Revenue - USD Million, 2019 - 2032)
Cryptocurrency, End-Use Outlook (Revenue - USD Million, 2019 - 2032)
Cryptocurrency, Regional Outlook (Revenue - USD Million, 2019 - 2032)