The virtual currency market size has also seen rapid growth in recent years, expected to rise from $2.41 billion in 2023 to $2.71 billion in 2024, at a compound annual growth rate (CAGR) of 12.5%. This growth during the historic period can be attributed to the dominance of cryptocurrencies in developed countries, the increasing demand for efficient and convenient payment methods, the presence of prominent digital payment companies, heightened investments from institutional investors, and the demand for the coin, its utility, and scarcity. Looking ahead, the virtual currency market size is projected to reach $4.35 billion in 2028, growing at a CAGR of 12.6%. The expected growth during the forecast period can be attributed to an increase in substantial node counts, favorable government regulations, investments from private venture companies, greater acceptance of virtual currencies by consumer businesses, and increased usage of blockchain technology. Key trends anticipated in the forecast period include the adoption of digital currency e-rmb, the launch of bitcoin exchange-traded funds (ETFs), the emergence of new cryptocurrencies, advancements in blockchain technology, and investments in innovative startups.
Major Driver In The Virtual Currency Market
The rising demand for digital payments is anticipated to foster the growth of the virtual currency market in the near future. Digital payments encompass any monetary transactions conducted electronically, and their increasing adoption is fueled by convenience, security, and speed compared to traditional payment methods. Digital payment systems support the uptake of virtual currency by providing seamless and secure transaction methods that integrate with various digital wallets and platforms. For instance, in October 2023, data from the Canadian Payments Association, a payment regulation organization in Canada, indicated that Canadian payment transactions via online transfers surged from 1,007 million in 2021 to 1,118 million in 2022, reflecting an 11% rise. Therefore, the increasing demand for digital payments is significantly contributing to the growth of the virtual currency market, with market size values for 2023, 2024, and projections for 2028 illustrating this trend.
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Virtual Currency Market Competitive Landscape
Major companies operating in the virtual currency market are Binance Inc., Xilinx Inc., Coinbase Inc., Robinhood Inc., Gemini Space Station LLC, Bitstamp Inc., Bit fury Group Limited, Bitpay Inc., Elliptic Inc., Block.one Inc., Bit Go Inc., Xapo Holdings Limited, Bit Main Technologies Holding, Coinjar Inc., Cointelegraph Inc., Gocoin Inc., Millipay Systems, Safello Inc., Unicoin DcX, HTX Global
Key Virtual Currency Market Trend
Major companies in the virtual currency market are focusing on developing advanced financial infrastructures, such as institutional-grade solutions, to enhance security and integration for digital assets. Institutional-grade solutions are advanced financial systems designed to meet the high security, compliance, and operational standards required by large institutional investors. For instance, in October 2022, BNY Mellon, a US-based financial services company, launched a digital asset custody platform in the US, enabling a select group of clients to securely hold and transfer Bitcoin and Ethereum. This platform is the first multi-asset system to integrate the custody of digital and traditional assets, providing an innovative solution that allows institutional clients to manage cryptocurrencies like Bitcoin and Ethereum alongside their conventional financial assets.
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Global Virtual Currency Market Segmentation
The virtual currency market covered in this report is segmented –
1) By Type: Centralized Virtual Currency, Decentralized Virtual Currency
2) By Component: Hardware, Software
3) By Usage: Trading, E-Commerce And Retail, Remittance, Payment, Other Usages
By Geography:The regions covered in the virtual currency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the virtual currency market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Virtual Currency Global Market Report 2024 furnishes information about the global virtual currency market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
