U.S. Cryptocurrency Market Report 2023: Adoption of Cryptocurrencies by Mainstream Financial Institutions Bolsters Growth

Dublin, May 31, 2023 (GLOBE NEWSWIRE) — The “U.S. Cryptocurrency Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Hardware (Central Processing Unit, Graphics Processing Unit), By Software, By Process, By Type, By End-use, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.

The U.S. cryptocurrency market size is expected to reach USD 2.90 billion by 2030, growing at a CAGR of 12.0% from 2023 to 2030.

The increasing use of blockchain technology in various industries is driving the market’s growth. Blockchain has the potential to revolutionize industries like healthcare, supply chain management, and voting systems. This has led to increased investment in blockchain-related projects and startups, which has, in turn, helped to drive the growth of the cryptocurrency market in the country.

In May 2022, Coinbase, Inc. announced that it had started enabling a small set of its users to access Ethereum-based Decentralized Applications (DApps) directly from the Coinbase application. The new DApps browser and wallet from Coinbase powered these features. The company announced that it would launch these latest services first in the U.S. on the Android operating system for a select group of users, with plans to eventually make them available to all users and platforms.

Market players are aggressively investing in developing innovative offerings. For instance, in March 2023, Kraken announced that it is progressing toward the launch of a digital asset bank, having obtained its bank chapter approval in 2020. The bank aims to deliver a range of services, including custody, comprehensive deposit-taking, and fiduciary services, specifically for digital assets.

U.S. Cryptocurrency Market Report Highlights

• The software segment is expected to grow at the fastest CAGR over the forecast period, due to the increasing demand for software designed for the exchange and mining of cryptocurrencies. Moreover, increased demand for efficient and user-friendly software to manage and trade cryptocurrencies is also fueling the segment’s growth
• The graphics processing unit segment is expected to grow at the fastest CAGR due to its ability to handle complex mathematical calculations required for cryptocurrency mining with higher efficiency compared to traditional central processing units
• The exchange software segment dominated the market in 2022. The popularity of cryptocurrencies draws more people to look for a convenient and secure way to trade digital assets. This has led to the creation of numerous cryptocurrency exchanges, which require reliable and efficient exchange software to function
• The mining segment dominated the market in 2022 due to the high profitability associated with mining which has attracted several individual miners and mining companies to invest in the hardware and software required for the mining process
• The Ethereum segment is expected to grow at a significant CAGR over the forecast period. The major factor contributing to the growth is the increasing demand for Non-fungible Tokens (NFTs), which are digital assets that are unique and cannot be replicated. Ethereum’s ability to support NFTs has led to a surge in popularity and interest in the cryptocurrency, with many investors and collectors buying and selling NFTs using Ethereum
• The retail & e-commerce segment dominated the market in 2022. The increasing acceptance of cryptocurrencies as a legitimate payment method by several online platforms, coupled with the growing popularity of e-commerce is driving the growth of the segment

Key Attributes:

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. U.S. Cryptocurrency Market Value Chain Analysis
3.3. U.S. Cryptocurrency Software Market Market Dynamics
3.3.1. Market Driver Analysis
3.3.1.1. Adoption of cryptocurrencies by mainstream financial institutions
3.3.1.2. The growing acceptance of digital assets as a means of payment
3.3.2. Market Restraint/Challenge Analysis
3.3.2.1. Complex regulatory environment
3.3.3. Market Opportunity Analysis
3.3.3.1. Growing prevalence blockchain technology
3.4. U.S. Cryptocurrency – Porter’s Five Forces Analysis
3.5. U.S. Cryptocurrency Market – PESTEL Analysis
3.6. Impact of COVID-19 on the U.S. cryptocurrency Market

Chapter 4 U.S. Cryptocurrency Market: Component Estimates & Trend Analysis
4.1. Component Movement Analysis & Market Share, 2022 & 2030
4.2. U.S. Cryptocurrency Market Estimates & Forecast, By Component
4.2.1. Hardware
4.2.2. Software

Chapter 5 U.S. Cryptocurrency Market: Hardware Estimates & Trend Analysis
5.1. Hardware Movement Analysis & Market Share, 2022 & 2030
5.2. U.S. Cryptocurrency Market Estimates & Forecast, By Hardware
5.2.1. Central Processing Unit
5.2.2. Graphics Processing Unit
5.2.3. Application-Specific Integrated Circuit
5.2.4. Field Programmable Gate Array

Chapter 6 U.S. Cryptocurrency Market: Software Estimates & Trend Analysis
6.1. Software Movement Analysis & Market Share, 2022 & 2030
6.2. U.S. Cryptocurrency Market Estimates & Forecast, By Software
6.2.1. Mining Software
6.2.2. Exchange Software
6.2.3. Wallet
6.2.4. Payment
6.2.5. Others

Chapter 7 U.S. Cryptocurrency Market: Process Estimates & Trend Analysis
7.1. Process Movement Analysis & Market Share, 2022 & 2030
7.2. U.S. Cryptocurrency Market Estimates & Forecast, By Process
7.2.1. Mining
7.2.2. Transaction

Chapter 8 U.S. Cryptocurrency Market: Type Estimates & Trend Analysis
8.1. Type Movement Analysis & Market Share, 2022 & 2030
8.2. U.S. Cryptocurrency Market Estimates & Forecast, By Type
8.2.1. Bitcoin
8.2.2. Bitcoin Cash
8.2.3. Ethereum
8.2.4. Litecoin
8.2.5. Ripple
8.2.6. Others

Chapter 9 U.S. Cryptocurrency Market: End-use Estimates & Trend Analysis
9.1. End-use Movement Analysis & Market Share, 2022 & 2030
9.2. U.S. Cryptocurrency Market Estimates & Forecast, By End-use
9.2.1. Banking
9.2.2. Gaming
9.2.3. Government
9.2.4. Healthcare
9.2.5. Retail & E-commerce
9.2.6. Trading
9.2.7. Others

Chapter 10 Competitive Landscape

Companies Mentioned

• Advanced Micro Devices, Inc.
• Intel Corporation
• NVIDIA Corporation
• Ripple
• BitGo
• Coinbase, Inc.
• Bit Digital, Inc.
• Anchorage Digital
• Robinhood
• Kraken

For more information about this report visit http://www.researchandmarkets.com/r/xdfwfk

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