Latest News - Cryptocurrency Market: Bitcoin is expected to lead the Type segment during 2025-2029

The Cryptocurrency Market is being driven by Rising investment in digital assets

The Cryptocurrency Market is expected to grow at a CAGR of 16.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 39.75 billion. The adoption of cryptocurrencies like Bitcoin and Ether has gained significant traction among consumers, businesses, and merchants for everyday transactions. In 2022, the integration of cryptocurrencies into major retailers' payment systems enhanced their credibility and expanded their usage in financial transactions. Previously, cryptocurrencies were utilized for purchasing vehicles and ordering food and groceries. Notable companies, such as Starbucks, currently accept cryptocurrency payments through third-party exchanges, facilitating the conversion of cryptocurrencies to cash. Starbucks Corporation (Starbucks) has hinted at the potential for direct cryptocurrency payments in the future. In April 2022, Starbucks unveiled its foray into Non-Fungible Tokens (NFTs) and cryptocurrencies for transactions within their platform. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Bitcoin
  • Ethereum
  • Ripple
  • Bitcoin Cash
  • Cardano
  • Others
• Component
  • Hardware
  • Software
• Process
  • Mining
  • Transaction
• End-Use
  • Trading
  • E-commerce and Retail
  • Peer-to-Peer Payment
  • Remittance
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • Italy
  • APAC
    • China
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising investment in digital assets
• Increased availability of crypto wallets
• Increase in FinTech spending

However, the market also witnesses some limitations, which are as follows:

• Volatility in value of cryptocurrency
• Lack of government support for cryptocurrencies in establishing regulatory body
• Security attacks limiting cryptocurrency adoption

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Market Scope in Cryptocurrency Market Research Report

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Research Analysis Overview

In the dynamic world of cryptocurrencies, various products and services have emerged to cater to diverse needs. These include derivatives like Futures, Options, Swaps, Lending, and Borrowing. Additionally, yield farming, staking, and liquidity pools offer new ways to earn. Custodial and hardware/software wallets secure assets, while PoW, PoS, PoA, and PoC are consensus mechanisms. Blockchains like Layer-1, Lightning Network, Plasma, Rollups, and Sidechains expand capabilities. Atomic swaps, bridges, metaverse, gaming, art, music, collectibles, identity, data privacy, security, analytics, and blockchain/off-chain data analysis are other significant areas. Sentiment analysis and price prediction tools complete the cryptocurrency landscape.

Market Research Overview

The cryptocurrency market landscape encompasses various sectors, including Cryptocurrency Exchanges, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Cryptocurrency Wallets, Cryptocurrency Mining, Smart Contracts, and Digital Assets. The Cryptocurrency Exchange segment represents platforms facilitating the buying, selling, and trading of various digital currencies. The DeFi sector focuses on open-source, decentralized applications that mimic traditional financial instruments, while NFTs are unique digital assets representing ownership or proof of authenticity. A Cryptocurrency Wallet stores, sends, and receives digital currencies, while Cryptocurrency Mining involves validating transactions and creating new blocks on the blockchain. Smart Contracts are self-executing contracts with the terms of the agreement directly written into code. The market's expansion is influenced by several factors, including increasing institutional investments, growing adoption of blockchain technology, and advancements in digital assets and decentralized finance. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/