DUBLIN, May 10, 2021 /PRNewswire/ — The “Global Cryptocurrency Market with Impact of COVID-19 by Offering (Hardware, Software), Process (Mining, Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, e-Commerce, and Retail), and Geography – Forecast to 2026″ report has been added to ResearchAndMarkets.com’s offering.
The global cryptocurrency market is expected to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026, at a CAGR of 7.1%
Transparency or distributed ledger technology and growth in venture capital investments are the key factors driving the growth of the cryptocurrency market.
Hardware to hold largest size of Cryptocurrency market in 2021
The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In the transaction monitoring process, miners (generally the users) validate the transactions made by other users. In this process, the system needs high computing power to validate the transactions. The validation process involves the creation of hash codes to encrypt the transactions.
To generate a hash code, the miner needs highly effective and efficient hardware. In other words, to get new blocks and solve them, miners need to generate as many hash codes as possible. Miners get rewards through mining. Mining rigs are available in several shapes and sizes. The cryptocurrency market for hardware has been segmented, on the basis of processor, into GPUs, central processing units (CPUs), FPGAs, and ASICs.
Mining process to hold largest share of Cryptocurrency market in 2021
Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. It ensures stable, secure, and safe propagation of the currency from a payer to a receiver. Unlike fiat currency, where a centralized authority controls and regulates the transactions, cryptocurrencies are decentralized and work on a peer-to-peer system.
APAC to grow at highest CAGR during the forecast period
In terms of value, APAC to grow at highest CAGR during the forecast period. This market in APAC has been studied for China, Japan, South Korea, and Rest of APAC (RoAPAC). RoAPAC includes Singapore, Malaysia, Thailand, India, Australia, and New Zealand. China is the largest market among all APAC countries. Owing to the low cost of electricity, and presence of big mining companies.
Major companies dominating the Cryptocurrency market are
Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands), Coinbase (US), BitGo (US), Binance Holdings (China) Canaan Creative (China). Bitstamp (Luxemburg), Ifinex (Hong Kong), Ledger SAS (France), Xapo (Hong Kong), and Alcheminer (US)
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Cryptocurrency Market: APAC to Dominate Cryptocurrency Market During Forecast Period
4.2 Cryptocurrency Market for Payment, by Type:Peer-To Peer Payment to Dominate Cryptocurrency Market During Forecast Period
4.3 Cryptocurrency Market for Mining, by Type: Cryptocurrency Market for Pool Mining Will Have Highest Market Share in 2026
4.4 Trading and US Segments to Hold Largest Share of Cryptocurrency Market in North America in 2021
4.5 Cryptocurrency Market in South America to Grow at Highest CAGR from 2021 to 2026
5 Market Overview
5.2 Market Dynamics
220.127.116.11 Transparency of Distributed Ledger Technology
18.104.22.168 High Inflow of Remittances to Developing Countries
22.214.171.124 High Charges of Cross-Border Remittances
126.96.36.199 Growth in Venture Capital Investments
188.8.131.52 Uncertain Regulatory Status
184.108.40.206 Lack of Awareness and Technical Understanding Regarding Cryptocurrencies
220.127.116.11 Significant Growth Opportunities in Emerging and Developed Markets
18.104.22.168 Growing Acceptance of Cryptocurrency Across Various…