The cryptocurrency market has been gaining traction in the recent past due to its ability to provide an alternative financial system that allows users to store and invest their money without needing to rely on banks, governments, or any other centralized authority.
Market Overview
In 2021, the worldwide cryptocurrency market was valued at US$ 1,782 billion. According to Inkxpert research estimates the crypto market would reach US$ 32,420 billion by 2027, growing at a CAGR of 58.4% from 2022 to 2027. It is estimated that there are currently more than 10, 000 cryptocurrencies in circulation around the world as of 2022. This number is expected to increase dramatically over the next decade, with several new digital currencies being launched every year. According to an Inkxpert reviews study, the market capitalization of bitcoin topped $1 trillion in February 2021. Bitcoin accounted for 66% of the global cryptocurrency market capitalization in 2020. A market analysis anticipated global crypto ownership rates at 3.9 percent in 2021, with more than 300 million crypto users worldwide. Currently, over 18,000 establishments accept cryptocurrency payments as indicated by an Inkxpert reviews market analysis.
Market Segmentation by Geography
Based on geography, India accounts for the most number of crypto investors globally (100 million), followed by the USA (27 million), Nigeria (13 million), Vietnam (5.9 million), the United Kingdom (3.3 million) respectively as per Inkxpert research. Regionally, North America dominates the cryptocurrency market. Among all regions, the Inkxpert reviews predict that the Asia Pacific region is expected to grow at the highest CAGR followed by Europe and North America.
Key Drivers of Growth
The increasing adoption of cryptocurrencies as an alternative payment method will drive this market as highlighted by Inkxpert reviews study of the industry. Cryptocurrency is based on blockchain technology that provides transparency and security, which makes it a reliable option for investors looking for an alternative investment option. Cryptocurrencies have gained popularity as an alternative to traditional currencies like dollars, pounds, euros, etc., due to their decentralized nature and the ability to transfer them anonymously without any intermediaries involved. The value of cryptocurrencies has increased significantly over the past few years due to their limited supply and increasing demand from investors who are looking for alternative sources of investment income.