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Global Virtual Currency Market Overview Forecast 2024 - 2033

5 Dec, 2024

What Is The Overview Of The Global Virtual Currency Market?

A virtual currency is a digital or virtual form of currency that utilizes cryptography for security and operates independently of a central authority, such as a government or financial institution. Virtual currencies exist solely in electronic form, often existing on distributed ledger technologies such as blockchain.

Virtual Currency Global Market Report 2024 provides data on the global virtual currency market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The virtual currency market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Virtual Currency Sector?

The virtual currency market is growing rapidly, from $2.41 billion in 2023 to $2.71 billion in 2024, at a CAGR of 12.5%. Growth drivers include the dominance of cryptocurrency in developed countries, increased demand for efficiency in payments, prominent digital payment companies, institutional investments, and the scarcity of certain coins. By 2028, the market is projected to reach $4.35 billion, with a CAGR of 12.6%. The forecasted growth is attributed to a larger node count, favorable government regulations, private venture investments, increased acceptance by businesses, and greater use of blockchain technology. Major trends to watch include the adoption of digital currencies like the e-RMB, the introduction of Bitcoin ETFs, new cryptocurrency launches, blockchain advancements, and investments in innovative startups.

Which Factors Are Boosting Growth In The Virtual Currency Market?

The rising demand for digital payments is expected to propel the growth of the virtual currency market. As digital payments become more common, virtual currencies benefit from the integration with payment systems and digital wallets. According to data from the Canadian Payments Association, the number of online payment transactions in Canada increased by 11% in 2022, driving the growth of the virtual currency market.

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What Key Areas Define The Segmentation Of The Global Virtual Currency Market?

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

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How Are Emerging Trends Reshaping The Dynamics Of The Virtual Currency Market?

In the virtual currency sector, companies are advancing digital asset management by developing solutions for institutional investors. BNY Mellon launched a digital asset custody platform in October 2022, allowing institutional clients to securely manage cryptocurrencies like Bitcoin and Ethereum alongside traditional financial assets, offering enhanced security and compliance.

What Is The Fastest Growing Region In The Virtual Currency Market?

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 regions covered in the virtual currency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.