The cryptocurrency market was valued at USD 541.0 million in 2017 and is expected to reach USD 2,902.0 million by 2023, at a CAGR of 32.31% between 2017 and 2023 according to a new report from MarketsandMarkets: Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, Storage & Wallet; and Software), Process (Mining and Transaction), Type, End User (Peer–to-Peer Payment, Remittance, E-Commerce, and Retail), and Geography – Global Forecast to 2023
“The Market for Ethereum is expected to grow at the highest rate between 2017 and 2023” The advantages of Ethereum over Bitcoin, explored in this report, make it’s growth potential greater over this period.
“Cryptocurrency market in APAC is expected to grow at the highest rate between 2017 and 2023”
The markets of China and Japan are particularly highlighted for their role in the market: “Because of the low cost of electricity, suitable climate (especially in Northern China), presence of big electronics manufacturing units, and availability of venture capital funding, the market in China is expected to grow at the highest rate during the forecast period. Besides, Japan has the highest level of awareness and knowledge of cryptocurrency. The government regulations in Japan are also favorable for cryptocurrency transactions. All these factors would help drive the growth of the market in APAC at the highest CAGR during the forecast period.”