A cryptocurrency is a peer-to-peer system which enables anyone to send and receive payments online. It is a digital currency that is created using an encryption algorithm and can be used as an alternative form of payment to purchase goods and services. Blockchain is the underlying technology of cryptocurrencies that leverages an online ledger with strong encryption, making online transactions secure. The rising digitalization across various sectors is the major reason for the rise in the popularity of cryptocurrencies in recent years. Other crucial factors influencing exponential growth in the cryptocurrency market include the growing need for operational efficiency, enhanced data security, and transparency in financial payment systems. Besides, the increased demand for cryptocurrency among financial institutions is expected to bode well for the global cryptocurrency market in the forecast period.
Increased Bitcoin Adoption to Prolong Market Expansion
Bitcoin is the world’s largest cryptocurrency which has experienced notable worldwide acceptance and trust. The rising investors’ interest in bitcoin, coupled with favourable government regulations is further propelling the adoption of bitcoin. Another factor boosting the use of bitcoin is the allowance from various retail and payment services for payments in the form of bitcoin. In addition to this, maturing bitcoin currency value coupled with the ability to pay rewards for transactions is likely to act as a catalyst in cryptocurrency adoption globally. The aggregated force of these factors is likely to steepen the growth curve of the global cryptocurrency market in the coming years.
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Mining Process to Gain Momentum for Cryptocurrency Market Growth
Mining is referred to as the process of generating new cryptocurrencies and verifying their transactions. It ensures that the cryptocurrency is transferred from sender to receiver in a steady and secure manner. The technological advancements in an effort to reduce power consumption utilized through mining and improve hash rates are expected to increase mining activities. As a result of this, cryptocurrency miners are likely to form mining pools by integrating their computing capabilities. This is likely to accelerate the market growth of the global cryptocurrency market. Furthermore, the increased usage of smartphones coupled with growing internet penetration is expected to aid these promising growth pattern in the coming years.
North America to Emerge as Key Region Amid Rising Bitcoin Adoption
North America recorded an increased use of bitcoin as a means of exchange for tax purposes as an alternative to cash. Therefore, North America is expected to claim a lion’s share of the cryptocurrency market over the forecast period. Several industrialised countries in the region also continue to promote the use of digital currencies even though they are not regulated by the government. This has led to the growing adoption of digital payments by consumers and retailers alike, consequently fueling cryptocurrency market growth. Moreover, the exceptional popularity of bitcoin mining and the presence of key market players in the region is also proving impetus to the regional market’s growth.
Prominent Market Players
Some of the major players in the global cryptocurrency market include Coinbase (US), Canaan Creative (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Bitmain (China), Ethereum Foundation (Switzerland), Bitstamp (Luxemburg), Index (Hong Kong), Bitfury Group (Netherlands), BitGo (US), Binance Holdings (China), Ledger SAS (France), Xapo (Hong Kong), and Alcheminer (US).
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