Categories: Market Research

Cryptocurrency Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Federal Reserve Bank of Boston, Intel Corporation, BitGo Inc., Bitstamp Limited, Nvidia Corporation

The Cryptocurrency Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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 growth in the historic period can be attributed to early adoption and enthusiasm, market speculation, global financial uncertainty, regulatory developments, initial coin offerings (ICOs).

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%. The growth in the forecast period can be attributed to institutional adoption, global acceptance, decentralized finance (DeFi), government and regulatory clarity, increased tokenization. Major trends in the forecast period include technological upgrades, blockchain technology development, technological advancements, rise of central bank digital currencies, NFTs (non-fungible tokens) boom.

Transparency in financial payment is expected to propel the growth of the cryptocurrency market in the coming years. Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historic transactions, that means it is not controlled by one central source. The centralized systems and human gatekeepers limit the speed and sophistication of transactions while reducing users’ direct control over their money. There are no middlemen in digital currency transactions and consumers have the authority to stop or pause transactions and record them in their private ledger. For instance, in July 2021, Tesla, a US-based electric car manufacturer has started accepting bitcoin as a mode of payment because of its transparency and unique value. Therefore, the transparency in financial payment drives the growth of the cryptocurrency market

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The cryptocurrency market covered in this report is segmented –

1) By Type: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Other Types
2) By Process: Mining, Transaction
3) By Offering: Hardware, Software
4) By End User: Trading, Retail And E-commerce, Banking, Other End Users

Major companies operating in the cryptocurrency market are adopting strategic collaborations in cryptocurrency market to sustain their position. Strategic collaborations play a crucial role in advancing the cryptocurrency market by fostering innovation, expanding accessibility, and building trust in the industry. For instance, in September 2023, RedotPay, a Hong Kong-based Web3 payment solution provider, and Beosin Co. Ltd., a Singapore-based blockchain security company, Entered a Strategic Partnership. The purpose of this important partnership is to improve our cryptocurrency payment platform’s real-time blockchain transaction monitoring and evaluation capabilities. The partnership focuses on proactively identifying and mitigating risks associated with cryptocurrency payments, ensuring adherence to strict regulatory standards for Virtual Asset Service Providers (VASPs).

The cryptocurrency market report table of contents includes: