Cryptocurrency Market – Overview
Crypto-currency can be termed as a digital money or digital asset, using cryptography as a medium of exchange for secure transactions. These currencies are sometimes also classified as alternative or virtual currencies. Bitcoin is one of the type of crypto-currency that is most widely accepted and adopted. However, the inventor of Bitcoin is unknown but Satoshi Nakamoto is known as the creator of the Bitcoin.
The Cryptocurrency Market is expected to rise at a tremendous growth during the forecast period. Among the segment by type, the market is heavily captured by Bitcoin and the value of Bitcoin is increasing largely with each passing time. All these digital currencies are based on Blockchain technology, which proves to be a major driving factor for this market in terms of technological advancement for improvement in banking infrastructure and other related financial services. These digital currencies, however does not have any significant effect on the real trade market. The market is however hindered by decline in adoption of crypto currency in major countries of the world.
The cryptocurrency market is expected to grow at approximately USD 51 Billion by 2023, at 14% of CAGR between 2017 and 2023.
37Coins (U.S.), Airbitz (U.S.), Bips (Denmark), Bitcoin Suisse (Switzerland), Bitgo (U.S.), Bitwala (Germany), Bitway (U.S.), Bitgo (U.S.), Bitinstant (U.S.), Coincheck (Japan), Gatecoin (Hong Kong) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Crypto-currency Market.
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December, 2017 South Korea is a hub for trading virtual currencies despite a government clampdown and North Korean Cyber-attacks. South Korea is known as the world’s most weird societies, with a unique broadband access and fast internet speed. The country is also turning to be a hotspot for crypto currency trading, and South Korea is at 3rd position in the Bitcoin trading after Japan and the U.S.
December, 2017. Another cryptocurreny, IOTA is booming up 1000% in a month and has achieved the spot of fourth largest crypto-currency in terms of market capitalization, after Bitcoin, Ethereum and Bitcoin cash. IOTA prices surged nearly 1000% from $0.38 to $4.14. The price of this crypto currency is moving around 258 INR, which in turn is making the market for crypto-currency go up in India.
December, 2017. Regulation and the Future of Crypto currency at Token Summit II. The mission bay conference in San Francisco hosted Token Summit II, a hub for cohesion and problem solving in the Blockchain space. The summit mainly focussed to discuss government regulations, crypto currency initiatives, and the future of Blockchain technology. Many industry experts were gathered to discuss these new regulations. These new regulations will affect the future crypto currencies and token transparencies. Major governments have not adopted trading through crypto currency.
Crypto-Currency Market – Segmentation
The Global Crypto-Currency Market is segmented in to 2 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type: Bitcoin, Ethereum, Litecoin, ZCash, Dash, Monero, Ripple, others.
Segmentation by End-Users: Individual, SME’s, Large Enterprises.
Crypto-Currency Market: Regional Analysis
The regional analysis of the crypto-currency market is segmented into North America, Europe, Asia Pacific and rest of the world. Among these regions, the North America is dominating the market of crypto-currency. This large market share of the North American market is majorly due to the higher rate of dollar value against other currencies. Additionally, the higher purchasing power of the people in United States and Canada is adding to the growth of this market region. However, the Asia pacific is expected to grow with highest CAGR during the forecast period. This region is in continuous growth in technology and is thereby increasing the interest of common people into these digital currencies. The Europe is somehow showing a decent growth in the forecast period. This growth is majorly due to the restraining factors in terms of trade policies.
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