According to the new market research report on “Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, & Wallet, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography – Global Forecast to 2024”, published by MarketsandMarkets™, the Cryptocurrency Market is projected to reach USD 1.40 billion by 2024 from USD 1.03 billion in 2019, at a CAGR of 6.18% during the forecast period.

Major drivers for market growth are the transparency of distributed ledger technology, high remittances in developing countries, high cost of cross-border remittance, fluctuations in monetary regulations, and growth in venture capital investments. The major factors restraining the growth of the market are uncertain regulatory status, lack of awareness and technical understanding regarding cryptocurrency.