What is Cryptocurrency?
Growth in Venture Capital Investments will help to boost the global Cryptocurrency market. The advent of Bitcoin marked the birth of cryptocurrency. Developed in 2008 and launched in 2009, Bitcoin was the first cryptocurrency creating a class of its own. Cryptocurrency is not merely money that exists in the digital space; it relies on a decentralized form of control, meaning that it is not regulated by banks, governments, or any intermediating entity with a higher power. Instead, ownership, security, and verification are based on a system of cryptography, which works as the medium of storing the currency and processing it. The U.S. Dollar has lost more than 80% of its purchasing power in the last 40 years. à The cryptocurrency market hit USD 350 million in total currencies as of April 2018. On August 22, 2018, the entire crypto sphere amassed USD12 billion in one day for the top 100 altcoins and Bitcoin. Cryptocurrency market shares (aside from Bitcoin) have grown rapidly in the past year. Bitcoin remains the dominant crypto coin by market share, though in recent years, altcoins have reduced Bitcoin’s stature through their own rising market shares. The following graph displays the market shares of Bitcoin and major altcoins between April 2013 and June 2018.
The market study is broken down by Type (Bitcoin , Ethereum (ETH) , Ripple (XRP) , Dashcoin , Litecoin (LTC) , Bitcoin Cash and Others), by Application (Trading, Remittance and Payment) and major geographies with country level break-up. According to AMA, the Global Cryptocurrency market is expected to see growth rate of 6.25%
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that Players from United States will contribute to the maximum growth of Global Cryptocurrency market throughout the predicted period.
Bitmain (China), NVIDIA (United States), Xilinx (United States), Intel (United States), Advanced Micro Devices (AMD) (United States), Ripple (United States), Bitfury (Netherlands), Ethereum Foundation (Switzerland), CoinBase (United States) and BitGo (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Binance (China).
AdvanceMarketAnalytics has segmented the market of Global Cryptocurrency market by Type, Application and Region.
On the basis of geography, the market of Cryptocurrency has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Process, the sub-segment i.e. Mining will boost the Cryptocurrency market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offerings, the sub-segment i.e. Hardware [GPU, FPGA, ASIC, & Wallet] will boost the Cryptocurrency market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Fluctuations in Monetary Regulations
- Transparency of Distributed Ledger Technology
- High Remittances in Developing Countries
- High Cost of Cross-Border Remittance
- Significant Growth Opportunities in Emerging and Developed Markets
- Acceptance of Cryptocurrency Across Various Industries
- Lack of Awareness and Technical Understanding Regarding Cryptocurrency
- Uncertain Regulatory Status
- Concern Regarding Security, Privacy, and Control
- Technical Challenges Pertaining to Scalability
Key Target AudienceGovernment Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About ApproachDuring this study the evaluation and validation of the market size is done through various sources including primary and secondary analysis. AMA Research & Media follows industrial and regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
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