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Written by Jack » Updated on: October 23rd, 2024
According to TechSci Research's report, “Asia Pacific Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Country, Competition, Forecast & Opportunities, 2025”, the Asia Pacific cryptocurrency market is anticipated to witness a significant CAGR during the forecast period. The growth is attributed to the growing demand for transparency in transactions, where once data transaction information is recorded on a blockchain, it becomes immutable, ensuring transparency. Additionally, the minimal ownership cost, enhanced security, and faster transactions are expected to drive market growth. Furthermore, the increasing adoption of digital currency by traders in the region and the transparency and immutability of distributed ledger technology are contributing factors.
Moreover, increased investments in blockchain technology are anticipated to provide favorable opportunities for advancements in the cryptocurrency industry, thus driving market growth over the next five years. However, factors such as lack of regulations and uncertainty surrounding them might impede market growth through 2025. Additionally, concerns regarding standardization and interoperability may also hinder market growth.
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The Asia Pacific cryptocurrency market can be segmented based on offering, process, type, end user, company, and country. By type, the market includes Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, and others. The Bitcoin segment dominated the market until 2019 and is expected to grow at the highest CAGR during the forecast period due to growing investor awareness and the availability of higher returns. Ethereum witnessed significant growth until 2019 due to advantages over Bitcoin, including electronic cash, smart contract technology, and proof-of-stake.
In terms of process, the market is fragmented into mining & transaction. The transaction segment is estimated to dominate the market in the next five years due to advantages such as enhanced transactional security, a decentralized system, protection from fraud, and low fees.
Leading players in the Asia Pacific cryptocurrency market include:
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Asia Pacific cryptocurrency market is forecast to register high growth in the market during the next five years due to the rising number of internet users in the region. Furthermore, the availability of venture capital funding and favorable government regulations are expected to propel market growth through 2025, said Mr. Karan Chechi, Research Director with TechSci Research.
The report, “Asia Pacific Cryptocurrency Market” evaluates the future growth potential of the Asia Pacific cryptocurrency market, providing statistics & information on market size, structure, and future market growth. It aims to provide cutting-edge market intelligence and help decision-makers make sound investment decisions while identifying and analyzing emerging trends, drivers, challenges, and opportunities in the market.
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