Cryptocurrency Global Market Report 2022

Major players in the cryptocurrency market are Advanced Micro Devices Inc., BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger SAS, Nvidia Corporation, Ripple, Xilinx Inc., and Xapo.

The global cryptocurrency market is expected to grow from $1.63 billion in 2021 to $1.84 billion in 2022 at a compound annual growth rate (CAGR) of 13.1%. The market is expected to grow to $3.13 billion in 2026 at a compound annual growth rate (CAGR) of 14.2%.

The cryptocurrency market consists of sales of digital or virtual currencies by entities (organizations, sole traders, and partnerships) that operate independently of a central bank and employ encryption techniques to regulate the formation of their units and verify the transfer of payments.Cryptocurrencies are digital currencies that are protected by encryption, making counterfeiting or double-spending practically impossible.

These are built on decentralized networks like blockchain technology, which is a distributed ledger enforced by a network of computers. Cryptocurrencies, as compared to traditional currency, are not issued by any central authority, making them potentially impervious to government meddling or manipulation.

The main types of cryptocurrencies are bitcoin, Ethereum, bitcoin cash, ripple, dash coin, Litecoin, and others.Bitcoin is a digital currency that uses peer-to-peer technology to facilitate instant payments.

The different processes comprise mining, transactions, and various offerings including hardware, and software. Cryptocurrencies are used in trading, retail and E-commerce, banking, and others.

Asia Pacific was the largest region in the cryptocurrency market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Transparency in financial payment is expected to propel the growth of the cryptocurrencies market in the coming years.Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historic transactions, which means it is not controlled by one central source.

The centralized systems and human gatekeepers limit the speed and sophistication of transactions while reducing users’ direct control over their money.There are no middlemen in digital currency transactions and consumers have the authority to stop or pause transactions and record them in their private ledger.

For instance, in July 2021, Tesla, a US-based electric car manufacturer has started accepting bitcoin as a mode of payment because of its transparency and unique value. Therefore, the transparency in financial payment drives the market for cryptocurrencies market.

Stable coins are gaining significant popularity in the cryptocurrency market.Stable coins are cryptocurrencies that are linked to a physical asset, such as government-issued currency or a commodity to reduce cryptocurrency fluctuation.

For instance, in 2020, the circulation volume of stable coins increased by 500%. Additionally, in March 2021, Techemynt, an India-based financial service provider, introduced stable coins supported by the New Zealand dollar to combine the flexibility of cryptocurrency with the stability of the New Zealand dollar.

In March 2021, PayPal Holdings Inc, a US-based financial technology company acquired Curv for an undisclosed amount.With this acquisition, PayPal Holdings, Inc strengthens and develops its initiatives to support cryptocurrencies and digital assets.

Curv is an Israel-based cryptocurrency security company.

The countries covered in the cryptocurrency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.