ALBANY, New York, November 14, 2018
ALBANY, New York, November 14, 2018 /PRNewswire/ --
The global cryptocurrency market has limited number of players as the market is in its nascent stage, observes Transparency Market Research. Since last few years, Bitcoin was ruling in the global market, as it was widely accepted form of cryptocurrency. Another cryptocurrency named Litecoin is expected to again traction in the near future. Ripple, Ethereum, and Namecoin are some of the other types of cryptocurrencies available across the globe. Rising demand for blockchain technology has paved the way for innovative financial products. People across the globe are now more acceptable towards these cryptocurrencies. Investors are in two minds which type of cryptocurrency will become prominent in the market. However, the rising popularity of digital currency is expected to push the market growth of players in the coming years. Currently, some of the prominent players operating in the global cryptocurrency market are BitFury Group Limited, Microsoft Corporation, Alphapoint Corporation, NVIDIA Corporation, and Intel Corporation.
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According to TMR, the global cryptocurrency market is projected to reach US$6.70 bn by the end of 2025 progressing from US$0.57 bn in 2016. During the forecast period between 2017 and 2025, the market is projected to expand at staggering CAGR of 31.3%.
As there are various types of cryptocurrency, Bitcoin dominates the market due to its wide acceptance across the globe. Its growth is dependent on factors such as smart contract technology, electronic cash, and proof of stake (PoS). Ethereum is also expected to gain traction in the coming years. On regional front, Europe leads the global cryptocurrency market due to high acceptance for cryptocurrency in countries like Germany. Presence of several mining pool in Europe also benefited the region to lead in the global market.
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Growing Need for Fast and Instant Transactions Fueled Demand for Cryptocurrencies
Globally, the demand for digital currencies have grown immensely mainly because of secure digital payment systems and the dire need for decentralized payment system. Among the various cryptocurrencies, Bitcoin was more prominent that worked on decentralized ledger powered by blockchain across a peer-to-peer network. Moreover, various cryptocurrencies started using disruptive potential of blockchain technology and it appeared as a disruptive force in value-exchange mechanisms. In addition, instant transaction and anonymity of these digital payment systems have also lured individuals to adopt in cryptocurrencies. Absence of any third-party intermediary and limited or no government control gave astonishing propositions for its users that led the growth of the cryptocurrency market.
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Fluctuating Prices of Cryptocurrencies to Deter Market Growth
Lack of regulatory policies to govern any issues while transactions are taking place is one of the key factors that is restricting adoption of cryptocurrency. Rising number of cybersecurity breaches mainly related to initial coin offering (ICO) due to which huge amount of dollars were lost keep the investors away from investing. Moreover, there are various characteristics and prices keep fluctuating at high degree that also reduces the interests of people to invest in cryptocurrencies.
In addition, lack of value for average users and complicated basic technology are some of the other factors deterring the growth of cryptocurrencies. On the other hand, growing popularity and rising awareness about its various advantages of using cryptocurrencies is likely to drive the market's growth.
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The information presented in this review is based on a TMR report, titled "Cryptocurrency Market (Component - Hardware and Software; Type - Bitcoin, Ethereum, Ripple (XRP), Litecoin, and Dashcoin) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025."
Global Cryptocurrency Market has been segmented as presented below:
Global Cryptocurrency Market: Component
Global Cryptocurrency Market: Type
Global Cryptocurrency Market: Geography
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