The global cryptocurrency market is projected to reach a size of USD 11.71 billion by 2030, according to a recent report by Grand View Research, Inc. The market is anticipated to grow at a compound annual growth rate (CAGR) of 13.1% from 2025 to 2030. This growth is expected to be driven by several factors, including the increasing demand for enhanced data security, greater operational transparency, and the integration of blockchain technology into digital payment systems. Furthermore, the ongoing legalization of the purchase, sale, and trading of digital currencies in several developed countries, including the U.S., is also expected to stimulate the expansion of the cryptocurrency market.

The cryptocurrency industry is set to benefit from the growing global adoption of digital currencies such as Bitcoin, Ethereum, and Litecoin. The increasing popularity of these digital currencies can be attributed to their ability to provide fast, transparent, secure, and efficient payment solutions to users. According to Crypto.com, the number of cryptocurrency owners surged to 295 million in December 2021, up from 228 million in July 2021, highlighting the accelerating growth and adoption of cryptocurrencies.

In addition to this, advancements in artificial intelligence (AI) are expected to positively impact the cryptocurrency market. The growing popularity of AI-powered cryptocurrency platforms has spurred interest and investment in this technology. For example, in August 2021, researchers at Los Alamos National Laboratory developed an AI algorithm capable of identifying unauthorized cryptocurrency miners who use research computers for cryptocurrency mining. Such innovations are expected to drive further market growth and encourage businesses to focus on the development of AI-based cryptocurrency solutions.

The COVID-19 pandemic had a negative effect on market growth in 2020, as global supply chain disruptions slowed the sales of cryptocurrency mining hardware, and border closures impacted operations. Additionally, blockchain companies were forced to reduce their staffing levels and budgets as a result of the pandemic's economic consequences. For instance, Cipher Trace cut jobs in its advertising and marketing departments, while Elliptic laid off employees in both the U.S. and the U.K. However, the market saw a recovery in 2021, with a steady uptick in growth as businesses adjusted to the new normal and demand for cryptocurrencies rebounded.

Gather more insights about the market drivers, restrains and growth of the Cryptocurrency Market

Cryptocurrency Market Report Highlights

• The hardware segment is expected to dominate the market in 2024. This dominance is primarily driven by the increasing demand for cryptocurrency mining devices, which are essential for mining new coins and adding them to the cryptocurrency supply chain. The growing reliance on mining operations and the necessity of efficient mining hardware will continue to fuel this segment's expansion.

• The graphics processing unit (GPU) segment is projected to experience the fastest growth during the forecast period. The rise in demand for GPUs in cryptocurrency mining is attributed to their ability to offer high-speed processing while consuming less energy compared to other types of hardware. This energy efficiency and processing power make GPUs the preferred choice for many cryptocurrency miners, driving growth in this segment.

• The wallet segment is also anticipated to witness the fastest growth during the forecast period. As cryptocurrencies gain broader adoption, the need for secure and user-friendly wallets to store, trade, send, and receive digital currencies will continue to rise. This growing demand for cryptocurrency wallets will be a key factor driving the expansion of this segment.

• The mining segment is expected to dominate the market in 2024. This is largely due to the significant investments being made by companies to establish large-scale cryptocurrency mining farms. These mining operations are crucial to the growth and sustainability of the cryptocurrency ecosystem, and continued investments in this area will contribute to the segment's market share.

• The bitcoin segment has been the dominant force in the cryptocurrency market in 2024 and is expected to grow at the fastest CAGR during the forecast period. This growth can be attributed to Bitcoin’s increasing popularity and its growing acceptance as a legitimate form of currency. Additionally, the adoption of Bitcoin by emerging countries, such as El Salvador, is expected to further fuel the segment’s growth as more nations recognize its potential.

• The retail & e-commerce segment is anticipated to grow at the fastest CAGR through the projection period. The increasing acceptance of cryptocurrencies by retail and e-commerce businesses, which are beginning to offer cryptocurrencies as a form of payment, will drive the expansion of this segment. As more consumers and businesses embrace cryptocurrencies, the retail and e-commerce industry will continue to see strong growth.

• The Asia Pacific region is expected to register rapid growth during the forecast period. The presence of a large number of cryptocurrency mining companies in the region, along with the growing adoption of cryptocurrencies, is expected to drive regional market growth. The region's established infrastructure and increasing investments in the cryptocurrency sector will contribute to its continued expansion.

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Cryptocurrency Market Segmentation

According to Grand View Research, the global cryptocurrency market is segmented into various components, processes, types, end-uses, and regions. Here’s a breakdown of the market:

Cryptocurrency Component Outlook (Revenue, USD Billion, 2018 - 2030)

• Hardware

o Central Processing Unit (CPU)

o Graphics Processing Unit (GPU)

o Application-Specific Integrated Circuit (ASIC)

o Field Programmable Gate Array (FPGA)

• Software

o Mining Software

o Exchange Software

o Wallet Software

o Payment Software

o Others

Cryptocurrency Process Outlook (Revenue, USD Billion, 2018 - 2030)

• Mining

• Transaction Processing

Cryptocurrency Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Bitcoin

• Bitcoin Cash

• Ethereum

• Litecoin

• Ripple

• Others

Cryptocurrency End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Banking

• Gaming

• Government

• Healthcare

• Retail & E-commerce

• Trading

• Others

Cryptocurrency Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o Germany

o UK

o France

• Asia Pacific

o China

o Japan

o India

o South Korea

o Australia

• Latin America

o Brazil

• Middle East and Africa (MEA)

o KSA

o UAE

o South Africa

List of Key Players in the Cryptocurrency Market

• Advanced Micro Devices, Inc.

• Binance

• Bit fury Group Limited

• Bit Go, Inc.

• Bit Main Technologies Holding Company

• Intel Corporation

• NVIDIA Corporation

• Ripple

• Xapo Holdings Limited

• Xilinx, Inc.

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