Cryptocurrency Market Research Industry,Trend, Analysis Growth, Forecast & Study - Global Forecast to 2024

The cryptocurrency market is projected to reach USD 1.40 billion by 2024 from USD 1.03 billion in 2019, at a CAGR of 6.18% during the forecast period. Key players in the cryptocurrency market include 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), and Binance Holdings (China). These players mainly adopt strategies such as product launch and partnership to enhance their business and product line, which helps them to grow at a higher pace in the cryptocurrency market in long run.

Top 2 players in the cryptocurrency market:

Bitmain is among the world leaders in cryptocurrency mining. The company’s main sources of income are mining hardware sales, mining rewards generated from mining pools, and custodian service fees charged from the customers. Pitman has been receiving funds at regular intervals, and the company has also planned to file a listing application with the Hong Kong stock exchange to raise funds.  In May 2016, Bitmain launched Antminer S9, which is the world’s first commercially available Bitcoin miner based on a 16nm process chip.

NVIDIA is among the world leaders in visual computing. The company has a well-established geographic footprint and mainly deals with major OEMs/ODMs worldwide. The company continues to lead in the development of new mining hardware, such as GPUs, for the cryptocurrency market. The company has significantly invested in R&D (18.5% of revenue in 2018). Till now, it has made an overall investment of over USD 13 billion in R&D. Moreover, it has more than 7,300 patents pertaining to modern computing, and more than 71% of employees (8,191) dealing with R&D. This resulted in strong organic growth and robust market position in terms of hardware product development. Furthermore, the company focuses on developing enhanced GPUs and Tegra processors for high-performance computing and their needs. For instance, in December 2017, NVIDIA introduced TITAN V, the world’s most powerful GPU for PC, driven by the world’s most advanced GPU architecture, NVIDIA Volta. TITAN V excels at computational processing for scientific simulation. Its 21.1 billion transistors deliver 110 teraflops of raw horsepower, 9 times that of its predecessor, and extreme energy efficiency.

New Report Says Crypto Market To Grow by 6.18% Annually

Cryptocurrencies and blockchain technology have long been touted as most beneficial to the unbanked populations of the world, to those deprived of financial services because they lack documentation. MarketsandMarkets believe that the greatest opportunity for blockchain technology will be in these regions, which is the likely outcome.

Projects like OmiseGO already have an eye on making cross-border payments cheaper for the vast unbanked population in the Southeast Asian region, while also freeing up funds stored in various e-wallets. The entire platform has the potential to increase liquidity, boost merchant store and e-commerce businesses, and provide access to global markets.

The report may not give seasoned crypto investors anything new to talk about, but it does tell us that there is a tremendous visible change in markets all across the world. As regulatory bodies approve various trading schemes and engage with crypto startups, we are finally seeing the enterprise market open up to a technology that was once reviled and ridiculed.