Cryptocurrency Market to Reach USD 15.39 Billion by 2032, Driven by Rising Demand for Decentralized Finance and Technological Advancements | Research by SNS Insider

Fueled by the increasing adoption of decentralized finance (DeFi) platforms, blockchain applications, and institutional investments, the cryptocurrency market is experiencing accelerated growth. Technological innovations, the shift towards digital assets, and greater regulatory clarity are pivotal factors driving the expansion of the market.

Pune, Dec. 04, 2024 (GLOBE NEWSWIRE) — Cryptocurrency Market Size Analysis:

“The SNS Insider report indicates that the Cryptocurrency Market size was valued at USD 5.08 billion in 2023 and is projected to grow to USD 15.39 billion by 2032, with a compound annual growth rate (CAGR) of 13.13% during the forecast period from 2024 to 2032.”

The cryptocurrency market is experiencing rapid expansion due to a combination of technological innovations, increasing institutional adoption, and growing demand for decentralized financial services. One of the major growth factors driving the market is the rise of Decentralized Finance (DeFi). DeFi applications, which allow for peer-to-peer financial transactions without traditional intermediaries, have seen tremendous growth, with the total value locked (TVL) in DeFi platforms surpassing USD 100 billion in 2023, highlighting the increasing consumer and investor confidence in cryptocurrency solutions.

Another important growth factor is institutional investment. Major players such as Tesla, MicroStrategy, and large hedge funds have significantly increased their crypto holdings, while firms like BlackRock are moving forward with cryptocurrency-based investment products, signaling a shift toward broader mainstream acceptance. Furthermore, the emergence of new financial products, including Bitcoin ETFs (Exchange-Traded Funds) and crypto futures, is expanding access to cryptocurrencies for both retail and institutional investors.

Technological advancements, such as Ethereum’s transition to Proof of Stake (PoS) through Ethereum 2.0, are also playing a pivotal role in driving market growth. This shift aims to reduce the environmental impact of cryptocurrency mining while enhancing scalability and transaction speeds, positioning Ethereum as an increasingly attractive platform for developers and businesses. Finally, regulatory clarity is helping to alleviate concerns around security and compliance. Countries like the U.S. and the EU are introducing frameworks that will help ensure the legitimacy and safety of cryptocurrency transactions, thereby attracting more participants to the space. The rise of blockchain-as-a-service (BaaS) solutions and the increasing use of cryptocurrencies in cross-border remittances further contribute to the sector’s growth, reinforcing the market’s upward trajectory.

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Major Players Analysis Listed in this Report are:

• Coinbase – Coinbase Exchange
• Binance – Binance Exchange
• Kraken – Kraken Exchange
• Gemini – Gemini Wallet
• Bitfinex – Bitfinex Exchange
• Ripple Labs – Ripple (XRP)
• Ethereum Foundation – Ethereum Blockchain
• Bitcoin Foundation – Bitcoin Protocol
• Chainalysis – Chainalysis Reactor (Compliance and Investigation Tool)
• BlockFi – BlockFi Interest Account (BIA)
• Bitmain – Antminer S19 Pro (ASIC Miner)
• Ledger – Ledger Nano X (Hardware Wallet)
• Tether – Tether (USDT)
• OKX – OKX Exchange
• KuCoin – KuCoin Exchange
• Crypto.com – Crypto.com App
• Cardano (IOHK) – Cardano Blockchain
• Polkadot – Polkadot Blockchain
• Avalanche – Avalanche Blockchain
• Uniswap – Uniswap Protocol

Cryptocurrency Market Report Scope:

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Segmentation Analysis

By Type

In 2023, the Bitcoin segment dominated the market and accounted for more than 40.25%. The growing trend of Bitcoin Exchange-Traded Funds (ETFs) is expected to lead to an increased volume of global Bitcoin trades over the forecast period. Such as the Purpose Bitcoin ETF in Canada, which experienced its largest USD inflow of USD 207 million in May 2022.

Ethereumțs Expected Significant CAGR Growth during the forecast period. Ethereum is a blockchain-based open software platform for building a wide range of decentralized applications. As the number of new projects launched using the Ethereum network has exploded over the past year, the amount of network activity correlated to the growth of the Ethereum market has made a significant increase. Ethereum pioneered applying smart contracts to algorithm-based financial transactions. A smart contract is a transaction instruction on the blockchain network. The first-mover advantage is expected to help the cryptocurrency grow during the period of this forecast as Ethereum transitions to Ethereum 2.0, a much more eco-friendly and cheap-to-mine system.

Cryptocurrency Market Segmentation:

By Type

• Bitcoin
• Ethereum
• Bitcoin Cash
• Ripple
• Litecoin
• Dashcoin
• Others

 By Component

• Hardware
• Software

 By Process

• Mining
• Transaction

By Application

• Trading
• Remittance
• Payment
• Others

Regional Landscape

In 2023, North America dominated the cryptocurrency market and represented a revenue share of 36.23%, driven by the concentration of cryptocurrency mining farms, such as Riot Blockchain, Marathon Digital, and Bitfarm. These facilities play a critical role in validating transactions and securing blockchain networks, especially for cryptocurrencies like Bitcoin and Ethereum. The rapid adoption of cryptocurrencies in the U.S. and the recognition of digital currencies as viable investment assets by major financial institutions are also contributing to the region’s growth. Moreover, the increasing use of cryptocurrencies for transactions in retail spaces further supports this expansion. Moving forward, North America is expected to maintain strong growth, especially with institutional investments and technological advancements in blockchain systems

The Asia Pacific region is experiencing the highest compound annual growth rate (CAGR) in the cryptocurrency market. Countries like Japan, South Korea, and China are driving this growth, thanks to their strong focus on blockchain innovation and cryptocurrency infrastructure. In particular, Japan’s government-backed initiatives and China’s dominance in mining hardware production contribute significantly. Additionally, decentralized finance (DeFi) and blockchain research in the region continue to thrive, attracting both institutional and retail investors. The active development of blockchain applications for a wide range of industries, from finance to supply chain management, is poised to further accelerate market expansion in the region​

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Recent Developments

January 2024 – SEC Approval of Bitcoin ETFs: The U.S. Securities and Exchange Commission (SEC) is expected to approve Bitcoin ETFs, which could open the market to a wider range of institutional investors, boosting mainstream adoption of digital assets.

February 2024 – Ethereum 2.0 Upgrades: Ethereum continues to improve its blockchain, with Ethereum 2.0 upgrades set to further enhance scalability and reduce energy consumption, making it a more attractive platform for decentralized applications (dApps) and financial services.

Table of Contents – Major Key Points

1.Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Cryptocurrency Market Segmentation, by Type

8. Cryptocurrency Market Segmentation, by Process

9. Cryptocurrency Market Segmentation, by Component

10. Cryptocurrency Market Segmentation, by End-use  

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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