The demand for crypto has increased due to rising investments in venture capital. Additionally, the increasing popularity of digital assets such as bitcoin and litecoin is likely to accelerate the market in upcoming years.
It has been seen that digital currency is also used in the integration of blockchain technology to get decentralization and control efficient transactions. Thus, advantages such as these are also encouraging people to invest in crypto. For instance, In October 2018, Qtum Chain Foundation made a partnership with Amazon Web Services (AWS) China to use blockchain systems on the AWS cloud.
The global cryptocurrency market size is expected to gain momentum by reaching USD 1,902.5 million by 2028 while exhibiting a CAGR of 11.1% between 2021 to 2028. With this collaboration, AWS will be able to help its users in using Amazon Machine Images (AMI) to develop and publish smart contracts easily and efficiently.
The COVID-19 pandemic adversely affected the world economy. However, the relationship between Bitcoin and the equity market expanded amid pandemic. For example, in March 2020, the price of Bitcoin declined and went below USD 4,000 after a decline in the S&P Index in the U.S. Thus, as the Initial Coin Offering (ICO) market crashed, blockchain companies are emerging as major alternative to raise investment capital.
Worldwide Industry Players in 2022
List of key players profiled in the crypto industry research are Bitmain Technologies Ltd. (Beijing, China), Xilinx, Inc. (California, U.S.), Intel Corporation (California, United States), Advanced Micro Devices, Inc. (California, U.S.), Ripple Labs, Inc. (California,U.S.), Bitfury Group Limited. (Amsterdam,U.S.), Ledger SAS (Paris, France), Nvidia Corporation (California,U.S.), BitGo (California,U.S.), Xapo (Zürich, Switzerland), and more
Focus on Mitigating Financial Crisis and Regional Instability Drives the Demand for Virtual Currency
In recent times, financial disaster is one of the primary issues that occur in the conventional banking system. This financial instability disrupts the economy by lowering the value of money. For instance, ICICI Bank of India, in the year 2008, confronted the Lehman brother crisis, which hugely impacted the nation’s economy. But by using bitcoins, and other cryptocurrencies, such situations of economic downfall can be avoided. Therefore, Cryptocurrencies are emerging as alternative options in regions with unstable economical structures, and this has been a major driving factor for the cryptocurrency market growth.
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period. This is because in most parts of the region bitcoins have become a medium of exchange for tax purposes rather than the actual currency. Although these are not legally regulated by the government, still many of the countries in the region are focused on using digital currencies. The region’s market stood at USD 273.0 million in 2020.
Asia Pacific is expected to showcase significant cryptocurrency market share in upcoming years, owing to several technological developments and the acceptance of virtual currency for some platforms within Japan and Taiwan. Additionally, the strategic collaborations, and partnerships by key players are also fueling the regional market. For instance, in January 2020, Z Corporation, Inc. and TaoTao, Inc. collaborated with the financial service agency to widen the crypto market by confirming regulatory compliance in the Japanese market.
Few industry developments
March 2021 – Visa Inc. aims to introduce crypto as a direct payment. With this key initiative, the company aims to accept cryptocurrencies as a payment method for the finance industry.
Key Questions Answered (FAQs):
• In 2028, what will the market size and growth rate be?
• What are the main drivers of the global Cryptocurrency Market?
• What are the major market trends influencing the worldwide growth of the Cryptocurrency Market?
• Who are the major suppliers of the Cryptocurrency Market throughout the world?
• What market opportunities and dangers do suppliers encounter in the worldwide Cryptocurrency Market?
• What are the primary findings of the worldwide Cryptocurrency Market five forces analysis?
Finally, the Cryptocurrency report measures the feasibility of new investment projects and presents an overall research conclusion. Also, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies.
Dynamic Analysis of the Industry:
Industry trends, demand, regional overviews, sales channels, marketing channels, distributors, and consumers are among the key factors driving market growth highlighted in Cryptocurrency Market research. Emerging Business trends, growth drivers, opportunities, dangers, and prospective entry points for the sector are all discussed in this research. Analysts acquire data to produce relevant market projections during the reporting period as part of the research approach. All of the main firms in this research are concerned about extending their operations into new areas.
Reprocessing of Scraps to Reduce Environmental Harm will Drive GrowthThe increasing adoption of reprocessing of scrap or secondary metal is set to propel the aluminium market growth in the coming years. This process helps in reducing environmental harm by requiring just a fraction of energy. Apart from that, the scraps obtained from machinery, beverage cans, equipment, and automobiles are often reused and reprocessed because of their cost-efficiency. However, exposure to Cryptocurrency can cause multiple adverse effects, such as insomnia, asthma, rashes, and headache. This factor may hinder growth.
The report is prepared to apply the most up-to-date primary and secondary research methodologies and technologies. Company profiles, SWOT analyses, recent developments, and business plans for the major players in the global aluminium market are also included in the report. These market predictions and estimations look at the influence of a variety of political, social, and economic issues, as well as existing market circumstances, on market growth. This research uses a range of approaches and technologies to examine the target aluminium industry.