세계 암호화폐 시장 규모는 2023년 33억 9,000만 달러에서 2031년 53억 5,000만 달러에 달할 것으로 예상되며, 예측 기간인 2024년부터 2031년까지 연평균 5.88% 성장할 것으로 예상됩니다.
암호화폐(가상화폐)는 디지털 상에 존재하며, 블록체인과 같은 분산형 원장 기술을 이용해 거래 검증과 안전성을 확보합니다. 거래 검증을 은행에 의존하지 않고 전 세계 어디에서나 송수신할 수 있는 P2P 시스템으로 활용되고 있습니다. 다양한 종류의 암호화폐가 존재하며, 각기 고유한 규칙을 가지고 있습니다. 암호화폐는 규제 기관이 관리하지 않기 때문에 비중앙집권적이며, 암호화폐의 매매, 스왑, 보관에 사용됩니다.
암호화폐의 가격은 정부 정책, 경제 상황, 언론 보도 등 다양한 요인에 따라 변동합니다. 은행들은 암호화폐 플랫폼에 투자하기 시작했고, 블록체인 기반 시스템을 구축하고 있습니다. 전 세계 암호화폐 사용자는 4억 2,000만 명 이상이며, 평균 보유율은 4.2%, 34세 이하가 72%를 차지합니다. 블록체인 기술과 디지털 화폐의 장점을 활용하여 기업들은 다른 기업들과 협력하고 사용자에게 양질의 서비스를 제공하기 위해 암호화폐에 투자하고 있습니다.
디지털 자산의 확산으로 시장 활성화
암호화폐 시장은 디지털 자산의 채택이 증가하고 있음을 보여주고 있습니다. 더 많은 개인과 기업이 안전하고 효율적인 거래와 인플레이션 헤지를 위한 암호화폐의 잠재력을 인식하고 그 활용이 확대되고 있습니다. 금융기관이 암호화폐 서비스를 도입하는 사례도 늘어나면서 시장에서의 신뢰도가 높아지고 있습니다. 이러한 암호화폐의 폭넓은 수용은 비단 비트코인이나 이더리움에 국한되지 않고, 다양한 투자 기회를 제공하는 다양한 알트코인과 토큰에까지 확대되고 있습니다. 암호화폐의 탈중앙화 특성은 기존 금융 시스템에 비해 거래 비용 절감, 특히 은행 접근성이 제한적인 지역에서의 금융 서비스 이용 가능성과 같은 이점을 제공하며, Forbes에 따르면 2024년 1월부터 2월까지 디지털 자산의 예금 잔액이 80% 증가했다고 합니다. 또한 지난 3개월간 총 거래액은 100% 증가했습니다. 시장 동향과 분석에 따르면, 현금과 같은 은행 예금 대신 디지털 통화를 교환하는 시스템이기 때문에 은행 간 결제가 필요하지 않습니다. 암호화폐 시장에서 더 많은 수익을 얻을 수 있는 능력은 포트폴리오에 알파를 추구하는 기관 투자자들에게 매력적입니다. 기관투자가의 채택은 암호화폐 시장에 안정성, 유동성, 수용성을 가져다 줄 수 있습니다.
금융의 투명성이 시장 확대의 원동력
금융 결제 시스템의 운영 효율성과 투명성에 대한 요구가 높아지면서 전 세계 암호화폐 시장의 성장을 촉진하고 있습니다. 디지털 화폐는 블록체인 기술을 이용해 생성되며, 여러 사업체가 과거 거래의 사본을 보관할 수 있도록 합니다. 블록체인은 거래의 보안을 보장하기 위해 암호화 기술을 사용하여 적대적인 행위자가 시스템에 침입하는 것을 어렵게 만듭니다. 이러한 고급 보안으로 인해 투자자와 기업이 암호화폐 시장에 참여하여 전반적인 유동성, 안정성, 신뢰성을 높이고 있습니다.
Global Crypto Adoption Index 2023에 따르면, 인도가 154개 국가 중 소비자의 일상 생활에 대한 풀뿌리 암호화폐 채택률에서 1위를 차지했으며, 나이지리아, 베트남이 그 뒤를 잇고 있습니다. 전통적인 금융 시스템에서는 중개인이 개입하는 경우가 많아 결제 프로세스에 시간이 오래 걸리고 높은 수수료와 지연이 발생합니다. 블록체인은 중개자의 역할을 없애고, 소비자는 거래를 일시 중지하고 원장에 기록할 수 있습니다. 실시간, 저비용의 국제 거래가 가능해져 세계 기업이나 개인에게 특히 유망합니다.
아시아태평양이 세계 암호화폐 시장을 장악
한국, 일본, 인도 등의 국가에서 암호화폐가 받아들여지고 암호화폐 거래소가 증가함에 따라 아시아태평양이 시장을 독점하고 있습니다. 탄탄한 규제 프레임워크, 기술 혁신 촉진, 투자자들의 신뢰가 시장 성장을 촉진하는 요인으로 작용하고 있습니다. 기관 투자자들의 암호화폐 투자가 증가하고 있으며, 개인 투자자들의 채택도 계속 증가하고 있습니다. 이 지역의 주요 기업들은 경쟁이 치열한 시장에 대응하기 위해 기업 간 제휴 및 협업을 추진하고 있습니다.
이 보고서는 세계 암호화폐 시장을 조사 분석하여 시장 규모와 예측, 시장 역학, 주요 기업 현황과 전망 등을 제공합니다.
Global Cryptocurrency market is projected to witness a CAGR of 5.88% during the forecast period 2024-2031, growing from USD 3.39 billion in 2023 to USD 5.35 billion in 2031. The rise in distributed ledger technology adoption, increasing use of cryptocurrencies for cross-border remittances, rising adoption of digital assets, technological innovations, rising awareness among individuals, and the need for transparency in the financial payments systems. Improved market capitalization is one of the factors that has led to the country's growth of the cryptocurrency market.
Cryptocurrency, or virtual currency, exists digitally and uses distributed ledger technology such as blockchain to validate and secure transactions. It does not rely on banks to validate the transactions but is used as a peer-to-peer system that allows users to send and receive payments from anywhere in the world. Various types of cryptocurrencies exist, each with its own set of rules. Cryptocurrencies are decentralized, as no regulatory body governs them, and are used for buying, selling, swapping, and storing cryptos.
Prices of cryptocurrencies fluctuate due to government policies, economic conditions, media coverage, and many other factors. Banks have started investing in cryptocurrency platforms and launching their blockchain-based systems. Globally, there are over 420 million cryptocurrency users, with an average of 4.2 percent ownership rates and 72 percent aged below 34. With the advantages of blockchain technology and digital currency, companies are collaborating with other companies and investing in cryptocurrencies to offer quality services to their users.
Rise in Adoption of Digital Assets Will Boost the Market
The cryptocurrency market reveals the rise in the adoption of digital assets. As more individuals and businesses identify the potential of cryptocurrencies for secure, efficient transactions and hedge against inflation, their usage is growing. Financial institutions increasingly incorporate crypto services, utilizing more credibility in the market. This broader acceptance is not limited to Bitcoin and Ethereum but extends to various altcoins and tokens that offer diverse investment opportunities. Cryptocurrencies' decentralized features provide benefits compared to conventional financial systems, which include reduced transaction costs and advanced availability of financial services, especially in areas with limited banking access. According to Forbes, deposits saw an 80% increase in digital assets from January to February 2024. There was a 100% rise in total transactions over the last three months. Oriented with market trends and analysis, no interbank payments are required as the system exchanges digital currencies instead of bank deposits such as cash. The capability for more returns in the crypto market is attractive to institutions seeking alpha in their portfolios. Institutional adoption brings stability, liquidity, and acceptance to the cryptocurrency market.
Financial Transparency Boosting Market Expansion
An increase in the need for operational efficiency and transparency in financial payment systems is driving the growth of the global cryptocurrency market. Digital currencies are being created using Blockchain technology, allowing multiple entities to keep copies of their historic transactions. It employs cryptographic techniques to secure transactions, making it difficult for hostile actors to hack into the system. This high-end security has drawn investors and institutions to participate in the cryptocurrency market, increasing its overall liquidity, stability, and credibility.
According to the Global Crypto Adoption Index 2023, India ranked first amongst 154 nations in grassroots crypto adoption by consumers for daily life, followed by Nigeria and Vietnam. Traditional financial systems often involved intermediaries and lengthy settlement processes, incurring high fees and delays. Blockchain eliminates the middlemen's role; consumers can pause transactions and note them in their ledger. It enables real-time, low-cost international transactions, which is especially promising for global businesses and individuals.
Asia-Pacific to Dominate Global Cryptocurrency Market
The market is dominated by Asia-Pacific, owing to the acceptance of cryptocurrency in countries like South Korea, Japan, and India, and the increase in cryptocurrency exchanges. The robust regulatory framework, fostering innovation, and investor confidence are the factors boosting the market growth. Institutions are increasingly investing in cryptocurrencies while retail adoption continues to grow. The leading players in the region are entering into partnerships and collaborating with companies to address the competitive market.
North America is emerging at a faster pace in the global cryptocurrency market. The region is witnessing high investments in companies using blockchain technology to develop innovative solutions for cryptocurrency mining systems with high hash rates and reliable power efficiency.
Hardware Dominates Global Cryptocurrency Market
The hardware segment dominates the global cryptocurrency market as it embraces the physical components and devices used in cryptocurrency transactions and mining, including cryptocurrency wallets and securely storing digital assets. Various hardware types are prevalent in distinct features and utilities. Application-Specified Integrated Circuits (APICs) specialize in efficiently mining specific cryptocurrencies such as Bitcoin or Ethereum, while Graphic Processing Units (GPUs) offer versatility with lower efficiency. Understanding these hardware segments aids businesses in effectively approaching customers.
The hardware segment is vital for the integrity and efficiency of cryptocurrency networks, as it assists in the computational power needed for mining and ensures the resilience of the underlying blockchain technology. The Bitmain Antminer S19j Pro+ is one of the market's most powerful and efficient ASIC miners, with a power efficiency of 28 J/TH. The software segment is fast-growing, encompassing a wide range of applications, tools, and platforms that enable the creation and exchange of digital assets.
Bitcoin Emerging as a Key Player in the Market
Bitcoin emerged as an extraordinary performer in 2023, overshadowing traditional assets. Boasting a 154.37% rise in 2023, it has contributed USD 530 billion to its market capitalization. Bitcoin is a virtual currency operating as a decentralized alternative payment method in the cryptocurrency market which can be used for accounting, investing, and establishing smart card contracts in the virtual market. The development of Bitcoin Exchange Traded Funds (ETFs) is anticipated to increase Bitcoin trade volume during the country's forecast period. It urges a wide range of investors, from institutional players seeking a store of value to retail investors involved in trading and long-term investment.
Ethereum is the next fastest-growing cryptocurrency worldwide, driven by its fundamental role in the blockchain revolution, technical expertise, and advanced macroeconomic environment for disruption. Ethereum is an open software platform that introduced the concept of smart cards and allows users to build a range of decentralized applications.
Future Market Scenario (2024 - 2031F)
According to the Mudrex survey, 45% of users are investing in cryptocurrencies as a part of their retirement plans. The insight shows a growing trend of using digital assets in long-term financial goals like a retirement investment strategy. It sheds light on the perception that cryptocurrencies will be the main asset class in the future.
Japan's Government Pension Investment Fund, the largest pension fund in the world, announced in March 2024 that they are seeking Bitcoin as an investment option. These facts show that the future of global cryptocurrency market is a wide prospect and together with AI tools it will be more innovative, and user-friendly and will act as an important asset class in the future.
Key Players Landscape and Outlook
The cryptocurrency market can be described as a moderately competitive market characterized by the presence of expert players. Market leaders are boosting the competition in the market by seeking several strategies aimed at long-term sustenance, thereby making it challenging for new players to enter the market. The strategies followed by these companies are product innovations, a strong focus on research and development activities, geographical expansions, robust partnership agreements, and joint ventures. Moreover, there is a growing emphasis on compliance and regulatory fidelity to address concerns about money laundering and fraud.
WazirX launched new venture Pi42 in February 2024, which is a crypto-INR futures exchange that will provide a platform for users to invest in crypto tokens without worrying about paying tax. It is registered under the Financial Intelligence Unit - Global and is currently providing 5 tokens. Retail investors can now access global cryptocurrency market with leverage of up to 20X with no expiry dates.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work