Cryptocurrency Market Size Worth $6,574.73 Million By 2032 | CAGR: 11.6%

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

• The hardware segment dominated the cryptocurrency market in 2022 and is expected to maintain its leading position in the foreseeable future. As there are numerous companies that offer hardware solutions for cryptocurrency mining.
• The Ethereum segment is anticipated to exhibit the fastest growth rate. Ethereum is a decentralized blockchain platform that enables the development of dApps and smart contracts.
• The trading segment held the largest market share in 2022. Cryptocurrency trading involves taking a financial position based on the price direction of individual cryptocurrencies against the US dollar or against other cryptocurrencies.
• North America is the dominant region in the global cryptocurrency industry, and it is expected to continue its dominance in the foreseeable future. The growth of the regional market is driven by the increasing utilization of cryptocurrencies in NFTs and their acceptance as a form of wealth storage. Investments are being made in blockchain technology and cutting-edge cryptocurrency mining equipment in the region.
• The global key market players include BITMAIN Technologies Holding Company, NVIDIA Corporation, Bitfury Group Limited, Kraken, BitGo, BlockFi, Xilinx (AMD), Gemini Trust Company, LLC, Ledger SAS, Intel Corporation, AirSwap, Binance Holdings Ltd., Ripple, and Coinbase Global Inc.

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)

• Hardware
• Software

Cryptocurrency, Type Outlook (Revenue - USD Million, 2019 - 2032)

• Bitcoin
• Ethereum
• Tether
• Binance Coin
• XRP
• Other

   Cryptocurrency, End-Use Outlook (Revenue - USD Million, 2019 - 2032)

• Banking
• Gaming
• Government
• Healthcare
• Retail & E-Commerce
• Trading
• Other

  Cryptocurrency, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa