Cryptocurrency market to reach $2.9bn by 2023

By Jonathan Dyble
According to RnRMarketResearch, the cryptocurrency market is expected to maintain a compound annual growth rate (CAGR) of 32.31% through 2023, resulting...

According to RnRMarketResearch, the cryptocurrency market is expected to maintain a compound annual growth rate (CAGR) of 32.31% through 2023, resulting in the market rising from the $541mn recorded in 2017 to $2.9bn by the end of the period.

These predictions reflect a similar expectation made by Research and Markets in its ‘Blockchain market global forecast to 2021’ report, forecasting the global cryptocurrency market to grow at a similar rate, from $210mn in 2016 to $2.3bn in 2021.

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The strong growth in the market is expected to be maintained due to a multitude of factors including volatility in the stock market, fluctuating money regulations in different countries, transparency and faster transactions.

Further, the report predicts that the Asia Pacific (APAC) will be the driving region within this, largely due to the cheapness of electricity; presence of big electronics; strong knowledge of cryptocurrencies, particularly in Japan; and a wide availability of venture capital funding.

Ethereum is also expected to see its highest growth rates between 2017 and 2023, with the cryptocurrency offering benefits that Bitcoin doesn’t including, “electronic cash, smart contract technology, and proof-of-technology”.

The report from RnRMarketResearch was released shortly prior to Bitcoin, the leading cryptocurrency, hitting $6,200 this week – an all-time high, demonstrating the continual growth of the market.

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