Increase in need for operational efficiency and transparency in financial payment systems, rise in demand for remittances in developing countries, increase in data security, and improved market cap are the major factors that drive the growth of the global cryptocurrency market. Moreover, high implementation cost and lack of awareness of cryptocurrency among the people in developing nations hamper the cryptocurrency market growth.
Furthermore, increase in demand for cryptocurrency among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period.
The hardware segment acquired major cryptocurrency market share owing to rise in need for upgrading the performance of the software and to enhance the efficiency of financial payment tools. However, the software segment is expected to grow at the highest rate during the cryptocurrency market forecast period, as it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions.
By region, the cryptocurrency market was dominated by Asia-Pacific in , and is expected to retain its position during the forecast period. Owing to increase in number of Bitcoin exchange across Asia, which bring a certain healthy competition and maturity to the cryptocurrency industry. Chinese banks are hiring blockchain experts as the government pushes the use of the technology behind bitcoin to increase transparency and combat fraud in its financial sector. These factors drive growth of the cryptocurrency market in the region.
The report focuses on the growth prospects, restraints, and trends of the global crtyptocurrency market analysis. Cryptocurrency Market Your browser does not support the canvas element. Hardware segment accounted for the highest market share throughout the forecast period Get more information on this report : Request Sample Pages Segment Overview The cryptocurrency market is segmented on the basis of offering, process, type, end user and region.
By offering, it is fragmented into hardware, and software. Yet how much the crypto landscape really is worth is a much-debated topic, with crypto experts Paul Lalovich and Novak Draskovic from Agile Dynamics outlining the need for a more mature approach for market cap assessment. Five years ago, if you wanted to inquire into the state of the cryptocurrencies market, the first question you would ask would most probably be about the price of Bitcoin.
Although having already lost much of its synonymity with crypto and blockchain technology in general, Bitcoin was still regarded as the key industry anchor and the most reliable indicator of what was to come. Fast forward to today and things have changed quite a bit. In , when inquiring about the state of the cryptocurrency market, the first question to ask would be on the total market capitalization of the whole landscape.
This puts the combined value of all cryptocurrencies shoulder to shoulder with the world's biggest publicly traded corporate giants such as Microsoft, Apple, Amazon, etc. As a result, traditional stock prices and total capitalization value are pretty reflective of the overall state of a company.
With crypto, this relationship is more ambiguous. Cryptocurrencies have no liquid assets, no tangible assets, and very limited intangible ones that can back and justify their current price and market capitalization. In the end, it all comes down to the brand value, i. This makes the cryptocurrency market notoriously volatile, offering unparalleled possibilities of gains, along with the highest degrees of risk associated with them.
This approach has many downsides. First of all, not all coins and tokens were traded at the last recorded price, which concerns only a very small portion of the total asset volume. For example, a single token can be traded at 10 times the price of the previously traded one, raising the total market cap of that cryptocurrency tenfold, even for just a few seconds. Realized market capitalization To counter deviations like this, the notion of the realized market capitalization could be considered.
This approach to calculating a cryptocurrency's market cap is determined by multiplying every single coin or token by the last price they were traded at.
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The global impact of COVID has been unprecedented and staggering, with cryptocurrencies witnessing a positive demand shock across all regions amid the pandemic.
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