The cryptocurrency market consists of sales of digital or virtual currencies by entities that operate independently of a central bank
The global cryptocurrency market is expected to grow from $1.44 billion in 2021 to $1.63 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%. The market is expected to reach $2.73 billion in 2025 at a CAGR of 13.8%, according to ResearchAndMarkets.
The cryptocurrency market consists of sales of digital or virtual currencies by entities that operate independently of a central bank and employ encryption techniques to regulate the formation of their units and verify the transfer of payments.
The main types of cryptocurrency are bitcoin, ethereum, bitcoin cash, ripple, dash coin, litecoin, and others.
Bitcoin is a digital currency that uses peer-to-peer (P2P) technology to facilitate instant payments.
The different processes comprise mining, transactions, and offerings include hardware, software. Cryptocurrencies are used in trading, retail and e-commerce, banking, and others.
Stable coins are gaining significant popularity in the cryptocurrency market. Stable coins are cryptocurrencies that are linked to a physical asset, such as government-issued currency or a commodity to reduce cryptocurrency fluctuation.
For instance, in 2020, the circulation volume of stable coins increased by 500%.
Additionally, in March 2021, Techemynt, an India-based financial service provider, introduced stable coins supported by the New Zealand dollar to combine the flexibility of cryptocurrency with the stability of the New Zealand dollar.
In March 2021, PayPal Holdings Inc, a US-based financial technology company acquired Curv for an undisclosed amount. With this acquisition, PayPal Holdings, Inc strengthens and develops its initiatives to support cryptocurrencies and digital assets. Curv is an Israel-based cryptocurrency security company.
Transparency in financial payment is expected to propel the growth of the cryptocurrencies market in the coming years.