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The latest research study “Cryptocurrency Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The global cryptocurrency market size reached US$ 1,782 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32,420 Billion by 2027, exhibiting a growth rate (CAGR) of 58.4% during 2022-2027.
Global Cryptocurrency Industry Definition and Application:
Cryptocurrency also called a crypto coin, represents a digital or virtual currency encrypted by cryptography to monitor transactions and prevent counterfeiting or double-spend. It operates via decentralized networks based on blockchain technology and can be distributed over computer networks connected to a virtual environment. Cryptocurrency ensures enhanced safety and eliminates the risk of identity theft as it involves using authenticated security passwords linked directly to the digital wallet of users. Presently, it is widely preferred over traditional currencies as cryptocurrency facilitates quicker payments with zero transaction charges and offers inflation resistance and transparency.
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Cryptocurrency Market Trends and Drivers:
The inflating need for operational efficiency, security, and transparency in financial payment systems is primarily augmenting the cryptocurrency market. Furthermore, the increasing penetration of high-speed internet and the growing installation of trading applications on smartphones that offer seamless access to online payment transactions are acting as significant growth-inducing factors. Apart from this, legalization and approval of the sale, purchase, trade, etc., of cryptocurrencies, including bitcoin, ripple, Ethereum, etc., in numerous countries, and extensive R&D activities are also positively influencing the global market.
Moreover, the rising prevalence of fraudulent and undesirable transactions, on account of manual or machine errors and data manipulation, is bolstering the market growth. Besides this, the introduction of blockchain or distributed ledger technology that offers transparency, tracks any modifications in real-time, enhances data security and transaction immutability, etc., is further catalyzing the global market. Additionally, the escalating demand for contactless payments is expected to fuel the cryptocurrency market in the coming years.
Cryptocurrency Market Segmentation 2022-27:
The report has been segmented the market into following categories:
Type Insights:
Component Insights:
Process Insights:
Application Insights:
Breakup by Region:
List of Major Key Players:
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