Virtual Currency Market Report 2024

This Virtual Currency market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The virtual currency market size has grown rapidly in recent years. It will grow from $2.41 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth during the historic period can be attributed to the dominance of cryptocurrencies in developed countries, the increasing need for efficient and convenient payment methods, the presence of major digital payment companies, rising investments from institutional investors, and growing demand for cryptocurrencies due to their utility and scarcity.

The virtual currency market size is expected to see rapid growth in the next few years. It will grow to $4.35 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to an increasing number of nodes, favorable government regulations, investments by private venture companies, growing acceptance of virtual currencies by consumer businesses, and expanding usage of blockchain technology. Major trends expected during this period include the adoption of digital currencies such as e-RMB, the launch of Bitcoin exchange-traded funds (ETFs), the emergence of new cryptocurrencies, advancements in blockchain technology, and increased investment in innovative startups.

The increasing demand for digital payments is projected to drive the growth of the virtual currency market. Digital payments involve monetary transactions conducted electronically, offering advantages such as convenience, security, and speed over traditional payment methods. This growing adoption of digital payments supports the expansion of virtual currencies by providing secure and seamless transaction methods that integrate with various digital wallets and platforms. For example, in October 2023, data from the Canadian Payments Association, a Canada-based payment regulation and settlement organization, showed that Canadian online payment transactions increased from 1.0 billion in 2021 to 1.11 billion in 2022, representing an 11% rise. As a result, the rising demand for digital payments is fueling the growth of the virtual currency market.

Companies in the virtual currency sector are focusing on developing sophisticated financial infrastructure, such as institutional-grade solutions, to improve security and integration for digital assets. Institutional-grade solutions are advanced financial systems designed to meet the rigorous security, compliance, and operational requirements of large institutional investors. For instance, in October 2022, BNY Mellon, a US-based financial services firm, introduced a digital asset custody platform in the US. This platform allows a select group of clients to securely hold and transfer Bitcoin and Ethereum, marking the first multi-asset platform to combine the custody of both digital and traditional assets, thus enabling institutional clients to manage cryptocurrencies alongside their conventional financial assets.

In October 2021, Mastercard Inc., a US-based payment services company, acquired CipherTrace for an undisclosed amount. This acquisition strengthens Mastercard's digital assets strategy and real-time payments infrastructure by integrating CipherTrace's cryptocurrency intelligence solutions with its cybersecurity offerings. CipherTrace Inc. is a US-based cryptocurrency intelligence firm that provides digital asset security and fraud solutions for banks, exchanges, and financial institutions.

Major companies operating in the virtual currency market are Binance Inc., Xilinx Inc., Coinbase Inc., Robinhood Inc., Gemini Space Station LLC, Bitstamp Inc., Bit fury Group Limited, Bitpay Inc., Elliptic Inc., Block.one Inc., Bit Go Inc., Xapo Holdings Limited, Bit Main Technologies Holding, Coinjar Inc., Cointelegraph Inc., Gocoin Inc., Millipay Systems, Safello Inc., Unicoin DcX, HTX Global.

Asia-Pacific was the largest region in the virtual currency market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual currency market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the virtual currency market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A virtual currency is a digital or virtual form of currency that uses cryptography for security and operates independently of a central authority, such as a government or financial institution. Virtual currencies exist solely in electronic form and often utilize distributed ledger technologies such as blockchain.

The main types of virtual currency are centralized and decentralized virtual currencies. Centralized virtual currency is managed and controlled by a single central authority or organization. It involves components such as hardware and software and is used for purposes including trading, e-commerce and retail, remittance, payments, and other applications.

The virtual currency market research report is one of a series of new reports that provides virtual currency market statistics, including the virtual currency industry's global market size, regional shares, competitors with a virtual currency market share, detailed virtual currency market segments, market trends and opportunities, and any further data you may need to thrive in the virtual currency industry. This virtual currency market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The virtual currency market consists of revenues earned by entities by providing services such as cross-border payments, smart contracts, tokenization, rewards and loyalty programs, crowdfunding, and digital identity verification. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual currency market also includes sales of mining hardware, hardware security modules, fingerprint scanners, and facial recognition systems. Values in this market are ‘factory gate’ values, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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