New ReportBuyer Data Says Crypto Market Growth Rate to Expand at a CAGR of 6.18% Until 2024
Although the market seems to be in a bear trend, there is a report that says that the combined annual growth rate of the crypto market will remain at a CAGR of 6.18% until 2024. ReportBuyer explains that the crypto market will be reaching 1.40 billion dollars by 2024 from 1.03 billion dollars in 2019.
This growth in virtual currencies can be related to factors such as blockchain transparency, high remittances in some countries, monetary regulations and increased investment from venture capital investments. However, there are some issues such as lack of awareness and technical understanding that could restrict the growth of this market to a certain extent.
The report is also analysing the growth of the ASIC sector. It explains that in cryptocurrency it will register the highest growth during the forecasted period. ASIC machines allow miners to improve their mining activities consuming less power than other GPU mining rigs. Bitmain, Innosilicon and Avalon are very promising companies working with ASIC machines.
Additionally, the report says that the market for payment through cryptocurrency might register the highest growth. Paying using virtual currency has many advantages, including enhanced transaction security, fraud protection and low fees.
There are several players in the market that are investing in order to develop different payment gateways and other platforms. This would certainly be very positive to increase the adoption of virtual currency payments around the world.
The Asia Pacific region is also expected to continue growing at higher rates than the rest of the market. China remains one of the largest markets among APAC nations. However, countries such as Japan and South Korea will also be experiencing important growth.
Japan, for example, is one of the countries with the largest transaction volume around the world. Transactions between Bitcoin and the Japanese Yen are even higher than those between Bitcoin and the US Dollar.
For the report, some of the most important players in the cryptocurrency industry are Bitmain, Ripple, Intel, Xilinx, Coinbase, Bitfury Group, BitGo and Binance Holdings.