Demand for Gpus Expected to Decrease for Cryptocurrency Mining During the Forecast Period

Cryptocurrency is a digital currency that uses an encryption algorithm to secure processes involved in generating coins and conducting transactions. Cryptocurrency does not have any physical representation and is not regulated by any government body or financial institution. The entire transaction is conducted online. Bitcoin was the first cryptocurrency to be developed. All other currencies developed later are referred to as alternate coins or Altcoins. Cryptocurrency is a disruptive concept that is an alternative to the fiat currency used in the present monetary system.

The cryptocurrency market was valued at USD 1.03 billion by 2019 and is projected to reach USD 1.40 billion in 2024, growing at a CAGR of 6.18% during the forecast period. Major drivers for market growth are the transparency of distributed ledger technology, high remittances in developing countries, high cost of cross-border remittance, fluctuations in monetary regulations, and growth in venture capital investments.

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By type, bitcoin segment to hold the largest share of the cryptocurrency market during the forecast period

Based on type, cryptocurrencies are categorized into Bitcoin and Altcoins. Bitcoin is projected to hold the largest market share during the forecast period. Growing demand for trading, compliance-free remittance, and ease of cross-border transactions are among the major factors driving the adoption of cryptocurrency. The high growth in the market for cryptocurrencies is fueled by hopes that Bitcoin would become “digital gold” and that blockchain-powered tokens would reshape industries.

By application, trading segment to register the highest CAGR during the forecast period

The market for payment is expected to grow at the highest CAGR from 2019 to 2024. Cryptocurrency payments have several advantages, such as enhanced transactional security, protection from fraud, decentralized system, low fees, and protection from consumer chargebacks, and quick international transfers. These factors aid in increasing the adoption rate of cryptocurrency.

APAC to register the largest share of the cryptocurrency market during the forecast period

APAC is expected to have the largest share in the overall cryptocurrency market during the forecast period. This market is further divided into China, Japan, South Korea, and the Rest of APAC (RoAPAC). RoAPAC includes Singapore, Malaysia, Thailand, India, Australia, and New Zealand. China is the largest market among all APAC countries. Owing to the low cost of electricity, ideal weather conditions, the presence of big mining companies, and the availability of venture capital funding, the market in China is expected to be the largest in APAC. Also, the level of awareness and knowledge of cryptocurrency is highest in Japan. The government regulations in Japan are also favorable for cryptocurrency transactions.