The global cryptocurrency market is predicted to grow at a robust CAGR of 31.3%. The global cryptocurrency market is estimated to be valued at US$ 46.2 Bn by 2032 from US$ 2.3 Bn in 2021.
In recent years the popularity of different digital assets has gained momentum against the dwindling government-backed financial markets in many nations.
With the development of distributed ledger technology, cryptocurrencies, such as Bitcoin, Ethereum, and others, are favored for online value and money transactions.
Following this development, several crypto trading platforms have evolved over the World Wide Web creating a solid market for facilitating cryptocurrency transactions and generating revenue from it.
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What is the Covid-19 Impact on Global Cryptocurrency Market?
As the global cryptocurrency market is almost based on the digital or internet world, the Covid-19 restrictions had some indirect effects on it, if not directly.
During the pandemic years, the global economic condition got hit, severely disrupting the financial condition of many citizens. Though the significant driving factor of the cryptocurrency market is the retail peer-to-peer payment over online platforms, the reduction in personal income resulted in lesser attraction for any investment in digital assets.
The slowing down of the global cryptocurrency market reflects the dropping down in growth rate from 32.2% during the years just before the pandemic.
On the other hand, Covid-19 had some remarkable influence on the global cryptocurrency market as per the market analysis reports. The significant impact positive impact was the growth of knowledge about the cryptocurrency coins among the greater mass.
“After the information revolution of this century, there has been a significant investment for developing digit economy. It has led to the emergence of distributed ledger technology and establishment of the cryptocurrency market over online platforms.”
What are the various market dynamics that are influencing the cryptocurrency market globally?
The primary driving force behind the cryptocurrency industry is anticipated to be the improved clarity of information regarding the many types of cryptocurrencies that are now accessible on the market. Among young people, using bitcoin wallets on internet platforms has emerged as a new trend.
The number of users is likely to increase, adding credibility to the digital currency exchange facilities and improving the prognosis for the market for cryptocurrencies.
The transparency in bitcoin transactions made possible by crypto-ledger technology is a key advantage of cryptocurrencies over conventional currency and digital payment systems. The main driver of cryptocurrency coin demand is expected to be speculation concerning financial institutions and government action in the financial industry.
What are the Major Developments in the Global Cryptocurrency Market?
- The German restaurant chain named Berger King announced to accept Bitcoin as payments in September 2019. This is predicted to increase the validation of cryptocurrencies in other retail and e-commerce payments through online platforms.
- A new payment system has been introduced by Visa Inc. In March 2021 for accepting cryptocurrency as a payment method. This new service has been designed to process cryptocurrency payments on Ethereum blockchain directly.
Global Cryptocurrency Market Key Players
- Intel Corporation
- Microsoft Corporation
- NVIDIA Corporation
- BitFury Group Limited
- Alphapoint Corporation
- Advanced Micro Devices, Inc.
- Xilinx Inc.
- Bingo
- Ripple
- BTL Group Ltd.