Furthermore, increase in demand for cryptocurrency among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period. The hardware segment acquired major cryptocurrency market share owing to rise in need for upgrading the performance of the software and to enhance the efficiency of financial payment tools. However, the software segment is expected to grow at the highest rate during the cryptocurrency market forecast period, as it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions.
By region, the cryptocurrency market was dominated by Asia-Pacific in , and is expected to retain its position during the forecast period. Owing to increase in number of Bitcoin exchange across Asia, which bring a certain healthy competition and maturity to the cryptocurrency industry. Chinese banks are hiring blockchain experts as the government pushes the use of the technology behind bitcoin to increase transparency and combat fraud in its financial sector.
These factors drive growth of the cryptocurrency market in the region. The report focuses on the growth prospects, restraints, and trends of the global crtyptocurrency market analysis. Cryptocurrency Market Your browser does not support the canvas element. Hardware segment accounted for the highest market share throughout the forecast period Get more information on this report : Request Sample Pages Segment Overview The cryptocurrency market is segmented on the basis of offering, process, type, end user and region.
By offering, it is fragmented into hardware, and software. Based on process, it is bifurcated into mining and transaction. By end user, it is classified into trading, retail and e-commerce, banking, and others. Despite some minor gains in recent weeks, the cryptocurrency market generally remained stagnant.
In the first half of , the crypto market saw several hurdles, including 30 per cent taxation by the Indian government on VDAs Virtual Digital Assets. According to data provided to Outlook Money by crypto research and consulting firm CREBACO, the trading volume at WazirX was down by over 82 per cent on July 3, compared to June 30, while the decline on CoinDCX and ZebPay was almost 70 per cent and 76 per cent, respectively, in the same timeframe, the situation has not changed much so far.
Many tokens with inherently flawed or valueless tokenomics may not survive The industry will continue its march towards ever-increasing maturity," says Ajeet Khurana, founder of Reflexical, a Web 3. However, BCG has estimated that just 0. Relatively shallow penetration indicates that there is headroom for growth. However, adoption is still low compared to traditional investment assets such as equities, payment technologies, and private equity allocation by institutions," said the report.
Kumar Gaurav, founder and CEO of crypto bank Cashaa, said that most of the gains in the crypto market in were eroded by the bearish sentiments that started this spring.
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