Published on: May 2022
Competitive landscape of Cryptocurrency Exchanges
The cryptocurrency industry was led by Asia-Pacific in 2020, and this trend is projected to continue during the projection period. As the number of Bitcoin exchanges in Asia expands, the cryptocurrency business is growing and becoming more competitive. As the government is pushing for the rollout of the technology that underpins bitcoin to boost financial sector efficiency and combat fraud, Chinese institutions are employing blockchain experts. As a result of these factors, the region's bitcoin market is expanding. On the basis of offering, procedure, type, end user, and region, the cryptocurrency market is categorised. It is separated into hardware and software by offering. ASIC, GPU, FPGA, and others are the many types of hardware. Full custom ASIC, semi-custom ASIC, and programmable ASIC are the three types of ASIC. It is divided into two categories based on the process: mining and transaction. Bitcoin (BTC), ethereum (ETH), tether (USDT), binance coin (BNB), cardano (ADA), ripple (XRP), and others are the different types of cryptocurrency. Trading, retail and e-commerce, banking, and others are the different types of end users. The market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.
The evolution of the Cryptocurrency Exchanges industry
The global cryptocurrency market is predicted to grow at a CAGR of 12.8 percent between 2021 and 2030, from $1.49 billion in 2020 to $4.94 billion in 2030. Cryptocurrency is referred to as "virtual currency." It is a sort of digital currency that has no central issuing or governing authority. Blockchain technology is used to verify the transactions. Blockchain is a distributed ledger technology that records and manages transactions across multiple computers. Furthermore, it is a peer-to-peer system that enables users to send and receive payments from anywhere on the planet without having to rely on banks to verify transactions. Because of the increased need for software upgrades and to improve the effectiveness of financial payment tools, the hardware segment has gained a significant portion of the cryptocurrency market. During the cryptocurrency market forecast period, however, the software category is predicted to grow at the fastest rate, as it helps to handle the huge volume of data being generated for relevant insights and better-informed decisions.
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