NEW YORK, Dec. 15, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global cryptocurrency market size is estimated to grow by USD 34.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 16.64% during the forecast period. Rising investment in digital assets is driving market growth, with a trend towards acceptance of cryptocurrency by retailers. However, volatility in value of cryptocurrency poses a challenge. Key market players include AlphaPoint Corp., Binance Holdings Ltd., Bitcoin (available on Coinbase)forme S.L., Bitfury Group Ltd., CEX.IO Ltd, Coinbase Global Inc., Dogecoin, FMR LLC, Gemini Trust Co. LLC, Kucoin, Ledger SAS, Marathon Digital Holdings Inc, Pantera Capital, Pintu Kemana Saja, Riot Platforms Inc., Ripple (available on Binance) Labs Inc., Shiba Inu, WazirX, Xapo Bank Ltd., Cardano, and Valora.
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF
Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (Bitcoin (available on Coinbase), Ethereum (available on Coinbase), and Avalanche and others), Component (Hardware and Software), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
Region Covered
North America, Europe, APAC, South America, and Middle East and Africa
Key companies profiled
AlphaPoint Corp., Binance Holdings Ltd., Bitcoin (available on Coinbase)forme S.L., Bitfury Group Ltd., CEX.IO Ltd, Coinbase Global Inc., Dogecoin, FMR LLC, Gemini Trust Co. LLC, Kucoin, Ledger SAS, Marathon Digital Holdings Inc, Pantera Capital, Pintu Kemana Saja, Riot Platforms Inc., Ripple (available on Binance) Labs Inc., Shiba Inu, WazirX, Xapo Bank Ltd., Cardano, and Valora
Key Market Trends Fueling Growth
The adoption of cryptocurrencies like Bitcoin (available on Coinbase) and ETHer has gained traction among the public, retailers, and merchants for everyday transactions. In 2022, major retailers, including Starbucks, accepting cryptocurrencies improved public perception and their use for financial transactions. Starbucks currently partners with third-party exchanges for cryptocurrency-to-cash conversions. In April 2022, Starbucks introduced NFTs and cryptocurrencies for payments. Companies such as Tesla, PayPal, Microsoft, and AT&T accept cryptocurrencies for various transactions. Microsoft accepts Bitcoin (available on Coinbase) for digital products and services. AT&T uses the BitPay processor for Bitcoin (available on Coinbase) bill payments. EGifter is a platform for purchasing gift cards with Bitcoin (available on Coinbase) and other cryptocurrencies. Cryptocurrencies, such as Bitcoin (available on Coinbase), have a faster growth rate than inflation, providing businesses with a valuable savings option. For small businesses and retailers, accepting cryptocurrency as an alternative payment mETHod is crucial for unexpected circumstances and market growth.
Cryptocurrencies, like Bitcoin (available on Coinbase) and Ethereum (available on Coinbase), are digital currencies based on decentralized technology called Blockchain. This technology allows secure, transparent transactions without the need for intermediaries. Global adoption of cryptocurrencies is on the rise, but price volatility remains a concern. Cybersecurity and theft risk are significant challenges, with regulatory outlooks varying worldwide. Energy consumption and environmental effects are topics of debate. Skilled developers are in high demand for financial services in this digital revolution. Consumer protection and financial stability are crucial. Digital assets offer investment opportunities, but beware of scams and fraudulent investments. Renewable energy and blockchain talent are keys to a sustainable future. Cryptography and decentralized systems ensure secure transactions on public ledgers. ALTCoins, mining, digital wallets, encryption, trading, brokers, and cryptocurrency exchanges are essential components of this market. Fiat currency payment mETHods include ACH transfers and wire transfers. Hot wallets and cold wallets offer different levels of security. Be cautious of crypto scams, fraud, and romance scams. Bitcoin (available on Coinbase) trusts and mutual funds are investment vehicles.
Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!
Market Challenges
The cryptocurrency market is characterized by extreme volatility due to the significant control held by a limited number of investors who trade high volumes on platforms and exchanges. In June 2022, Bitcoin (available on Coinbase) experienced a 10% one-day value drop from its November 2021 peak of USD69,000 per token. Other digital currencies, such as Shiba Inu and Dogecoin, also saw declines of over 15%. The absence of regulations and fees on trading platforms contributes to this volatility, allowing those holding large shares to manipulate value for profit. Major investors, including Accel, Ribbit Capital, and Insight Partners, have chosen not to include cryptocurrency in their portfolios due to these risks, potentially hindering the market’s growth. The recent regulatory announcement in a certain country further exacerbated the market instability, causing significant drops in value for various cryptocurrencies.
Cryptocurrencies, digital assets, offer financial innovation but bring challenges. Financial stability is a concern due to price volatility. Scams and fraudulent investments pose risks. Renewable energy and blockchain talent are keys to growth. Cryptography and decentralized systems ensure secure transactions on the public ledger. ALTCoins, mining, and digital wallets expand the market. Encryption and trading require brokers and cryptocurrency exchanges. Fiat currency transactions via ACH and wire transfers are common payment mETHods. Hot wallets offer ease, cold wallets ensure security. Crypto scams, fraud, and romance scams threaten investors. Bitcoin (available on Coinbase) trusts, mutual funds, and blockchain stocks offer investment vehicles. E-commerce, luxury goods, insurance payments, and cryptocurrency debit cards broaden use. Security is crucial, with encryption and decentralization providing solutions.
Insights into how AI is reshaping industries and driving growth- Download a Sample Report
Segment Overview
This cryptocurrency market report extensively covers market segmentation by
Type
1.1 Bitcoin (available on Coinbase)
1.2 Ethereum (available on Coinbase)
1.3 Avalanche and others
Component
2.1 Hardware
2.2 Software
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 Bitcoin (available on Coinbase)– Bitcoin (available on Coinbase), the leading cryptocurrency with a market capitalization exceeding USD470 billion, is a digital currency that operates without central authorities. Its peer-to-peer (P2P) transfer system has gained global popularity, with 95% of interested parties aware of its existence. Bitcoin (available on Coinbase)‘s market dominance is substantial, surpassing Ethereum (available on Coinbase)‘s market cap by more than double. TETHer, USD Coin, Binance USD, and DAI, pegged to the US dollar, are among the top cryptocurrencies in the top-20. In the US, approximately 8% of the population engages in cryptocurrency trading. Bitcoin (available on Coinbase)‘s decentralized system, the blockchain, records all transactions on a public ledger, ensuring transparency and security. This widespread adoption and unique features contribute significantly to the expansion of the global cryptocurrency market.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
The cryptocurrency market is a dynamic and evolving landscape shaped by the adoption of decentralized currencies built on blockchain technology. This digital revolution offers a decentralized system for financial transactions, enabling peer-to-peer exchanges without intermediaries. Ethereum (available on Coinbase), Bitcoin (available on Coinbase), Litecoin (available on Coinbase), Ripple (available on Binance), and a multitude of aLTCoins are leading the charge. However, the market faces challenges such as price volatility, cybersecurity threats, and theft risks. Regulatory outlooks vary globally, impacting financial services and consumer protection. Energy consumption and environmental effects are also concerns, while the need for skilled developers and blockchain talent continues to grow. Renewable energy solutions and cryptography offer potential solutions to these challenges. Amidst this digital revolution, financial stability and consumer protection remain key priorities. Despite scams and fraudulent investments, the potential for innovation and disruption is immense.
Market Research Overview
Cryptocurrencies, decentralized digital currencies built on blockchain technology, have revolutionized the financial landscape. Ethereum (available on Coinbase), the second-largest cryptocurrency, leads the charge in global adoption. However, price volatility remains a significant challenge. Cybersecurity and theft risk are concerns, with regulatory outlooks varying globally. Energy consumption and environmental effects are debated. Skilled developers are in high demand to build and secure the decentralized system. Financial services embrace cryptocurrencies, offering digital wallets, trading platforms, and investment vehicles like Bitcoin (available on Coinbase) trusts and mutual funds. Consumer protection and financial stability are crucial. Renewable energy sources are being explored to reduce cryptocurrency‘s carbon footprint. Blockchain talent, cryptography, and decentralized transactions form the backbone of this digital revolution. Transactions are recorded on a public ledger, with aLTCoins, mining, and cryptocurrency exchanges playing key roles. Digital wallets, encryption, and trading brokers facilitate transactions. Fiat currency payment mETHods like ACH transfers and wire transfers can be used for cryptocurrency purchases. Hot and cold wallets offer different levels of security. Cryptocurrency scams and fraudulent investments are risks to be aware of. Cryptocurrency debit cards and insurance payments are emerging use cases.
Table of Contents:
1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation
Type
Bitcoin (available on Coinbase)
Ethereum (available on Coinbase)
Avalanche And Others
Component
Geography
North America
Europe
APAC
South America
Middle East And Africa
7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: media@technavio.comWebsite: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/cryptocurrency-market-to-grow-by-usd-34-5-billion-2024-2028-driven-by-rising-investments-in-digital-assets-report-on-ais-impact-on-market-trends—technavio-302331706.html
SOURCE Technavio
Featured Image: depositphotos @ zoomteam
Disclaimer