Cryptocurrency Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Process (Mining, Transaction), By Type (Bitcoin, Ripple, Ethereum, Litecoin), By End-use, By Region, And Segment Forecasts, 2025 - 2030

Cryptocurrency Market Size & Trends

The global cryptocurrency market size was estimated at USD 5.70 billion in 2024 and is projected to grow at a CAGR of 13.1% from 2025 to 2030. The increasing adoption of distributed ledger technology is anticipated to propel the cryptocurrency industry growth during the forecast period. Moreover, increasing usage of cryptocurrencies for cross-border remittances is expected to fuel market expansion due to the reduction in consumer fees and exchange charges.

Recent developments in Artificial Intelligence (AI) are expected to greatly impact the market. The rising popularity of AI-based cryptocurrency platforms has inspired several businesses to focus on developing AI technology. For instance, in November 2024, VanEck launched a new exchange-traded note (ETN) focused on the Sui blockchain, expanding access to decentralized finance (DeFi) investments for European investors. This ETN is listed on Euronext Paris and Amsterdam, allowing investors to gain exposure to the SUI token without purchasing or holding it directly. The Sui blockchain, developed by Mysten Labs, is designed for high transaction speeds and scalability, enabling multiple transactions to be processed simultaneously, which addresses limitations faced by older blockchains like Bitcoin and Ethereum.

The growing prominence of cryptocurrency as a decentralized asset class has drawn significant investment from private venture firms, contributing to the market's ongoing expansion. In November 2024, the cryptocurrency industry reached a remarkable milestone, with its total market capitalization hitting a record high of USD 3.2 trillion, according to CoinGecko. This surge in value reflects a growing interest and investment in various cryptocurrencies, driven by factors such as increased institutional adoption, advancements in blockchain technology, and the expansion of decentralized finance (DeFi) platforms. 

One of the key elements influencing the growth of digital currency is the growing number of businesses that now accept cryptocurrency as an official payment method. In addition, the adoption of digital currency by major corporations such as Tesla Inc. and MasterCard Inc. is anticipated to boost industry expansion. For instance, in November 2021, MasterCard Inc., a financial services company, allowed its network partners to enable their customers to purchase, trade, and hold digital currency using a digital wallet. Moreover, the business offered digital currency as a reward for the clients who participated in loyalty programs.

Government bodies across the globe are focusing on devising laws to regulate cryptocurrencies. The European Union developed the Markets in Crypto Assets (MiCA) law to create a legal framework for the crypto asset market. Moreover, in February 2022, the Indian government moved towards legalizing cryptocurrency by announcing a 30.0% tax on any income generated by the transfer of digital currencies. Cryptocurrencies such as Bitcoin have gained traction in countries with high inflation rates, including Argentina, Zimbabwe, and Brazil, as their local currency has been devalued.

Even though Bitcoin is cutting-edge financial technology, its growth is expected to be constrained by the lack of regulations and a unified standard for exchanging digital currency. Regulators worldwide are worried about using cryptocurrencies for unlawful purposes, which is a significant barrier to the market's expansion. However, law enforcement agencies are making efforts to seize illegally acquired cryptocurrency, which bodes well for market growth.

Component Insights

Hardware accounted for the largest share of 81.6% in 2024. Factors such as higher processing speed and reduced power consumption of cryptocurrency miners are expected to drive the growth of the hardware segment. The shifting consumer expectations have led many businesses to develop Bitcoin mining hardware. Hardware, such as graphics processing units, which are swift, effective, and stable, is needed to create mining devices. Such factors are projected to generate considerable growth prospects for the industry during the forecast period.

The software segment is expected to grow at a significant CAGR during the forecast period. The growth can be attributed to the increasing demand for software designed for exchanging and mining cryptocurrencies. The development of software to manage the massive volume of data generated by cryptocurrencies is expected to support the segment's growth. Furthermore, the growing demand for cryptocurrencies around the globe has increased the demand for crypto wallets and crypto exchange software, which is expected to augment the segment's growth.

Hardware Insights

The application-specific integrated circuit segment accounted for the largest share in 2024. Application-specific integrated circuits (ASICs) are electronic circuits designed explicitly for mining virtual currencies such as Bitcoin, Litecoin, and Ethereum. Several companies are adopting ASIC miners to mine cryptocurrency, with the growing need for low-energy consumption devices for mining crypto. Furthermore, ASIC requires less maintenance and enables efficient energy use, which is expected to support segment growth.

The graphics processing unit segment is expected to grow significantly during the forecast period. The growth is attributable to the growing demand for GPUs for crypto mining, as they offer high processing speed and consume less power. Several crypto miners are encouraged to consider GPUs for crypto mining.

Software Insights

Exchange software held the largest market share in 2024. Exchange software is essential for completing cryptocurrency transactions since it facilitates the conversion of cryptocurrency coins to fiat currencies and vice versa. The growing development of crypto exchange software to provide seamless cryptocurrency trading is anticipated to aid the segment growth. For instance, in March 2021, Open Ware Inc., a Fintech software company, launched a crypto-exchange software platform with Exchange Liquidity Network (ELN) named OpenDAX3. It is designed to offer better exchange services to facilitate trading cryptocurrencies, assets, and security tokens.

The wallet segment is expected to register the fastest CAGR during the forecast period. This segment growth can be attributed to the increased usage of cryptocurrency wallets since they offer consumers online tools for securely managing and storing blockchain assets and cryptocurrencies. The ability to store and exchange various cryptocurrencies, including Bitcoin, Litecoin, and Ethereum, is made possible via various multi-asset cryptocurrency wallets. In addition, several companies that offer cryptocurrency wallet services are concentrating on creating crypto wallets that let users send or receive cryptocurrencies through mobile applications. For instance, in January 2022, Robin Hood, a cryptocurrency wallet service provider, launched its upcoming beta version of cryptocurrency wallets. The wallet is created to allow its customers to trade, send, and receive cryptocurrencies using the Robin Hood application.

Process Insights

The mining segment held the largest market share in 2024. Blockchain transactions are validated and verified as part of the mining process, and mining activities insert new coins into the current supply chain. To provide cryptocurrency miners with a better mining experience, many businesses around the world are concentrating on implementing and building crypto miner farms. These crypto miner farms are in an excellent position to run their mining operations as they receive electricity from the public grid.

The transaction segment is expected to register the fastest CAGR during the forecast period. The need for high-performance transaction services among organizations is rising as a result of the quick development of technological advancements such as digitization and automation. As a result, many players worldwide are concentrating on creating Wallet as a Service (WaaS) to offer safe digital wallet choices for businesses to carry out their transactions effectively to meet the demand for high-performance transactions. For instance, in November 2021, Crypto APIs, a blockchain development company, launched Wallet as a Service (WaaS) in partnership with Sepior, a Fintech company.  WaaS was created to provide small & medium businesses, institutions, and enterprises with a secure and reliable multicurrency digital wallet for cryptographic transactions.

Type Insights

The bitcoin segment dominated the market in 2024. Bitcoin is a virtual currency operating as a decentralized alternative payment method. The emergence of Bitcoin Exchange-Traded Funds (ETFs) is anticipated to surge the volume of global Bitcoin trades during the forecast period. For instance, in May 2022, the Purpose Bitcoin ETF in Canada witnessed the biggest inflow of USD 207 million.

Ethereum is projected to grow at a significant CAGR over the forecast period. Ethereum is an open software platform that allows users to build various decentralized applications. Due to the proliferation of new projects using the Ethereum network, there has been a considerable increase in network traffic directly related to the expansion of the Ethereum market. Smart contracts were initially applied to algorithm-based financial transactions with Ethereum. On the blockchain network, smart contracts are written instructions for transactions. As Ethereum upgrades to Ethereum 2.0, which requires less energy and is less expensive to mine, the first-mover advantage is anticipated to support the growth of the cryptocurrency during the forecast period.

End-use Insights

The trading segment dominated the market in 2024. Cryptocurrency trading enables users to purchase, sell, examine asset balances, and get deposit addresses. Several browser technology providers are concentrating on forming alliances with blockchain technology firms to enable their clients to trade cryptocurrency easily.

Retail & e-commerce is projected to grow at the fastest CAGR over the forecast period. The rising number of retail & e-commerce companies accepting cryptocurrencies as an official payment method is one of the major factors driving segment growth. Several cryptocurrency payment processors are entering into strategic partnerships with e-commerce companies to increase the acceptance of digital currencies for payments.

Regional Insights

The North America cryptocurrency market held a significant share in 2024. The presence and concentration of prominent cryptocurrency farms such as Riot Blockchain, Marathon Digital, and Bitfarm make North America a promising market for cryptocurrency mining. Moreover, the increasing adoption of cryptocurrencies used for payments in malls and restaurants has created more growth opportunities for crypto miners in the region, which, in turn, is boosting the cryptocurrency industry in North America.

U.S. Cryptocurrency Market Trends

The cryptocurrency market in the U.S. held a dominant position in 2024. Major financial institutions and corporations in the U.S. increasingly recognize cryptocurrencies' potential as a viable asset class. Investment firms, banks, and asset managers are including cryptocurrencies in their portfolios, driven by growing client demand and the desire to diversify investment offerings. This mainstream acceptance in the country drives the cryptocurrency industry.

Europe Cryptocurrency Industry Trends

The cryptocurrency market in Europe was identified as a lucrative region in 2024. The progressive regulatory landscape is driving market growth. The European Union has introduced comprehensive regulations, such as the Markets in Crypto-Assets Regulation (MiCA), to standardize and legitimize cryptocurrencies across member countries. These regulations bring greater transparency and security, making it easier for companies to operate while giving investors more confidence.

The UK cryptocurrency market is expected to grow rapidly in the coming years due to the increasing interest of institutions in the cryptocurrency industry. Several prominent financial institutions and fintech companies embrace crypto assets as part of their portfolios, recognizing digital currencies as an alternative investment and a potential hedge against market volatility.

Asia Pacific Cryptocurrency Market Trends

The cryptocurrency market in Asia Pacific accounted for a 30.7% share of the overall market in 2024. The presence of cryptocurrency-related startups and projects in the region drives market growth. Countries such as South Korea and Hong Kong invest heavily in blockchain R&D and have developed infrastructure that facilitates using cryptocurrencies for various applications, from payments to smart contracts. This active innovation ecosystem and strategic investments in cryptocurrency mining drive the cryptocurrency industry.

Japan cryptocurrency market is expected to grow rapidly in the coming years owing to its growing emphasis on blockchain and crypto innovation. The government actively promoted the development of blockchain technology through various initiatives and partnerships with private companies, fostering a favorable environment for crypto innovation.

The cryptocurrency market in China held a substantial market share in 2024 due to its dominating mining hardware production position. Chinese manufacturers, particularly companies such as Bitmain, are major suppliers of mining equipment used worldwide. The country’s advanced manufacturing capabilities and economies of scale allow Chinese companies to produce high-performance hardware in high demand for cryptocurrency mining operations across the globe, thereby driving market growth.

Key Cryptocurrency Company Insights

Some key cryptocurrency companiesinclude Advanced Micro Devices, Inc. Binance, Bit Fury Group Limited, and NVIDIA Corporation. Organizations are focusing on increasing their customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions and partnerships with other major companies.

• Advanced Micro Devices is a semiconductor company with a significant presence in the cryptocurrency industry, primarily through its production of high-performance graphics processing units (GPUs). Their Radeon series of GPUs has gained a reputation among cryptocurrency miners for their ability to efficiently handle the complex calculations needed to mine digital currencies such as Bitcoin, Ethereum, and other altcoins. These GPUs are built to deliver excellent performance in parallel processing, which is essential for the high demands of cryptocurrency mining.

• Binance is a cryptocurrency exchange ecosystem. Binance Holdings Ltd. owns various solutions, such as Binance Exchange, Binance Academy, Binance Charity, Binance Info, Binance Labs, Binance Launchpad, Binance Research, Binance Trust Wallet, and Binance Chain. These solutions cater to different needs and requirements and enable blockchain and cryptocurrency's smooth functioning and use.

Recent Developments

• In November 2024, Ingenico and Crypto.com announced a significant partnership to revolutionize payment solutions for merchants worldwide by enabling cryptocurrency transactions. This collaboration introduced a "plug-and-play" system that allows Ingenico's merchants to seamlessly accept crypto payments while ensuring that funds are settled in local currencies such as GBP, EUR, AUD, and USD, thereby mitigating currency risk associated with cryptocurrency volatility.

• In November 2024, Coinbase launched an Engineering Hub in Singapore in partnership with the Singapore Economic Development Board (EDB) to enhance the local developer ecosystem and support blockchain innovation in the region. This initiative is designed to empower local engineers by providing them with essential resources and training, fostering innovation, and advancing Singapore's capabilities in blockchain technology.

Cryptocurrency Market Report Scope

Global Cryptocurrency Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global cryptocurrency market report based on component, process, type, end-use and region:

• Component Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hardware

    • Central Processing Unit

    • Graphics Processing Unit

    • Application-Specific Integrated Circuit

    • Field Programmable Gate Array

  • Software

    • Mining Software

    • Exchange Software

    • Wallet

    • Payment

    • Others

• Process Outlook (Revenue, USD Billion, 2018 - 2030)

  • Mining

  • Transaction

• Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Bitcoin

  • Bitcoin Cash

  • Ethereum

  • Litecoin

  • Ripple

  • Others

• End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Banking

  • Gaming

  • Government

  • Healthcare

  • Retail & E-commerce

  • Trading

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • KSA

    • UAE

    • South Africa