The “Global Cryptocurrency Market, By Industry Components (Exchanges, Wallets, Payments, Mining), By Verticals (BFSI, Retail, Media & Entertainment, Gaming industry, Healthcare, Travel & Tourism, Transportation & Logistics, Education), and By Geography (U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, China, India, Japan, Australia, South Korea, ASEAN countries, GCC, Israel, South Africa) – Global Forecast to 2025” is estimated to be valued at US$ 189.9 billion in 2017 and expected to witness a CAGR of 56.2% over the forecast period (2017–2025), as highlighted in a report published by Coherent Market Insights.
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Cryptocurrency refers to the digital currency or asset that utilizes the principles of cryptography to ensure the security, privacy, and anonymity (in most cases) of the user. Coupled with its ease of availability, increasing adoption and decentralized control (not coined or regulated by single central authority), these form of electronic currencies are expected to witness exponential growth over the forecast period.
Most common element of these hundreds of different digital currency systems is the public ledger that is shared among the network participants and the utilization of tokens to incentivize the participants that operate the network in the absence of centralized control. Majority of the digital currencies are clones of bitcoins that feature distinct parameters such as the block time, currency creation. Moreover, limited supply of these digital assets in conjunction with the enhanced security owing to utilization of blokchain technology is expected to be the major factor driving the growth of cryptocurrency market.
Owing to the capability of the digital transactions of providing transaction anonymity, in order to facilitate privacy, has led to increase in the utilization of these form of currencies for criminal activities. Moreover, an academic study conducted at the University of Florida, has referred the digital assets as a potential means to evade the regional taxations and support illegal transactions, as these transactions are out of the reach of the regulators and the government. Impact of these immoral activities on the prices of the digital currencies is not determined, however this may lead to substantial impact on the cryptocurrency market in the near future.
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Key Takeaways of the Cryptocurrency Market:
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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