Transparency Market Research (TMR), in it report, predicts that the global cryptocurrency market would grow at a boisterous CAGR of 31.30% over the period between 2017 and 2025. The total value of the global cryptocurrency market is set to touch a soaring mark of US$6.7 bn by the end of 2025. The stellar growth of this market can be attributed to the fading popularity other currencies. Moreover, the quest to embrace digital currencies is impelled by the availability of blockchain technology and digital ledgers. Analysts in the cryptocurrency industry are making tall claims about the potential and feasibility of this technology.
China Emerges as an Innovator in the Domain of Digital Currency
China has been at the forefront of growth within the global cryptocurrency market. China and South Korea have made voluminous investments in cryptocurrency mining sites, and this is an important trend within the global market. Furthermore, ‘Ethereum’ is a known cryptocurrency giant that had once established its foothold in these countries. The impact of this past trend manifest in the stellar pace of growth within the regional cryptocurrency market. Several other countries are also expected to join the league of nations that mine cryptocurrency. This trend shall help in generating fresh revenues across the global cryptocurrency market.
Worldwide Popularity of Bitcoin
Bitcoin has been the most popular cryptocurrency across global markets. The relevance of bitcoin transactions in terms of security, utility, and asset creation has played to the advantage of the market. However, bitcoin miners still face the wrath of inspection authorities in regions where the currency has been banned. Furthermore, bitcoin has also been under flak for its humongous usage of electricity. The energy sector has advocated for bans and restrictions on mining of cryptocurrency in several regions. Despite these unfavourable factors, the global cryptocurrency market is growing at a stellar pace in recent times.
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On the basis of region, the global cryptocurrency market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, Europe is dominating the global market for cryptocurrencies owing to higher acceptance from the countries such as Germany. Europe is projected to witness the higher adoption of cryptocurrency owing to presence of several mining pool. Growth in the North America is attributable to the higher adoption from the US. Additionally, the market is getting benefitted by the higher adoption from the countries from Asia Pacific such as Japan, Singapore, and China.
Some of the leading vendors operating in the global cryptocurrency market are Microsoft Corporation, NVIDIA Corporation, and Intel Corporation. Emergence of new cryptocurrencies other than bitcoin has played to the advantage of the leading market vendors.