As per the analysis by IMARC Group, the top cryptocurrency companies are increasingly focusing on the widespread integration of blockchain technology with cryptocurrencies as this ensures a reduced risk of unwanted or fraudulent transactions while monitoring the changes being made in real-time during transactions. Since this offers enhanced data security and immutability of the transactions, this is creating a positive outlook for the market.The global cryptocurrency market reached a value of US$ 1,782 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32,420 Billion by 2027, exhibiting at a CAGR of 58.4% during 2022-2027.
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The global market is majorly driven by the rising preference for virtual currencies and convenient financial servicesamong the masses. The utilization of cryptocurrency offers increased adaptability, secured confidentiality and minimal country-to-country transaction fee, which is providing an impetus to the market growth. This is supported by the rapid digitization across numerous industries and the penetration of high-speed internet connectivity on the global level. Moreover, the legalization of purchase, sale or trade of virtual currencies in numerous developed countriesis creating a positive outlook for the market. Along with this, the continual integration of blockchain technology with cryptocurrencies for monitoring the changes being made in real-time during the transactions to reduce the risks of data manipulation andfraudulent or unwanted transactions is acting as a major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing preference for contactless payments and the introduction of bitcoin cash and lite.
Advanced Micro Devices Inc.
Bitfury Holding B.V.
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