Allied Market Research has published its study detailing its view about the global cryptocurrency market. This company’s research revealed optimistic findings, with the virtual currency market achieving considerable growth in the next eight years.
We are interested in knowing what lies ahead in the cryptocurrency industry and sharing our discoveries with our followers. We believe that this virtual currency-related news will keep our readers, especially the cryptocurrency traders and investors, properly updated about what they can expect in the sector in the near future.
According to the Monday, January 24, 2022 news posted online by markets and finance news portal Yahoo! Finance, Allied Market Research released its study’s results this month.
The report’s title is “Cryptocurrency Market by Offering (Hardware [ASIC, GPU, FPGA, and Others] and Software), Process (Mining and Transaction), Type (Bitcoin [BTC], Ethereum [ETH], Tether [USDT], Binance Coin [BNB], Cardano [ADA], Ripple [XRP], and Others), and End User (Trading, Retail and E-commerce, Banking, and Others): Global Opportunity Analysis and Industry Forecast, 2021 to 2030.”
In their study, analysts from Allied Market Research found that the international cryptocurrency market generated US$1.49 billion in 2020. These researchers cited two major determinants for growth in this sector.
They are the increase in remittance flow from foreign nations and the surge in demand for payment system transparency. These two important factors have boosted the global virtual currency market growth.
Allied Market Research’s analysts forecast that the cryptocurrency market will reach US$4.94 billion. They estimated this event to take place by 2030.
Additionally, the researchers from the business consulting and full-service market research firm based in Portland, Oregon in the United States said in their report that the virtual currency market will grow at a compound annual growth rate or CAGR of 12.8 percent from 2021 to 2030.
Allied Market Research’s analysts pointed out that the lack of awareness about crypto-assets hinders the cryptocurrency market’s expansion. They also relayed that the coronavirus or COVID-19 outbreak had led to distorted business operations for receiving new hardware and upgraded equipment.
These setbacks have hampered the virtual currency mining operations, thereby negatively affecting the cryptocurrency market. On the other hand, the researchers from Allied Market Research said that the sector is anticipated to get back on track as soon as the world recuperates from the COVID-19 pandemic.
They stated in their report that the potential in the developing nations would open new opportunities in the coming years. The researchers said that Asia-Pacific, followed by Europe and North America, held the highest share in the cryptocurrency market in 2020.
This region contributed to almost half of the international virtual currency market and would register the fastest CAGR of 14.5 percent from 2021 to 2030. The researchers explained that this trend is due to the surge in the number of Bitcoin exchanges across Asia.
We are pleased to learn about the findings of the analysts from Allied Market Research. We understand that they view the cryptocurrency market will continue to grow in the next eight years.
We agree with their estimation, and we think that, despite the ongoing COVID-19 pandemic, more positive developments will happen that will propel the cryptocurrency industry forward.