Global Cryptocurrency Market (2019 Edition)

Date: 1 September 2019

According to a research report published by Azoth Analytics in August 2019, the Cryptocurrency Market was valued at USD 856.36 Billion in the year 2018. Key responsible factors for high demand of cryptocurrencies include high remittances in developed countries, increasing fluctuation in monetary regulations, and growth in venture capital investments coupled rising awareness among the investors especially in emerging nations. 

The Azoth Analytics research report titled “Global Cryptocurrency Market (2019 Edition): Opportunities and Forecast (2017-2024)” has analysed and segmented the Cryptocurrency Market. The report has further analysed the Cryptocurrency Market by type (Bitcoin, Ethereum, Ripple, Litecoin and Others) and by sub-sectors (Exchanges, Mining, Wallets and Payments). The Global Cryptocurrency Market has been analysed By Region (North America, Europe, Asia Pacific, ROW (Middle East & Africa) and By Country (United States, Germany and Japan) for the forecast period of 2019-2024.

The growing development in the digital marketing and increasing consumers’ access to internet have been aggressively pushing the Cryptocurrency market. Furthermore, developments in artificial intelligence, big data and increasing usage of cryptocurrencies in industries such as Consumer goods, Food, Finance, Banking and tourism has been key factor backing the growth of Cryptocurrency industry globally, as launches and innovations such as lower transaction fees with fastest speed has been assisting in doing cross border transactions in seconds, which is propelling the market demand. Bitcoin currency holds the major share in the market owing to the growing awareness among Asians investors coupled with availability of larger returns is proliferating the market growth. Moreover, growing usage of alternative currencies such as Ethereum, Ripple and Bitcoin Cash due to their captivating features and models has been another factor backing the growth in the industry.   

Amongst the regions, Europe accounts for the largest regional share in the global Cryptocurrency market. Key factors driving the robust growth rate in Europe region include presence of enormous consumer base, and legalisation of cryptocurrencies as a medium of exchange in many countries coupled with growing internet penetration, is bolstering the market demand in the region.