Pune, India, May 12, 2021 (GLOBE NEWSWIRE) — The global cryptocurrency market size is likely to reach USD 1758.0 million by 2027, exhibiting a CAGR of 11.2% during the forecast period. Cryptocurrency is a system of virtual currency exchange that is aimed to eliminate financial intermediaries. It offers low ownership costs, quicker and safer transactions internationally through a decentralized record storing platform called ‘distributed ledger’. Fortune Business Insights™ has presented this information in an upcoming report titled, “Cryptocurrency Market Size, Share and COVID-19 Impact Industry Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, Others), By End-use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2020 – 2027”. The market size stood at USD 754.0 million in 2019.The digital currency exchange methods are evolving swiftly. The market is gaining extreme traction due to several factors. For instance, the amalgamation of blockchain technology in digital currency ensures efficient and decentralized transactions. Moreover, major firms are investing in blockchain systems and collaborating with other firms to provide quality services to their users. For instance, Qtum Chain Foundation (Singapore) collaborated with Amazon Web Services (AWS) China to deploy blockchain systems for the AWS cloud.
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Coronavirus has plummeted the growth of the financial market across the globe, including the cryptocurrency market. The level of stability in the digital currency landscape has considerably diminished. The market is attracting investments despite the uncertainty prevailing in the digital currency industry. Digital currencies like Ethereum, Bitcoin, etc., have witnessed inflation in prices despite the pandemic. Firms across several nations have paused their mining operations due to the pandemic. Some countries like Russia have delayed the deployment of cryptocurrency laws due to the pandemic.
Based on components, the market bifurcates into software and hardware. Based on type, the market is classified into Ether, Ether Classic, Bitcoin, Ripple, Litecoin, etc. On the basis of its end-user, the market segments into e-commerce and retail, remittance, trading, and peer-to-peer payment. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
The report follows a robust methodology that involves data triangulation based on top-down and bottom-up approaches. The information presented in the report is derived from the most credible sources and through interviews with reputed stakeholders at regional, country, and global levels. The report highlights the various market dynamics like restraints, drivers, trends, and opportunities. It provides a comprehensive analysis of the factors stimulating the market growth and encompasses Porters’ Five Forces Analysis and PESTLE Analysis for an unerring prediction of the market. The report also highlights the effects of COVID-19 on the market.
Drivers & Restraints-
Increasing Popularity and Adoption of Bitcoin to Augment Cryptocurrency Market Growth
Being the most famous and highly adopted digital currency across the world, Bitcoin is expected to boost the global market due to its wide acceptance. Moreover, digital currency poses no threat amidst a financial crisis. Their value is universally balanced, which is driving its demand in economically unstable structural…