Cryptocurrency Market Size

Cryptocurrency Market Size

Cryptocurrency Market size crossed USD 900 million in 2020 and is projected to register gains at over 10% CAGR from 2021 to 2027. The cryptocurrency industry is witnessing substantial growth with increasing volumes of cryptocurrency transactions and their market capitalizations. For instance, the market cap for bitcoin was more than 609 billion in January 2021 as compared to 134 billion in January 2020. Advanced capabilities including reduced costs associated with the transactions along with peer-to-peer connection are contributing to the adoption of cryptocurrency. Several enterprises are adopting virtual currencies to limit the impact of currency fluctuations, enabling the market growth.

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Amid the COVID-19 pandemic, the market observed significant growth across multiple geographies. The exchange platform witnessed a sharp increase in trading transactions and the market caps of these currencies also flourished. In response, companies operating in the market also predicted a rise in demand for mining hardware components.

The cryptocurrency industry growth is attributed to rising investments and development in financial technologies. The companies across geographies prefer advanced technological infrastructures for financial applications. In response, the investments for the development of digital financial infrastructure have also increased. According to a study by KPMG, in 2019, the total investments in financial technology across Asia Pacific reached USD 12.9 billion by the fourth quarter of 2019. These investments followed by favorable government initiatives are expected to support cryptocurrency developments, further fueling the market growth.