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 report “Cryptocurrency Market Share, Size, Trends, Industry Analysis Report, By Type (Bitcoin, Ethereum, Cardano, Solana, Others), By End-Use (Banks, Fintech Companies, Credit Unions, Others); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The escalating demand for platforms, which allows the trading of cryptocurrencies for fiat money, as well as continuous technological advancements, acts as a significant catalyzing factor for the global industry growth. Additionally, the widespread use of smartphones generates profitable development prospects by facilitating and empowering users to impact the potential of bitcoin trading platforms.
To effectively meet the customers’ demands, several service providers are concentrating on offering their services via mobile devices. Additionally, a number of the industry’s top companies are engaging in various promotional initiatives to attract a new audience, which will provide the sector with tremendous development potential in the years to come.
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Based on the type, the Bitcoin segment dominates the global industry with the highest revenue shares because it is the most adopted digital currency globally. It is a decentralized digital currency that can be exchanged from user to user on the peer-to-peer bitcoin network.
Whereas the Ethereum segment shows a significant growth rate that propels the industry demand. It is like a technology home to digital money, global payments, and applications. Factors such as the rapid acceptance of Ethereum in the industry and better response across DeFi contribute to the segment growth.
The rising demand is also closely related to the increasing number of bitcoin users. The proliferation of crypto service providers contributes to the global banking industry’s increased use of DeFi and cryptocurrency. For instance, American investment firm Morgan Stanley began providing its wealth management clients access to bitcoin funds in March 2021. The business was able to enhance its offers as a result. The substantial sums of money the industry’s numerous venture capital companies are raising are anticipated to provide profitable expansion prospects. For instance, the cryptocurrency trading site CoinSwitchKuber received nearly USD 260 million in October 2021 from investors, including Andreessen Horowitz and 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, WazirX, Binance, Coinbase, Bitstamp, BlockFi, AirSwap, Coincheck, eToro, Gemini, Kraken, KuCoin, Huobi Global, 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, supporting the addition of crypto-currency to its Fnatic fans.
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
Cryptocurrency, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa