Other cryptocurrencies such as Dogecoin, Moneor, and Dash also makes a considerable contribution to this market growth. Adoption of Bitcoin to Account for Maximum Share. The company is continuously focusing on developing the existing ecosystem and product offerings, like flat to crypto gateways. Such growth is set to continue in 2020, with analysts expecting more PoS projects to come online in the new year. [188 Pages Report] The cryptocurrency market size is expected to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026, at a CAGR of 7.1%. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”, “Please pass on our sincere thanks to the whole team at Fortune Business Insights. Bitcoin is the most widely used cryptocurrency to date. Cryptocurency Market Today - Today's Best Altcoins. To date, retail-focused crypto exchanges have fueled the growth of the crypto market to reach its current market size of $270 billion. Besides, several technological developments and acceptance of virtual currency for some platforms within Japan and Taiwan expecting to majorly push the Asia Pacific cryptocurrency market. For example, according to news published by Cointelegraph, China allegedly stopped the propagation of the pandemic through its territories, and revealed that it will introduce its national blockchain network in April 2020, as originally scheduled. If Bitcoin continues to outperform conventional markets, it may certainly spark further interest in crypto as an alternate and sustainable form of currency. Advanced decentralized exchange (DEX’s) platform offers blockchain technology and peer-to-peer connection which inhibits third party involvement in the transaction and made transaction system speedy and easy. The post Total Crypto Market Cap to Grow to $11 Trillion in 2023 appeared first on Bitcoinist.com. Like what we do? The data offered to us was exactly what we were looking for. The demand for safer, faster payment systems will facilitate the development of crypto hardware. Although, many countries of Europe and from Middle East and Africa (MEA) also showcasing approach towards the adoption of cryptocurrencies. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. The growing popularity and acceptance of digital currencies is expected to drive the market growth. We value them as a research company worthy of building long-term relationships.”, “Well done Fortune Business Insights! The global cryptocurrency market size stood at USD 754.0 million in 2019 and is projected to reach USD 1,758.0 million by 2027, exhibiting a CAGR of 11.2% during the forecast period. It looks quite comprehensive and the data is exactly what I was looking for. But the altcoin market may also reverse, with BTC probably returning to its position to control the crypto market. Who are the top players in the cryptocurrency market? Market share – 0.63%. Moreover, key players are also enhancing their product platform by adding a number of cryptocurrencies in their offerings to improve trading. Maturing bitcoin cash value and facility to offer rewards for transactions are also upsurging the market value for digital currencies. Thank you Fortune Business Insights for your efforts and prompt response”, “I had a great experience working with Fortune Business Insights. 1. Financial uncertainty disturbs the economy by dropping the value of the currency. Growing Number of Decentralized Exchange Platforms. What are the end-users for this marketof cryptocurrency? It is one of the reasons why the entire crypto market has continued to grow over time. "Smart Strategies, Giving Speed to your Growth Trajectory", Region : Global | Format: PDF | Report ID: FBI100149. Among these cryptocurrencies, Bitcoin is the majorly adopted digital currency in the market. The crypto market is headed for a great year. Acceptance of digital currencies by the consumers as well as retailers drives the growth of the market. Each time, the ROI from bottom to top is also getting lower. Although the fact is not legally regulated by the government, nevertheless still many developed countries like the U.S., the U.K., Japan, and Singapore are seen to use digital currency. The Cryptocurrency Market is growing at a CAGR of 60.2% over the next 5 years. The top five biggest … Cryptocurrency Software Segment is Expected to See Healthy Growth During the Forecast Period. Based on end-use, the market is categorized into e-commerce and retail, trading, peer-to-peer payment, and remittance. It depends on the uptake of the coin, regulations, and other coins coming up. With the spread of the global Coronavirus pandemic (COVID-19), the relationship between Bitcoin and the equity market has expanded. As virtual currencies is an unauthorized, decentralized, and uncontrollable exchanging platform, many regulators are worried about increasing misuse of these currencies by criminals for illegal activities. 2021 didn’t start nicely for … Cloud mining and mining pool are seen to be popular in the market. In terms of value, one Bitcoin is the equivalent of 577.79 in British pounds, with this being determined solely by the online marketplace rather than by traditional financial authorities such as a central bank. Significant dispersion of exchange platform likely to drive the market globally. Financial services firms in the region are among those who may profit greatly from the introduction of blockchain technologies in fields such as payments, supply chain, finance, and trading, as well as monitoring, compliance, and operations. The financial institution is directing towards blockchain technology which is expected to drive the market in upcoming years. By continuing to visit this site you agree to our use of cookies . These advantageous features of the system become popular which encourages the key players to expand their decentralized exchange portfolio. For instance, in August 2019, Exadel, Inc. partnered with Adax Tech Limited (ADAX), to offer blockchain-based and customized decentralized exchange platform for financial as well as non-financial assets. Key players in this global market are strategically collaborating and forming partnerships to enhance digital currency adoption. All rights reserved. The highest number of global daily bitcoin transactions in Q1 of 2021 is 367,536. ASIC mining hardware is expected to hold the largest share mainly owing to the high performance and high hash rate it provides while mining a specific coin. Stellar. Bitcoin may be tumbling off its all-time high, but the crypto space still is red hot By Sarah Smith , Editor, Today's Market Feb 22, 2021, 5:08 pm EDT February 22, 2021 However, the effect of COVID-19 pandemic on the nation is expected to affect the economy of the country. Criminal usage of virtual currencies would not automatically mean that blockchain is a net negative for the community, since the advantages it offers may outweigh the social expense of increased criminality enabled by virtual currency. Joanna Ossinger. The Bitcoin News – Bitcoin and Blockchain News, Total Crypto Market Cap to Grow to $11 Trillion in 2023, https://bitcoinist.com/total-crypto-market-cap-to-grow-to-usd-11-trillion-in-2023/, Bitcoin Developer Throws Light on BTC’s Upcoming Future, Thai Government Plans to Use Blockchain for Its E-Visa System, Bitcoin Market Manipulation – File on Cryptoqueen’ s 230,000 Bitcoins Released, OneCoin Ponzi Scheme Accused of Terrorist Financing, Victims of Baltic Crime Wave Join Call for EU Crypto Victim Fund, Earn Passive Income with Nhash Cloud Mining, LAWSUIT REVEALS CRYPTOQUEEN RUJA IGNATOVA CONTROLS BITCOINS WORTH OVER $13 BILLION. “We are happy with the professionalism of your in-house research team as well as the quality of your research reports. The Cryptocurrency Market market is studied from 2016 - 2025. Moreover, cryptocurrency payment offers the use of currency services either national currency focused or digital currency focused. Many state agencies and federal commission in the U.S., along with agencies in other countries are seen to regulate some applications for digital currency. Cryptocurrency Market was valued at USD 856.36 Billion in the year 2018 and is projected to display robust growth represented by a CAGR of 11.9% during 2019 - 2024. Total Crypto Market Cap to Grow to $11 Trillion in 2023. North America is growing at the highest CAGR over 2021- 2026. From Square investing $50 million to buy bitcoins to Paypal allowing users to buy and sell bitcoins, more financial technology companies have recognized this space. By component analysis, the market has been segmented into hardware and software. Periods from peak to the peak are also growing longer, as the digital asset market matures. Binance.com is continuing its market position by enhancing and expanding its trading platforms. Rise of Crypto Market’s Quiet Giants Has Big Market Implications By . Key Players Strategically Together for Expanding Business. Very satisfied with the overall report as it has helped me to build strategies for my business”, “This is regarding the recent report I bought from Fortune Business insights. 1. Editor's Note: We don’t know if we’ll see 10,000 to 1 returns, as happened previously in crypto. Europe and MEA are also projected to see large growth rate followed by Asia Pacific in the forecasting period. But it’s pretty clear to us this is a revolutionary area. Send Tip now! With advanced technological developments, virtual currency exchange methods have been invented and evolved rapidly in past few years. An Infographic Representation of Cryptocurrency Market, To get information on various segments, share your queries with us. Large blockchain analytics companies such as Elliptic, Chainalysis and CipherTrace announced that they have either reduced their staff or budgets or intend to do so in the immediate future to mitigate the economic effects of the epidemic of COVID-19. Intentional mergers and acquisitions allow the company to develop its business across the world. In July 2019, Treasury Secretary Steven Mnuchin shared their concerns about the misuse of Facebook, Inc. patented Libra digital currency by terrorist financiers and money launderers. Earlier, the Russian government halved the allocation for the advancement of blockchain technology. It was created in 2013 as a joke. This follows the astonishing growth of the crypto asset market of 851% from $243 billion 12 months ago up to the current high of $2.311 trillion. And of course, Bitcoin isn't the only crypto game in town. Focus on Mitigating Financial Crisis and Regional Instability Drives the Demand for Virtual Currency. What do you think about this crypto market prediction? In that scenario, the entire value of the crypto market may reach 32 trillion by 2023 – with Cowen warning this is a far-fetched overestimation. By type, the cryptocurrencies are categorized into Bitcoin (BTC), Litecoin, Ether, Ripple, Ether Classic, and others. Share your thoughts in the comments section below! And some have performed even better than the No. Digital Currencies Adoption Trending in the Market. But while this cryptocurrency market is growing rapidly, ElBahrawy and co show that certain aspects of it are stable. For example, Ethereum, the second-largest cryptocurrency with a market cap of more than $300bn, has increased by 750% since 2020, surpassing Bitcoin's 600% gain. Comparing the previous bear to bull transition coming out of the last bear market cycle into the bull run that captured the mainstream public’s attention in 2017, the color-coded 200-week moving average growth rate appears to suggest that the price action the crypto market is currently experiencing, puts the market cycle somewhere closer to the start of 2017 – … To know how our report can help streamline your business, Speak to Analyst, Cryptocurrencies are Expected to be Adopted Majorly for Remittances Resulting in Flourishing CAGR. Unprotected structure of virtual currencies restraints investors to spend on cryptocurrencies. Nevertheless, despite the proliferation of the coronavirus and the instability concerning the global economic environment, this form of gaining investment has also created considerable confusion over the period. Altcoin dominance is another cyclical story that may develop in various time frames. The No. The recent research study by ICOBench in 2020 reveals that the contributions made by the companies during the last week of January to the first week of February were significantly smaller than in the same timeframe last year. For instance, in October 2018, Qtum Chain Foundation based in Singapore partnered with Amazon Web Services (AWS) China to deploy blockchain systems on the AWS cloud. Similarly, Malaysia’s Securities Commission legally has authorized cryptocurrency exchange operators to operate in the country even though the national lockdown due to the coronavirus pandemic. Bitcoin is by far the largest cryptocurrency, with a market cap of about $1 trillion. Some of the major players in the market are Bitmain Technologies Ltd. (Saint Bitts LLC.) For instance, in January 2020, Z Corporation, Inc. and TaoTao, Inc. announced collaboration with the financial service agency to expand this market by confirming regulatory compliance in the Japanese market. The rising popularity of bitcoins and different altcoins is driving the market. Moreover, the virus spread has forced crypto companies to implement work from home strategy and had delayed many business partnerships. This article will cover cryptocurrency predictions for 2021 and analyse current market sentiments, investor participation, and other key factors driving the cryptocurrency market. For instance, in June 2019, Facebook, Inc. launched a digital currency named Libra. However, different approaches taken by different agencies within the U.S., as well as different countries, led to confusion about the regulatory and authorities regarding cryptocurrency and blockchain technology. The company’s rapid growth can also be seen in the share value, which is up an astounding 582% in the past 12 months. The idea that blockchain markets follow specific cycles has become popular among crypto-analysts. I appreciate the timeliness and responsiveness of you and your team.”, © 2020 Fortune Business Insights . Several companies such as Facebook, Inc. are expanding their business by offering cryptocurrencies. The entire point of crypto and blockchain is decentralization. People from developed countries are likely to adopt the easy and flexible transactional method offered by digital currency. To get a sense of just how troubling the market had been, just look to 2018: Heading into 2018, Bitcoin traded for close to $13,500 after reaching an all-time high of $19,783.06 in December of 2017. Advertisment. Crypto gambling is a multi-billion dollar industry. The report covered all the points and was very detailed. For example, on 12 March 2020, the price of Bitcoin fell below USD 4,000 after a sharp decline in the S&P Index in the U.S. As the Initial Coin Offering (ICO) market has essentially crashed, blockchain companies are now primarily trying to raise investment capital. The next year, a major catalyst for the next crypto bull market could be a variety of crypto companies going public by way of IPO, bringing much-needed interest and attention from traditional finance into the world of emerging digital assets. The software segment is further categorized into mining software, exchange software, payment, wallet, and others. The altcoin lot has shown some stunning ratios of peak prices, and it is difficult to estimate the next peak. The stimulus package, for instance, will pump markets. The market research report provides an elaborate study of the global Crypto Currency market to help players prepare well for future growth challenges and ensure continued business expansion. We know where we will be getting business intelligence from in the future.”, “Thank you for sending the market report and data. Litecoin (LTC) Litecoin, launched in 2011, was among the first cryptocurrencies to follow in … Logarithmic scale analysis of the entire bitcoin and crypto market, based on data from the past decade, point to the potential for the sum of all digital assets to reach a valuation of $11 trillion by 2023. He warned that this is not a piece of direct investment advice, but just a suggestion of the probable developments in the interplay between BTC and altcoins. The market is likely to see a compounded annual growth rate of 10% between 2021 and 2027. Losers With advanced technological developments, virtual currency exchange methods have been invented and evolved rapidly in past few years. The introduction of DeFi protocols that had been long in development over a year or more to the crypto market could be what has the most impact over time. Key insights provided in the report are the adoption trends of digital currency by individual segments, recent industry developments such as mergers & acquisitions, consolidated SWOT analysis of key players, partnerships, Porter’s five forces analysis, and business strategies of leading market players, key industry trends, macro, and micro-economic indicators. Contrary to what several people think and expect, the entire crypto market is not slowing down any time soon. And those are the cryptos I aim to highlight in DTX. What is the key factor driving the cryptocurrency market? Another favorable virtual currency trading in the market is Ether, which can be used as payment method for accounting, investing, and implementing smart contracts and decentralized programs. In the US, DraftKings has grown into a 25 billion dollar company from nothing in the space of a few years. Now, it has a market cap of $40 billion. As per our (Fortune Business Insights) study, the global market is predicted to reach USD 1,758.0 Mn by 2027 with a CAGR of 11.2% (2020 – 2027). However, this is based on an analysis of BTC prices at $141,000 and allows for a very small dominance of 23%. It can be expected that effect of the COVID-19 outbreak may offer an opportunities for this market growth in certain economies. The market size for cryptocurrency will get to $1087.7 million by 2026. There’s a lot of emotion. The popularity of virtual or digital currency such as Bitcoins, Litecoins, Ethers, and many more are expected to drive the market in the forthcoming years. Such security concerns and misuse of digital currencies becoming a major restraining factor for the growth of this market. Just look at Dogecoin. They are further categorized into countries. Transparency or distributed ledger technology and growth in venture capital investments are the key factors driving the growth of the cryptocurrency market. Depending on the control of the user over private key protection function, digital wallets are categorized again as a self-hosted or custodial wallet. A Global Market Insights report estimates that crypto market valuation will surpass $ 1.8 billion by 2027. Businesses and governments became worried that the pseudonymous and decentralized nature of digital currency transfers might offer a way for criminals to conceal their financial activities from the authorities. Market share – 0.76%. Don’t believe me? Most of the developing countries like the U.S., Germany, China, and the U.K. have started adopting cryptocurrencies as an exchanging medium. It is a common misconception that fiat-based stablecoin prices never vary relative to the underlying currency (usually… The UAE as a whole is now introducing open ledger solutions. The company is developing new strategic partnerships and banking relationships to develop business globally. We’re still way off from a big altcoin bubble, Cowen stated, keeping in mind Bitcoin would continue to lead the market. The developments of the past year have led to an increased public interest in … Technical implementation of Litecoin is the same as Bitcoin whilst it has the advantage that it is four times faster than bitcoin, which is projected to lead the market in upcoming years. Timing the bottom is impossible, but a historical bet can bring significant returns for most assets, and specifically for Bitcoin. For instance, Elliptic has eliminated 30% of the workers in the U.S. and the U.K.; CipherTrace has decreased the jobs of the advertising and marketing departments, and Chainalysis has revealed proposals to reduce employees' wages by 10%. This time, the data for all altcoins and tokens, including BTC, is based on weekly data and is less complete. 1 cryptocurrency.. Developing countries like Japan, the U.S., European countries, and many more are indicating people's inclination towards digital currency, which is expected to contribute to the growth of the market in upcoming years. Remarkable job and great efforts by your research team. With these advantages of blockchain and cryptocurrency, companies are investing and collaborating with other companies to deliver efficient and quality services to the users. Thank you!”, “I recommend Fortune Business Insights for their honesty and flexibility. Major companies in the market are focusing to increase the liquidity of their product suit to improve power range of trading features. Although the long-term impact of COVID-19 on economies cannot be predicted. In last decades, the developed concept of virtual currencies emerged as cryptocurrencies. Competition from large technology companies What is the growth rate of Cryptocurrency Market? Based on ratios, the next crypto market rally may achieve 313X earnings from bottom to top, the analysis predicts. The report offers qualitative and quantitative insights on the cryptocurrency market and the detailed analysis of market size & growth rate for all possible segments in the market. The possible scenario also includes a bubble in the altcoin market, where Bitcoin dominance drops to new lows. Strategical collaborations, partnerships by key players also contribute to the market in Asia Pacific. Here to stay. New York, which is facing an unprecedented amount of reported coronavirus infections, has had nearly all major firms have closed down their offices. Focussing on Enhancing and Expanding Currency Exchange platforms. Geographically, this market is segmented across five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Ether is expected to experience moderate growth rate in the market. Market cap – $9,488,988,391. We use cookies to enhance your experience. But this does not guarantee an all-asset growth, and separate markets may perform in vastly different ways. Virtual currencies were initially limited for demonstrable transactions in social and gaming economies. That’s unsustainable. Bitcoin and other cryptocurrencies have emerged as a new asset class that has seen extraordinary returns over the past decade. With each cycle, crypto prices reach a new high, and new projects are brought to market. An analysis of market patterns and an outlook for the future. This market is irrational right now. Even if it had gone lower from there, I wouldn’t have been bothered. In addition to the ability of law enforcement to prosecute violence, the government has the right to restrict digital currency exchanges to legislation relating to the monitoring of criminal behavior. How much is the cryptocurrency market worth? But… in a cryptocurrency market … The increasing popularity of digital assets like Bitcoin and Litecoin is likely to drive the market growth in the forthcoming years. March 19, 2021, 10:40 AM EDT ... it’s also helped facilitate their growth … At the end of 2017, the central bank of the UAE declared that it will collaborate with its counterpart in Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA), to create a digital currency that could be used by both institutions and some commercial banks for fast and secure settlements. Dublin, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The "Cryptocurrency Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering. TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Trading to go to decentralized exchanges. Cryptocurrencies used in trading, e-commerce & retail, remittance and peer to peer payment. 2. In 2019, the global market was USD 754.0 Mn, and it is anticipated to reach USD 1,758.0 Mn by 2027, reflecting a CAGR of 11.2% during the forecast period from 2020 to 2027. hardware is the leading segment in the market. It is often referred to as the … Even for the best analysts, knowing how to predict trends in cryptocurrency can be difficult, since the crypto market is exceptionally volatile and therefore highly unpredictable. More than a 100% jump in Ethereum and a boom in DeFi tokens accelerated the growth in the crypto market cap. With Bitcoins or other cryptocurrencies, there is no major effect of the financial crisis on it as its value is balanced universally. The crypto market, on the other hand, depends on market trends. The terms used for the digital currecy varies from country to country, such as payment token (Switzerland), digital currency (Thailand, Australia, and, Argentina), crypto-token (Germany), virtual commodity (Taiwan, China, and Canada), virtual asset (Honduras and Mexico), cyber currency (Italy and Lebanon), and electronic currency (Colombia and Lebanon). Crypto traders have to look into possible profitability margins. 10. However, when attempting to anticipate the dominant cryptocurrency trends of 2021, one thing we can be sure of is that digital currencies are going to see a huge increase in mainstream adoption. Wrap Up. Looking forward to work together on similar projects”, “We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. For instance, Bank of Thailand and Central Bank of Uruguay are applying the toolkit to its CBDC evaluation process; Eastern Caribbean Central Bank and People’s Bank of China, are also supporting CBDC for adopting cryptocurrencies as an exchange medium. Crypto is more acceptable to the mainstream. Although institutional investors are … Meanwhile, Russia which is facing dramatic rise in the number of COVID-19 incidents, has indefinitely postponed the implementation of cryptocurrency laws. Bitmain Technologies Ltd. (Saint Bitts LLC) (China), Europe (the U.K., Germany, France, Russia, and Rest of Europe), Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific), Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa), Latin America (Brazil, Mexico and Rest of Latin America, Granular Research on Specified Regions or Segments, Companies Profiled based on User Requirement, Broader Insights Pertaining to a Specific Segment or Region, Breaking Down Competitive Landscape as per Your Requirement, Other Specific Requirement on Customization. Looking forward to work together in the future”, “It has been a delightful experience working with you guys. It is now safe to say that the price of the virtual coins is moving up in a more decisive manner. Ripple (XRP) - Potentially the best buying opportunity for 2021? Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Following the recent closing of their offices and facilities, Chinese mining firms have paused their operations due to extensive virus spread in the region. Many analysts believe that the recent rise in the value of crypto assets is mainly driven by institutional adoption. Most cryptocurrencies follow Bitcoin's price lead. Considering the cultures, and individuals’ well-being, it seems a reasonable bet that the reaction of central banks would build an ideal atmosphere for the market to sustain. Software wallets or digital wallets are seen to be adopted majorly due to its security enhancement. Based on the more conservative analysis, the next peak may be at $11 trillion, though it is uncertain if 2023 would be the year this peak develops. The block-chain technology offers decentralized, fast, transparent, secure, and reliable transactions. Based on overall market projection, Bitcoin may have a market cap of 2.7 trillion. For instance, In February 2020, cryptocurrency exchange platforms of Okex.Com and Bitfinex companies has been disrupted with Denial of Service attacks. Crypto market predictions for 2019. source: https://bitcoinist.com/total-crypto-market-cap-to-grow-to-usd-11-trillion-in-2023/. The penetration of virtual currencies in the digital payment is expected to affect the cross-border remittances. Cowen has tried to build a trend and a set of correlations based on the movement of the crypto market so far. Benjamin Cowen, who has dedicated previous analysis to the Bitcoin (BTC) potential future price, now looks at the wider market caps of all digital assets. Binance.com offers exchange specific cloud solution that helps customers as well as partners to efficiently set up digital asset trading platforms. Bitcoin. Between 2012 and 2020, Bitcoin has gained 193,639.36%. Crypto markets evolve in cycles that follow growth and consolidation phases. Financial disaster is a  major issue occurring in traditional banking and the financial sector. With increasing security regulations such as AMS/KYC, centralized exchange platform showcasing legacy, and lack of flexibility with financial transactions. The magnitude of changes within the project closely correlates with the degree of coronavirus spread in a particular region.