Cryptocurrency Market

Cryptocurrency Market with impact of COVID-19 by Offering (Hardware, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography - Global Forecast to 2026

Report Code: SE 5634 Apr, 2021, by marketsandmarkets.com

[188 Pages Report] The cryptocurrency market size is expected to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026, at a CAGR of 7.1%. Transparency or distributed ledger technology and growth in venture capital investments are the key factors driving the growth of the cryptocurrency market.

Cryptocurrency Market

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Covid-19 Impact in the Cryptocurrency market

The COVID-19 pandemic has had a huge impact on the global economy. With the virus spreading across 188 countries, a number of businesses were shut down and many people lost their jobs. The virus mostly affected small businesses, but large corporations felt the impact as well. Apple closed all of its stores outside of China temporarily and Bloomingdale’s did the same with all of its 56 locations. Against the backdrop of the uncertainty raised by COVID-19, Bitcoin, Ethereum, and other digital currencies have garnered significant attention. Even banks have started buying crypto for the first time. Banks in the US are creating their own blockchain-based systems, including digital currencies, to enable B2B cryptocurrency payments between their customers. Also, in October 2020, PayPal announced that its customers will be able to buy, sell, and hold Bitcoin and cryptocurrencies using their PayPal accounts, allowing customers to buy things from the 26 million sellers who accept PayPal, In 2021, PayPal is planning to allow cryptocurrency to be used as a funding source.

Cryptocurrency market dynamics

Driver: Transparency of distributed ledger technology

Issues related to lack of transparency arise when transactions take place without the knowledge of stakeholders, especially in Asian countries where several instances of fraudulent or unwanted transactions, such as deduction of scheduled charges, are frequently observed. This may be caused by human error, machine error, or data manipulation during the transaction process, and may result in customers losing huge amounts of money. Moreover, in most cases, financial institutions do not accept their fault. This lack of transparency in the current monetary system leads to dissatisfaction among the public.

Restraint: Uncertain regulatory status

The cryptocurrency market is not yet regulated. At present, the lack of regulations and the uncertainty regarding the same are among the major factors restraining the adoption of cryptocurrencies. While financial regulatory bodies across the world are working to find common standards for cryptocurrencies, regulatory acceptance remains one of the biggest challenges. As the distributed ledger technology is still in the nascent stage, it raises a number of questions for regulators and policymakers at national and international levels.

Opportunity: Significant growth opportunities in emerging and developed markets

Emerging economies (such as India, China, and Brazil) and developed countries (such as the US, Germany, and Japan) are expected to offer significant growth opportunities for companies operating in the cryptocurrency market. For instance, in 2020, Brazilian crypto companies have signed a code of self-regulation that aims to legitimize and boost the adoption of crypto assets in the country. The document was signed under the auspices of Abcripto, the country’s association of cryptocurrency companies. The objective of the agreement is to establish operational practices and compliance standards that all members must adhere to. The country’s prominent cryptocurrency firms that signed the code include Foxbit, Ripio, Bitcoin Market, and Novadax.

Challenge: Concerns regarding security, privacy, and control

Cryptocurrency has the potential of transforming and revolutionizing compliance-free peer-to-peer and remittance transactions; however, end users have to overcome certain challenges related to security, privacy, and control to benefit from cryptocurrency. As cryptocurrency transactions are recorded in the distributed public ledger known as blockchain, hackers have a large attack surface to gain access to critical and sensitive information. If this public ledger is used to store confidential contract-related information or payment data, replicating the file could potentially make it easier for hackers to access it. If a key is compromised, it can be used to access the database in a hub-and-spoke model as well as in a distributed database.

Value Chain Analysis

Cryptocurrency Market

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Hardware to hold largest size of Cryptocurrency market in 2021

The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In the transaction monitoring process, miners (generally the users) validate the transactions made by other users. In this process, the system needs high computing power to validate the transactions. The validation process involves the creation of hash codes to encrypt the transactions. To generate a hash code, the miner needs highly effective and efficient hardware. In other words, to get new blocks and solve them, miners need to generate as many hash codes as possible. Miners get rewards through mining. Mining rigs are available in several shapes and sizes. The cryptocurrency market for hardware has been segmented, on the basis of processor, into GPUs, central processing units (CPUs), FPGAs, and ASICs.

Mining process to hold largest share of Cryptocurrency market in 2021

Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. It ensures stable, secure, and safe propagation of the currency from a payer to a receiver. Unlike fiat currency, where a centralized authority controls and regulates the transactions, cryptocurrencies are decentralized and work on a peer-to-peer system.

APAC to grow at highest CAGR during the forecast period

In terms of value, APAC to grow at highest CAGR during the forecast period. This market in APAC has been studied for China, Japan, South Korea, and Rest of APAC (RoAPAC). RoAPAC includes Singapore, Malaysia, Thailand, India, Australia, and New Zealand. China is the largest market among all APAC countries. Owing to the low cost of electricity, and presence of big mining companies.

Cryptocurrency Market  by Region

Key Market Players

Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands), Coinbase (US), BitGo (US), Binance Holdings (China) Canaan Creative (China). Bitstamp (Luxemburg), Ifinex (Hong Kong), Ledger SAS (France), Xapo (Hong Kong), and Alcheminer (US), are a few major companies dominating the Cryptocurrency market.

Scope of the Report:

Report Metric

Details

Market size available for years

2015-2026

Base year

2020

Forecast period

2021–2026

Units

Value (USD)

Segments covered

Offering, process, type, and Geography

Geographic regions covered

North America, APAC, Europe, and RoW

Companies covered

Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands), Coinbase (US), BitGo (US), Binance Holdings (China) Canaan Creative (China). Bitstamp (Luxemburg), Ifinex (Hong Kong), Ledger SAS (France), Xapo (Hong Kong), and Alcheminer (US).

This report categorizes the Cryptocurrency market by end-user industry, applications, type, revenue, and geography.

By Offering:

  • Hardware
  • Software

By Process:

  • Mining
  • Transaction

By Type:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Ripple
  • Litecoin
  • Dash
  • Others

Geographic Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Mexico
    • Germany
    • France
    • East Europe
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • Japan
    • South Korea
    • Rest of APAC
  • Rest of the World (RoW)

Recent Developments

  • In March 2018, NVIDIA announced a series of new technologies and partnerships that expand its potential inference market to 30 million hyperscale servers worldwide, while dramatically lowering the cost of delivering deep learning-powered services .
  • In February 2018, AMD launched EPYC Embedded 3000 series processor and AMD Ryzen Embedded V1000 processor that deliver high performance, exceptional integration, and on-chip security.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 25)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 INCLUSIONS & EXCLUSIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 29)
    2.1 RESEARCH DATA
           FIGURE 1 RESEARCH DESIGN
           2.1.1 SECONDARY AND PRIMARY RESEARCH
                    2.1.1.1 Key industry insights
           2.1.2 SECONDARY DATA
                    2.1.2.1 List of major secondary sources
                    2.1.2.2 Secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 Breakdown of primaries
                    2.1.3.2 Primary sources
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Demand-side analysis
                               FIGURE 2 BOTTOM-UP APPROACH
                               FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1—BOTTOM-UP (DEMAND SIDE) – DEMAND FOR CRYPTOCURRENCIES
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Supply-side analysis
                               FIGURE 4 TOP-DOWN APPROACH
                               FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)—REVENUE GENERATED FROM CRYPTOCURRENCY RELATED PRODUCTS
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 6 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
           TABLE 1 STUDY ASSUMPTIONS
    2.5 LIMITATIONS
           2.5.1 METHODOLOGY-RELATED LIMITATIONS
           2.5.2 SCOPE-RELATED LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 41)
    FIGURE 7 GLOBAL INDUSTRIAL SENSORS MARKET, 2015–2026 (USD MILLION)
    FIGURE 8 CRYPTOCURRENCY MARKET FOR HARDWARE CONTRIBUTED HIGHEST IN 2020
    FIGURE 9 CRYPTOCURRENCY MARKET FOR MINING GENERATED MORE REVENUE IN 2020
    FIGURE 10 CRYPTOCURRENCY MARKET FOR BITCOIN TO HOLD LARGEST SHARE DURING 2021–2026
    FIGURE 11 CRYPTOCURRENCY MARKET FOR PAYMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
    FIGURE 12 APAC HELD LARGEST SHARE OF CRYPTOCURRENCY MARKET IN 2020

4 PREMIUM INSIGHTS (Page No. - 45)
    4.1 ATTRACTIVE OPPORTUNITIES IN CRYPTOCURRENCY MARKET
           FIGURE 13 APAC TO DOMINATE CRYPTOCURRENCY MARKET DURING FORECAST PERIOD
    4.2 CRYPTOCURRENCY MARKET FOR PAYMENT, BY TYPE
           FIGURE 14 PEER-TO PEER PAYMENT TO DOMINATE CRYPTOCURRENCY MARKET DURING FORECAST PERIOD
    4.3 CRYPTOCURRENCY MARKET FOR MINING, BY TYPE
           FIGURE 15 CRYPTOCURRENCY MARKET FOR POOL MINING WILL HAVE HIGHEST MARKET SHARE IN 2026
    4.4 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY APPLICATION AND COUNTRY
           FIGURE 16 TRADING AND US SEGMENTS TO HOLD LARGEST SHARE OF CRYPTOCURRENCY MARKET IN NORTH AMERICA IN 2021
    4.5 CRYPTOCURRENCY MARKET, BY GEOGRAPHY
           FIGURE 17 CRYPTOCURRENCY MARKET IN SOUTH AMERICA TO GROW AT HIGHEST CAGR FROM 2021 TO 2026

5 MARKET OVERVIEW (Page No. - 48)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 18 CRYPTOCURRENCY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Transparency of distributed ledger technology
                    5.2.1.2 High inflow of remittances to developing countries
                               FIGURE 19 GLOBAL REMITTANCE FLOWS, 2014–2019
                               FIGURE 20 TOP REMITTANCE RECEIVERS, 2019
                    5.2.1.3 High charges of cross-border remittances
                               FIGURE 21 COSTS OF REMITTANCES, 2017 VS. 2018
                    5.2.1.4 Growth in venture capital investments
                               TABLE 2 FUNDING IN CRYPTOCURRENCY MARKET, 2014–2018 (USD MILLION)
                               FIGURE 22 CRYPTOCURRENCY MARKET DRIVERS AND THEIR IMPACT
           5.2.2 RESTRAINTS
                    5.2.2.1 Uncertain regulatory status
                    5.2.2.2 Lack of awareness and technical understanding regarding cryptocurrencies
                               FIGURE 23 CRYPTOCURRENCY MARKET RESTRAINTS AND THEIR IMPACT
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Significant growth opportunities in emerging and developed markets
                    5.2.3.2 Growing acceptance of cryptocurrency across various industries
                               FIGURE 24 CRYPTOCURRENCY MARKET OPPORTUNITIES AND THEIR IMPACT
           5.2.4 CHALLENGES
                    5.2.4.1 Concerns regarding security, privacy, and control
                    5.2.4.2 Technical challenges pertaining to scalability
                    5.2.4.3 Lack of legislation
                               FIGURE 25 CRYPTOCURRENCY MARKET CHALLENGES AND THEIR IMPACT
    5.3 VALUE CHAIN ANALYSIS OF CRYPTOCURRENCY MARKET
           FIGURE 26 VALUE CHAIN ANALYSIS OF CRYPTOCURRENCY, 2018

6 INDUSTRY TRENDS (Page No. - 59)
    6.1 CASE STUDY
           6.1.1 RANSOMWARE CASE STUDY
                    6.1.1.1 Technology behind ransomware
                    6.1.1.2 Encryption
                    6.1.1.3 Advent of cryptocurrencies
                    6.1.1.4 Impact of ransomware attack
                    6.1.1.5 Decline of ransomware
    6.2 TECHNOLOGY TRENDS
           6.2.1 RISE IN CRYPTOCURRENCY MINING MALWARE
           6.2.2 INITIAL COIN OFFERING (ICO)
           6.2.3 CRYPTOGRAPHY IN CRYPTOCURRENCY
    6.3 CRYPTOCURRENCY PRICES (IN USD)
           TABLE 3 CRYPTOCURRENCY PRICE TREND, 2014–2021 (USD)
           6.3.1 HARDFORK IN CRYPTOCURRENCIES
                    TABLE 4 CRYPTOCURRENCY FORK, 2017–2018
    6.4 REGULATIONS PERTAINING TO CRYPTOCURRENCY
           TABLE 5 CRYPTOCURRENCY STATUS, BY COUNTRY, 2019
    6.5 PATENT ANALYSIS
           TABLE 6 IMPORTANT INNOVATIONS AND PATENTS REGISTRATION
    6.6 PORTER’S FIVE FORCES MODEL
           TABLE 7 CRYPTOCURRENCY MARKET: PORTER’S FIVE FORCES ANALYSIS
    6.7 CRYPTOCURRENCY TRADING VOLUME
           TABLE 8 CRYPTOCURRENCY TRADING VOLUME, 2018–2021 (USD BILLION)
    6.8 CRYPTOCURRENCY ECOSYSTEM/MARKET MAPPING
           FIGURE 27 ECOSYSTEM OF CRYPTOCURRENCIES
           6.8.1 IMPACT OF COVID-19

7 CRYPTOCURRENCY MARKET, BY OFFERING (Page No. - 70)
    7.1 INTRODUCTION
           FIGURE 28 SOFTWARE TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
           TABLE 9 CRYPTOCURRENCY MARKET, BY OFFERING, 2015–2020 (USD MILLION)
           TABLE 10 CRYPTOCURRENCY MARKET, BY OFFERING, 2021–2026 (USD MILLION)
    7.2 HARDWARE
           TABLE 11 CRYPTOCURRENCY MARKET FOR HARDWARE, BY PROCESS, 2015–2020 (USD MILLION)
           TABLE 12 CRYPTOCURRENCY MARKET FOR HARDWARE, BY PROCESS, 2021–2026 (USD MILLION)
           TABLE 13 CRYPTOCURRENCY MARKET FOR HARDWARE, BY REGION, 2015–2020 (USD MILLION)
           TABLE 14 CRYPTOCURRENCY MARKET FOR HARDWARE, BY REGION, 2021–2026 (USD MILLION)
           TABLE 15 CRYPTOCURRENCY MARKET FOR HARDWARE IN APAC, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 16 CRYPTOCURRENCY MARKET FOR HARDWARE IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 17 CRYPTOCURRENCY MARKET FOR HARDWARE IN NORTH AMERICA, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 18 CRYPTOCURRENCY MARKET FOR HARDWARE IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 19 CRYPTOCURRENCY MARKET FOR HARDWARE IN EUROPE, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 20 CRYPTOCURRENCY MARKET FOR HARDWARE IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 21 CRYPTOCURRENCY MARKET FOR HARDWARE IN ROW, BY REGION, 2015–2020 (USD MILLION)
           TABLE 22 CRYPTOCURRENCY MARKET FOR HARDWARE IN ROW, BY REGION, 2021–2026 (USD MILLION)
           TABLE 23 CRYPTOCURRENCY MARKET FOR HARDWARE, BY PROCESSOR, 2015–2020 (USD MILLION)
           TABLE 24 CRYPTOCURRENCY MARKET FOR HARDWARE, BY PROCESSOR, 2021–2026 (USD MILLION)
           7.2.1 ASIC
                    7.2.1.1 Application-specific integrated circuit (ASIC) helps solve problems by building gates to emulate logic
                               TABLE 25 ASIC MARKET, BY VOLUME AND ASP, 2015–2020
                               TABLE 26 ASIC MARKET, BY VOLUME AND ASP, 2021–2026
                               TABLE 27 CRYPTOCURRENCY ASIC HARDWARE
           7.2.2 GPU
                    7.2.2.1 GPU is specialized electronic circuit designed to rapidly manipulate and alter memory to accelerate creation of images in framebuffer intended for output on display device
           7.2.3 FPGA
                    7.2.3.1 FPGA is an integrated circuit that can be configured by customer or designer even after it is manufactured
                               TABLE 28 FPGA MARKET, BY VOLUME AND ASP, 2015–2020
                               TABLE 29 FPGA MARKET, BY VOLUME AND ASP, 2021–2026
           7.2.4 WALLET
                    7.2.4.1 Cryptocurrency wallets allow users to send and receive cryptocurrency
    7.3 SOFTWARE
           TABLE 30 CRYPTOCURRENCY MARKET FOR SOFTWARE, BY PROCESS, 2015–2020 (USD MILLION)
           TABLE 31 CRYPTOCURRENCY MARKET FOR SOFTWARE, BY PROCESS, 2021–2026 (USD MILLION)
           TABLE 32 CRYPTOCURRENCY MARKET FOR SOFTWARE, BY REGION, 2015–2020 (USD MILLION)
           TABLE 33 CRYPTOCURRENCY MARKET FOR SOFTWARE, BY REGION, 2021–2026 (USD MILLION)
           TABLE 34 CRYPTOCURRENCY MARKET FOR SOFTWARE IN APAC, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 35 CRYPTOCURRENCY MARKET FOR SOFTWARE IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 36 CRYPTOCURRENCY MARKET FOR SOFTWARE IN NORTH AMERICA, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 37 CRYPTOCURRENCY MARKET FOR SOFTWARE IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 38 CRYPTOCURRENCY MARKET FOR SOFTWARE IN EUROPE, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 39 CRYPTOCURRENCY MARKET FOR SOFTWARE IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 40 CRYPTOCURRENCY MARKET FOR SOFTWARE IN ROW, BY REGION, 2015–2020 (USD MILLION)
           TABLE 41 CRYPTOCURRENCY MARKET FOR SOFTWARE IN ROW, BY REGION, 2021–2026 (USD MILLION)
           TABLE 42 CRYPTOCURRENCY MARKET, BY SOFTWARE, 2015–2020 (USD MILLION)
           TABLE 43 CRYPTOCURRENCY MARKET, BY SOFTWARE, 2021–2026 (USD MILLION)
           7.3.1 MINING PLATFORM
                    7.3.1.1 Mining is an integral process in generation, transmission, and validation of cryptocurrency transactions
           7.3.2 COIN WALLET
                    7.3.2.1 Coin wallet is a software program that is used to securely store, send, and receive cryptocurrencies through management of private and public cryptographic keys
           7.3.3 EXCHANGE
                    7.3.3.1 Coin exchanges play an important role in promoting cryptocurrency by enabling conversion of cryptocurrency coins to fiat currency and vice versa

8 CRYPTOCURRENCY MARKET, BY PROCESS (Page No. - 90)
    8.1 INTRODUCTION
           FIGURE 29 TRANSACTION TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
           TABLE 44 CRYPTOCURRENCY MARKET, BY PROCESS, 2015–2020 (USD MILLION)
           TABLE 45 CRYPTOCURRENCY MARKET, BY PROCESS, 2021–2026 (USD MILLION)
    8.2 MINING
           TABLE 46 CRYPTOCURRENCY MARKET FOR MINING, BY OFFERING, 2015–2020 (USD MILLION)
           TABLE 47 CRYPTOCURRENCY MARKET FOR MINING, BY OFFERING, 2021–2026 (USD MILLION)
           TABLE 48 CRYPTOCURRENCY MARKET FOR MINING, BY REGION, 2015–2020 (USD MILLION)
           TABLE 49 CRYPTOCURRENCY MARKET FOR MINING, BY REGION, 2021–2026 (USD MILLION)
           TABLE 50 CRYPTOCURRENCY MARKET FOR MINING IN APAC, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 51 CRYPTOCURRENCY MARKET FOR MINING IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 52 CRYPTOCURRENCY MARKET FOR MINING IN NORTH AMERICA, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 53 CRYPTOCURRENCY MARKET FOR MINING IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 54 CRYPTOCURRENCY MARKET FOR MINING IN EUROPE, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 55 CRYPTOCURRENCY MARKET FOR MINING IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 56 CRYPTOCURRENCY MARKET FOR MINING IN ROW, BY REGION, 2015–2020 (USD MILLION)
           TABLE 57 CRYPTOCURRENCY MARKET FOR MINING IN ROW, BY REGION, 2021–2026 (USD MILLION)
           TABLE 58 CRYPTOCURRENCY MARKET FOR MINING, BY TYPE, 2015–2020 (USD MILLION)
           TABLE 59 CRYPTOCURRENCY MARKET FOR MINING, BY TYPE, 2021–2026 (USD MILLION)
           8.2.1 SOLO MINING
                    8.2.1.1 Solo mining relies mainly on chance and probability of winning a block within a given period of time
           8.2.2 POOL MINING
                    8.2.2.1 In pool mining, group of miners create ways to even out rewards
           8.2.3 CLOUD MINING
                    8.2.3.1 In cloud mining, large group of interconnected computers, known as network servers, is used by miners
    8.3 TRANSACTION
           TABLE 60 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY OFFERING, 2015–2020 (USD MILLION)
           TABLE 61 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY OFFERING, 2021–2026 (USD MILLION)
           TABLE 62 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY REGION, 2015–2020 (USD MILLION)
           TABLE 63 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY REGION, 2021–2026 (USD MILLION)
           TABLE 64 CRYPTOCURRENCY MARKET FOR TRANSACTION IN APAC, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 65 CRYPTOCURRENCY MARKET FOR TRANSACTION IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 66 CRYPTOCURRENCY MARKET FOR TRANSACTION IN NORTH AMERICA, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 67 CRYPTOCURRENCY MARKET FOR TRANSACTION IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 68 CRYPTOCURRENCY MARKET FOR TRANSACTION IN EUROPE, BY COUNTRY, 2015–2020 (USD MILLION)
           TABLE 69 CRYPTOCURRENCY MARKET FOR TRANSACTION IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
           TABLE 70 CRYPTOCURRENCY MARKET FOR TRANSACTION IN ROW, BY REGION, 2015–2020 (USD MILLION)
           TABLE 71 CRYPTOCURRENCY MARKET FOR TRANSACTION IN ROW, BY REGION, 2021–2026 (USD MILLION)
           TABLE 72 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY TYPE, 2015–2020 (USD MILLION)
           TABLE 73 CRYPTOCURRENCY MARKET FOR TRANSACTION, BY TYPE, 2021–2026 (USD MILLION)
           8.3.1 EXCHANGE
                    8.3.1.1 Crypto exchanges facilitate crypto trading and set rate of currencies for transactions
           8.3.2 WALLET
                    8.3.2.1 Desktop wallets are installed on desktop computers and provide users with complete control over wallet

9 CRYPTOCURRENCY MARKET, BY TYPE (Page No. - 104)
    9.1 INTRODUCTION
           TABLE 74 CRYPTOCURRENCY MARKET, BY TYPE, 2015–2020 (USD MILLION)
           TABLE 75 CRYPTOCURRENCY MARKET, BY TYPE, 2017–2021 (USD MILLION)
    9.2 BITCOIN
           9.2.1 BITCOIN MINING PROCESS HAS CHANGED FROM SOFTWARE- TO HARDWARE-ORIENTED
    9.3 ETHEREUM (ETH)
           9.3.1 ETHEREUM BLOCKCHAIN FOCUSES ON RUNNING PROGRAMMING CODE OF ANY DECENTRALIZED APPLICATION, ENABLING IT TO BE BUILT AND RUN WITHOUT ANY DOWNTIME, FRAUD, CONTROL, OR INTERFERENCE FROM A THIRD PARTY
    9.4 BITCOIN CASH
           9.4.1 BITCOIN CASH, CONTINUATION OF BITCOIN PROJECT, WAS FORMED BY SPLIT OF BITCOIN PROJECT AND ITS COMMUNITY INTO TWO
    9.5 RIPPLE (XRP)
           9.5.1 XRP USES A GLOBAL CONSENSUS LEDGER MODEL FOR TRANSACTIONS
    9.6 DASHCOIN
           9.6.1 DASHCOIN IS AN OPEN-SOURCE, PEER-TO-PEER CRYPTOCURRENCY THAT OFFERS SAME FEATURES AS BITCOIN
    9.7 LITECOIN (LTC)
           9.7.1 LTC IS AN OPEN SOURCE, GLOBAL PAYMENT NETWORK THAT IS FULLY DECENTRALIZED
    9.8 OTHERS

10 CRYPTOCURRENCY MARKET, BY END-USER INDUSTRY (Page No. - 109)
     10.1 BANKING
             10.1.1 CENTRAL BANKS ACROSS ASIA AND EUROPE ARE PLANNING TO LAUNCH DIGITAL CURRENCIES FOR FUTURE PAYMENT SYSTEMS AND CROSS-BORDER TRANSACTIONS
     10.2 REAL ESTATE
             10.2.1 CURRENT PROCEDURES FOR SEARCHING AND LEASING PROPERTIES IN COMMERCIAL REAL ESTATE (CRE) INDUSTRY CAN BE SIGNIFICANTLY IMPROVED BY CRYPTOCURRENCY AND BLOCKCHAIN TECHNOLOGIES
     10.3 RETAIL & ECOMMERCE
             10.3.1 CRYPTOCURRENCY USE IN RETAIL AND ECOMMERCE INDUSTRIES IS LIMITED TO MOST TECHNOLOGICALLY ADVANCED BUYERS
             10.3.2 OVERSTOCK
             10.3.3 NEWEGG
             10.3.4 CRYPTOPET
             10.3.5 BEESBROS
             10.3.6 BITGILD

11 GEOGRAPHIC ANALYSIS (Page No. - 111)
     11.1 INTRODUCTION
               FIGURE 30 CRYPTOCURRENCY MARKET IN ROW TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
               FIGURE 31 APAC TO HOLD LARGEST SHARE OF CRYPTOCURRENCY MARKET DURING FORECAST PERIOD
               TABLE 76 CRYPTOCURRENCY MARKET, BY REGION, 2015–2020 (USD MILLION)
               TABLE 77 CRYPTOCURRENCY MARKET, BY REGION, 2021–2026 (USD MILLION)
     11.2 NORTH AMERICA
               FIGURE 32 NORTH AMERICA: SNAPSHOT OF CRYPTOCURRENCY MARKET
               TABLE 78 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY COUNTRY, 2015–2020 (USD MILLION)
               TABLE 79 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
               TABLE 80 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY OFFERING, 2015–2020 (USD MILLION)
               TABLE 81 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY OFFERING, 2021–2026 (USD MILLION)
               TABLE 82 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY PROCESS, 2015–2020 (USD MILLION)
               TABLE 83 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY PROCESS, 2021–2026 (USD MILLION)
               TABLE 84 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY APPLICATION, 2015–2020 (USD MILLION)
               TABLE 85 CRYPTOCURRENCY MARKET IN NORTH AMERICA, BY APPLICATION, 2021–2026 (USD MILLION)
             11.2.1 US
                       11.2.1.1 Concentration of large and small-scale companies providing cryptocurrency-based products and solutions favor growth of market in US
                                   TABLE 86 CRYPTOCURRENCY MARKET IN US, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 87 CRYPTOCURRENCY MARKET IN US, BY PROCESS, 2021–2026 (USD MILLION)
             11.2.2 CANADA
                       11.2.2.1 Cryptocurrency dealers in Canada need to register themselves as money service businesses (MSBs) with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
                                   TABLE 88 CRYPTOCURRENCY MARKET IN CANADA, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 89 CRYPTOCURRENCY MARKET IN CANADA, BY PROCESS, 2021–2026 (USD MILLION)
             11.2.3 MEXICO
                       11.2.3.1 Mexico is emerging as a major contributor to cryptocurrency market in North America
                                   TABLE 90 CRYPTOCURRENCY MARKET IN MEXICO, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 91 CRYPTOCURRENCY MARKET IN MEXICO, BY PROCESS, 2021–2026 (USD MILLION)
     11.3 EUROPE
               FIGURE 33 EUROPE: SNAPSHOT OF CRYPTOCURRENCY MARKET
               TABLE 92 CRYPTOCURRENCY MARKET IN EUROPE, BY COUNTRY, 2015–2020 (USD MILLION)
               TABLE 93 CRYPTOCURRENCY MARKET IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
               TABLE 94 CRYPTOCURRENCY MARKET IN EUROPE, BY OFFERING, 2015–2020 (USD MILLION)
               TABLE 95 CRYPTOCURRENCY MARKET IN EUROPE, BY OFFERING, 2021–2026 (USD MILLION)
               TABLE 96 CRYPTOCURRENCY MARKET IN EUROPE, BY PROCESS, 2015–2020 (USD MILLION)
               TABLE 97 CRYPTOCURRENCY MARKET IN EUROPE, BY PROCESS, 2021–2026 (USD MILLION)
               TABLE 98 CRYPTOCURRENCY MARKET IN EUROPE, BY APPLICATION, 2015–2020 (USD MILLION)
               TABLE 99 CRYPTOCURRENCY MARKET IN EUROPE, BY APPLICATION, 2021–2026 (USD MILLION)
             11.3.1 GERMANY
                       11.3.1.1 Suitable temperature makes mining profitable in Germany
                                   TABLE 100 CRYPTOCURRENCY MARKET IN GERMANY, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 101 CRYPTOCURRENCY MARKET IN GERMANY, BY PROCESS, 2021–2026 (USD MILLION)
             11.3.2 FRANCE
                       11.3.2.1 French Government termed cryptocurrency as an instrument for money laundering and other illegal activities
                                   TABLE 102 CRYPTOCURRENCY MARKET IN FRANCE, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 103 CRYPTOCURRENCY MARKET IN FRANCE, BY PROCESS, 2021–2026 (USD MILLION)
             11.3.3 UK
                       11.3.3.1 Exchanges in UK have to be registered with Financial Conduct Authority (FCA)
                                   TABLE 104 CRYPTOCURRENCY MARKET IN UK, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 105 CRYPTOCURRENCY MARKET IN UK, BY PROCESS, 2021–2026 (USD MILLION)
             11.3.4 EAST EUROPE
                       11.3.4.1 Malta to emerge as potential growth ground for cryptocurrency market in East Europe
                                   TABLE 106 CRYPTOCURRENCY MARKET IN EAST EUROPE, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 107 CRYPTOCURRENCY MARKET IN EAST EUROPE, BY PROCESS, 2021–2026 (USD MILLION)
             11.3.5 REST OF EUROPE
                       TABLE 108 CRYPTOCURRENCY MARKET IN REST OF EUROPE, BY PROCESS, 2015–2020 (USD MILLION)
                       TABLE 109 CRYPTOCURRENCY MARKET IN REST OF EUROPE, BY PROCESS, 2021–2026 (USD MILLION)
     11.4 APAC
               FIGURE 34 APAC: SNAPSHOT OF CRYPTOCURRENCY MARKET
               TABLE 110 CRYPTOCURRENCY MARKET IN APAC, BY COUNTRY, 2015–2020 (USD MILLION)
               TABLE 111 CRYPTOCURRENCY MARKET IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
               TABLE 112 CRYPTOCURRENCY MARKET IN APAC, BY OFFERING, 2015–2020 (USD MILLION)
               TABLE 113 CRYPTOCURRENCY MARKET IN APAC, BY OFFERING, 2021–2026 (USD MILLION)
               TABLE 114 CRYPTOCURRENCY MARKET IN APAC, BY PROCESS, 2015–2020 (USD MILLION)
               TABLE 115 CRYPTOCURRENCY MARKET IN APAC, BY PROCESS, 2021–2026 (USD MILLION)
               TABLE 116 CRYPTOCURRENCY MARKET IN APAC, BY APPLICATION, 2015–2020 (USD MILLION)
               TABLE 117 CRYPTOCURRENCY MARKET IN APAC, BY APPLICATION, 2021–2026 (USD MILLION)
             11.4.1 CHINA
                       11.4.1.1 Cryptocurrency cannot be traded as currency in China
                                   TABLE 118 CRYPTOCURRENCY MARKET IN CHINA, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 119 CRYPTOCURRENCY MARKET IN CHINA, BY PROCESS, 2021–2026 (USD MILLION)
             11.4.2 JAPAN
                       11.4.2.1 People can buy or sell cryptocurrency as a commodity in Japan, and cryptocurrency exchange businesses are regulated
                                   TABLE 120 CRYPTOCURRENCY MARKET IN JAPAN, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 121 CRYPTOCURRENCY MARKET IN JAPAN, BY PROCESS, 2021–2026 (USD MILLION)
             11.4.3 SOUTH KOREA
                       11.4.3.1 Cryptocurrency dealers must have contracts with banks concerning cryptocurrency trades In South Korea
                                   TABLE 122 CRYPTOCURRENCY MARKET IN SOUTH KOREA, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 123 CRYPTOCURRENCY MARKET IN SOUTH KOREA, BY PROCESS, 2021–2026 (USD MILLION)
             11.4.4 REST OF APAC
                       TABLE 124 CRYPTOCURRENCY MARKET IN REST OF APAC, BY PROCESS, 2015–2020 (USD MILLION)
                       TABLE 125 CRYPTOCURRENCY MARKET IN REST OF APAC, BY PROCESS, 2021–2026 (USD MILLION)
     11.5 ROW
               TABLE 126 CRYPTOCURRENCY MARKET IN ROW, BY REGION, 2015–2020 (USD MILLION)
               TABLE 127 CRYPTOCURRENCY MARKET IN ROW, BY REGION, 2021–2026 (USD MILLION)
               TABLE 128 CRYPTOCURRENCY MARKET IN ROW, BY OFFERING, 2015–2020 (USD MILLION)
               TABLE 129 CRYPTOCURRENCY MARKET IN ROW, BY OFFERING, 2021–2026 (USD MILLION)
               TABLE 130 CRYPTOCURRENCY MARKET IN ROW, BY PROCESS, 2015–2020 (USD MILLION)
               TABLE 131 CRYPTOCURRENCY MARKET IN ROW, BY PROCESS, 2021–2026 (USD MILLION)
               TABLE 132 CRYPTOCURRENCY MARKET IN ROW, BY APPLICATION, 2015–2020 (USD MILLION)
               TABLE 133 CRYPTOCURRENCY MARKET IN ROW, BY APPLICATION, 2021–2026 (USD MILLION)
             11.5.1 SOUTH AMERICA
                       11.5.1.1 Cryptocurrencies are not specifically regulated in South America; however, they are increasingly being used in Argentina
                                   TABLE 134 CRYPTOCURRENCY MARKET IN SOUTH AMERICA, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 135 CRYPTOCURRENCY MARKET IN SOUTH AMERICA, BY PROCESS, 2021–2026 (USD MILLION)
             11.5.2 MIDDLE EAST AND AFRICA
                       11.5.2.1 High remittance inflow drives growth of cryptocurrency market in MEA
                                   TABLE 136 CRYPTOCURRENCY MARKET IN MEA, BY PROCESS, 2015–2020 (USD MILLION)
                                   TABLE 137 CRYPTOCURRENCY MARKET IN MEA, BY PROCESS, 2021–2026 (USD MILLION)

12 COMPETITIVE LANDSCAPE (Page No. - 142)
     12.1 OVERVIEW
               FIGURE 35 COMPANIES ADOPTED PRODUCT LAUNCHES AS KEY GROWTH STRATEGY FROM 2017 TO 2020
     12.2 MARKET SHARE ANALYSIS: CRYPTOCURRENCY MARKET
               TABLE 138 MARKET SHARE OF KEY PLAYERS IN CRYPTOCURRENCY MARKET, 2020
     12.3 REVENUE ANALYSIS OF TOP 5 PLAYERS IN CRYPTOCURRENCY MARKET
               FIGURE 36 REVENUE ANALYSIS OF TOP FIVE PLAYERS IN CRYPTOCURRENCY MARKET (2016–2020)
     12.4 COMPANY EVALUATION MATRIX
             12.4.1 STARS
             12.4.2 EMERGING LEADERS
             12.4.3 PERVASIVE
             12.4.4 PARTICIPANTS
                       FIGURE 37 CRYPTOCURRENCY MARKET: COMPANY EVALUATION MATRIX, 2020
     12.5 STARTUP/SME EVALUATION MATRIX, 2020
             12.5.1 PROGRESSIVE COMPANIES
             12.5.2 RESPONSIVE COMPANIES
             12.5.3 DYNAMIC COMPANIES
             12.5.4 STARTING BLOCKS
                       FIGURE 38 CRYPTOCURRENCY MARKET: STARTUP/SME EVALUATION MATRIX, 2020

13 COMPANY PROFILES (Page No. - 148)
     13.1 KEY PLAYERS
(Business Overview, Products Offered, Recent Developments, and MnM View)*
             13.1.1 BITMAIN TECHNOLOGIES LTD
             13.1.2 NVIDIA
                       FIGURE 39 NVIDIA: COMPANY SNAPSHOT
             13.1.3 ADVANCED MICRO DEVICES, INC.
                       FIGURE 40 ADVANCED MICRO DEVICES: COMPANY SNAPSHOT
             13.1.4 XILINX
                       FIGURE 41 XILINX: COMPANY SNAPSHOT
             13.1.5 BITFURY GROUP LIMITED
             13.1.6 INTEL
                       FIGURE 42 INTEL: COMPANY SNAPSHOT
             13.1.7 RIPPLE
             13.1.8 ETHEREUM FOUNDATION
             13.1.9 COINBASE
               13.1.10 BITGO
               13.1.11 BINANCE
* Business Overview, Products Offered, Recent Developments, and MnM View might not be captured in case of unlisted companies.
     13.2 OTHER COMPANIES
             13.2.1 CANAAN CREATIVE CO., LTD
             13.2.2 ZHEJIANG EBANG COMMUNICATION CO., LTD
             13.2.3 BITSTAMP LTD
             13.2.4 IFINEX INC
             13.2.5 LEDGER SAS
             13.2.6 XAPO
             13.2.7 ADVANCED MINING TECHNOLOGIES INC.
             13.2.8 ALCHEMINER, LTD.
             13.2.9 UPBIT
               13.2.10 SHARK MINING
               13.2.11 ETHEREUMMINER.EU
               13.2.12 PANDAMINER

14 APPENDIX (Page No. - 180)
     14.1 DISCUSSION GUIDE
     14.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     14.3 AVAILABLE CUSTOMIZATIONS
     14.4 RELATED REPORTS
     14.5 AUTHOR DETAILS

The study involved 4 major activities in estimating the current size of the Cryptocurrency market. Exhaustive secondary research has been done to collect information about the market, the peer markets, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information pertinent to this study. Secondary sources include annual reports; press releases; investor presentations; white papers; journals and certified publications; and articles from recognized authors, directories, and databases. Secondary research has been conducted to obtain important information about the industry’s supply chain, value chain, total pool of key players, market segmentation according to the industry trends (to the bottommost level), geographic markets, and key developments from both market- and technology-oriented perspectives.

Primary Research

Extensive primary research has been conducted after gaining knowledge about the Cryptocurrency market scenario through secondary research. Several primary interviews have been conducted with market experts from both demand (commercial application providers) and supply (equipment manufacturers and distributors) sides across four major regions: North America, Europe, APAC, and RoW. Approximately 20% and 80% of primary interviews have been conducted with parties from demand and supply sides, respectively. The primary data has been collected through questionnaires, emails, and telephonic interviews.

Cryptocurrency Market  Size, and Share

Market Size Estimation

  • In the complete engineering process, both top-down and bottom-up approaches, along with several data triangulation methods, have been used to estimate and validate the size of the Cryptocurrency market and other dependent submarkets.
  • The key players in the market have been determined through primary and secondary research. This entire research methodology involves the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) into the Cryptocurrency market.

Market Size Estimation Methodology: Bottom-up Approach

Cryptocurrency Market  Size, and Share

Data Triangulation

All the percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in the report.

Report Objectives

  • To describe and forecast the Cryptocurrency market, in terms of value, by type, process, and application
  • To describe and forecast the market, in terms of value, by region—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding major factors influencing growth (drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market
  • To provide detailed overview of value chain analysis in the Cryptocurrency market
  • To analyze opportunities in the market for various stakeholders by identifying high-growth segments of the Cryptocurrency market
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders
  • To analyze competitive developments such as product developments, expansions, mergers and research & development in the Cryptocurrency market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix that gives a detailed comparison of the product portfolio of each company
COVID-19

Get in-depth analysis of the COVID-19 impact on the Cryptocurrency Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Cryptocurrency Market

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