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Redding, California - June 3, 2024

Cryptocurrency Market to be Worth $61.1 Billion by 2031

Cryptocurrency Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware (ASIC, FGPA, Others), Software, Exchange Platform), Process (Mining (Pool, Cloud, Other), Transaction), Type (Bitcoin, Ripple, Ethereum, Litecoin, Tether, Others), Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Cryptocurrency Market by Offering (Hardware (ASIC, FGPA, Others), Software, Exchange Platform), Process (Mining (Pool, Cloud, Other), Transaction), Type (Bitcoin, Ripple, Ethereum, Litecoin, Tether, Others), Geography- Forecast to 2031’

According to this latest publication from Meticulous Research^®, the cryptocurrency market is projected to reach $61.1 billion by 2031, at a CAGR of 8.4% from 2024 to 2031. The growth of the cryptocurrency market is driven by high returns attracting individuals toward cryptocurrency and the growing recognition of cryptocurrencies. However, the high investments and operating cost of computational resources may restrain the growth of this market.

Furthermore, the expansion of blockchain technology and the growing interest of investors in digital assets are expected to generate growth opportunities for the stakeholders in this market. However, regulatory barriers and a lack of awareness and technical understanding regarding cryptocurrencies are major challenges impacting market growth. Additionally, the increasing adoption of distributed ledger technology is a prominent trend in the cryptocurrency market.

Based on offering, the global cryptocurrency market is broadly segmented into hardware, software, and exchange platform. In 2024, the hardware segment is expected to account for the largest share of above 80.0% of the global cryptocurrency market. The hardware segment is further segmented into FGPA, GPU, ASIC, data centers, and other hardware. The segment’s large market share is mainly attributed to the growing requirement of high computational resources for mining, the growing introduction of energy-efficient computational hardware for cryptocurrency mining, and high returns from cryptocurrency mining.

However, the software segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing demand for mining cryptocurrency software, the need for dedicated payment software to accept cryptocurrency payments, the rising acceptance of cryptocurrency payments by retailers, and the ability of mining software to easily switch between different cryptocurrencies.

Based on process, the global cryptocurrency market is broadly segmented into mining and transactions. In 2024, the mining segment is expected to account for a larger share of above 71.0% of the global cryptocurrency market. The mining segment is further segmented into solo mining, pool mining, and cloud mining. The segment’s large share is mainly attributed to factors such as rising cryptocurrency prices, increased focus on energy-efficient mining processes, and growing miners' approach to pool mining to increase their chances of earning rewards.

Moreover, the transaction segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by their increased efficiency, lower transaction costs, expansion in blockchain technology, increase in domestic and cross-border transactions, and growing investments of investors in digital assets such as cryptocurrency.

Based on type, the global cryptocurrency market is segmented into Bitcoin, Ripple, Ethereum, Litecoin, Tether, Dogecoin, and other types. In 2024, the Bitcoin segment is expected to account for the largest share of above 44.0% of the global cryptocurrency market. The segment’s large market share is mainly attributed to its high price, highest market capitalization, and limited supply of Bitcoin.

Moreover, the Bitcoin segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by increasing demand from retail and institutional investors and the growing interest of investors in digital assets.

Based on geography, the cryptocurrency market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of above 36.0% of the global cryptocurrency market. The large market share of this segment is attributed to the presence of large cryptocurrency mining farms, leadership in the global financial system and economic competitiveness, and increasing investments of companies developing blockchain technology and cutting-edge solutions for cryptocurrency mining.

Moreover, North America is projected to register the highest CAGR of above 9.5% during the forecast period. The growth of this region is mainly driven by the growing demand from consumers and businesses for crypto-enabled financial services, increased institutional activity, and rising acceptance of cryptocurrency payments.

Key Players:

Some of the key players operating in the cryptocurrency market are Intel Corporation (U.S.), Advanced Micro Devices, Inc. (U.S.), BITMAIN Technologies Holding Company (China), NVIDIA Corporation (U.S.), BittWare (U.S.), Bitfury Group Limited (Netherlands), Ripple Labs, Inc. (U.S.), Canaan Inc. (Singapore), Coinbase (U.S.), Ledger SAS (France), Cudo Miner Ltd (U.K.), FutureBit LLC (U.S.), Binance (Malta), Payward, Inc. (U.S.), and Bybit Fintech Limited (UAE).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5903

Key questions answered in the report:

Which are the high-growth market segments based on offering, process, and type?
What was the historical market for cryptocurrency?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the cryptocurrency market?
Who are the major players, and what shares do they hold in the cryptocurrency market?
How is the competitive landscape in the cryptocurrency market?
What are the recent developments in the cryptocurrency market?
What are the different strategies adopted by the major players in the cryptocurrency market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global cryptocurrency market, and how do they compete with the other players?

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Redding, California - June 3, 2024

Cryptocurrency Market to be Worth $61.1 Billion by 2031

Cryptocurrency Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware (ASIC, FGPA, Others), Software, Exchange Platform), Process (Mining (Pool, Cloud, Other), Transaction), Type (Bitcoin, Ripple, Ethereum, Litecoin, Tether, Others), Geography - Global Forecast to 2031

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