Cryptocurrency Global Market Report 2024

The cryptocurrency market size has grown rapidly in recent years. It will grow from $2.16 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The expansion seen in the historical period can be attributed to early adoption and excitement surrounding new markets, market speculation driving interest, global financial uncertainty influencing investment behavior, regulatory developments shaping the industry, and the emergence of Initial Coin Offerings (ICOs) as a fundraising method in the cryptocurrency space.

The cryptocurrency market size is expected to see rapid growth in the next few years. It will grow to $4.59 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. Anticipated growth in the upcoming period is expected due to institutional adoption of cryptocurrencies, increasing global acceptance of digital assets, the emergence and growth of decentralized finance (DeFi) platforms, government and regulatory clarity in the cryptocurrency space, and the rising trend of tokenization. Key trends projected for this period encompass technological upgrades within blockchain networks, continued development of blockchain technology, advancements in digital asset technologies, the rise of central bank digital currencies (CBDCs), and the increasing popularity of non-fungible tokens (NFTs).

Transparency in financial transactions is anticipated to drive the cryptocurrency market's expansion in the forthcoming years. Blockchain technology, utilized in creating digital currencies, enables the decentralized storage of transaction records across multiple entities, removing reliance on a single controlling authority. Unsuch as centralized systems with human intermediaries that hinder transaction speed and sophistication while limiting user control, digital currencies operate without middlemen. Users possess the autonomy to halt or record transactions in their personal ledger. Tesla, the US-based electric car manufacturer, embraced bitcoin as a payment method in July 2021, citing its transparency and unique value. Consequently, the advancement of the cryptocurrency market is propelled by enhanced financial payment transparency.

The anticipated surge in cryptocurrency adoption is poised to propel the cryptocurrency market's expansion in the upcoming years. This adoption involves the wider embrace and incorporation of digital currencies such as Bitcoin and Ethereum across individuals, businesses, and institutions for diverse purposes. The cryptocurrency market plays a pivotal role in this adoption by offering a platform for buying, selling, and trading, thus enhancing accessibility and attractiveness to a broader audience. For example, as per cybercrew.uk's March 2023 report, cryptocurrency ownership in the UK surged from approximately 1.5 million in 2021 to around 9.8 million, marking a staggering 650% increase in usage. Consequently, the burgeoning adoption of cryptocurrency significantly fuels the growth of the cryptocurrency market.

Stable coins have garnered notable traction within the cryptocurrency market. These digital currencies are pegged to tangible assets such as government-issued currency or commodities, aiming to mitigate the volatility associated with cryptocurrencies. Notably, in 2021, the circulation volume of stable coins witnessed a remarkable 500% increase. Furthermore, in March 2021, Techemynt, a financial service provider based in India, introduced stable coins backed by the New Zealand dollar, amalgamating the flexibility of cryptocurrencies with the stability offered by the New Zealand dollar.

Prominent companies within the cryptocurrency market are strategically joining forces to fortify their positions. These collaborations are pivotal in propelling the industry forward, fostering innovation, broadening accessibility, and instilling trust. Notably, in September 2023, RedotPay, a Hong Kong-based Web3 payment solution provider, and Beosin Co. Ltd., a Singapore-based blockchain security company, forged a strategic partnership. This partnership's primary objective is to enhance RedotPay's cryptocurrency payment platform by bolstering real-time blockchain transaction monitoring and assessment capabilities. The collaboration centers on preemptively identifying and mitigating risks associated with cryptocurrency payments, ensuring strict compliance with regulatory standards set for Virtual Asset Service Providers (VASPs).

In March 2021, PayPal Holdings Inc., a leading US-based financial technology company, made an undisclosed acquisition of Curv. This strategic acquisition bolstered PayPal Holdings, Inc.'s efforts in advancing its initiatives to bolster support for cryptocurrencies and digital assets. Curv, an Israel-based cryptocurrency security firm, became an integral part of PayPal's strategy to enhance and develop its capabilities in the realm of digital currencies and assets.

Major companies operating in the cryptocurrency market report are Federal Reserve Bank of Boston, Intel Corporation, BitGo Inc., Bitstamp Limited, Nvidia Corporation, Fidelity Investments Inc., Advanced Micro Devices Inc., Binance Holdings Limited, Coincheck Inc., Coinbase Global Inc., VeChain Foundation, Chainlink Labs Inc., Bitpanda GmbH, BTL Group Ltd., DYdX Trading LLC, Ripple Labs Inc., Bitmain Technologies Ltd., Bitso S.A. de C.V., Ledger SAS, BitFury Group Limited, Hiro Systems Inc., Aptos Labs Inc., Bitwise Asset Management LLC, Cellframe Network Inc., Kava Labs Inc., Ethereum Foundation, Holochain Inc., Xapo Inc., Brokoli Network Inc., CoinDesk Inc., Hivemind Capital Partners LLC, Xilinx Inc.

Asia-Pacific was the largest region in the cryptocurrency market in 2023. The regions covered in the cryptocurrency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cryptocurrency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cryptocurrencies come in various types such as bitcoin, ethereum, bitcoin cash, ripple, dash coin, litecoin, and numerous others. Bitcoin, for example, operates as a digital currency utilizing peer-to-peer technology to enable instantaneous payments. Processes within the cryptocurrency sphere involve mining, transactions, and offerings, encompassing both hardware and software aspects. These digital currencies find application in trading, retail and e-commerce, banking, and various other sectors.

The cryptocurrency market research report is one of a series of new reports that provides cryptocurrency market statistics, including cryptocurrency industry global market size, regional shares, competitors with a cryptocurrency market share, detailed cryptocurrency market segments, market trends and opportunities, and any further data you may need to thrive in the cryptocurrency industry. This cryptocurrency market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cryptocurrency market consists of sales of tether, USD coin, BNB, binance USD, XRP, dogecoin, cardano and polygon. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.