New Data: The Value of Crypto Will Reach $1.4B by 2024
MarketsandMarkets Research Private, a global research company, has recently released a report indicating that Compound Annual Growth Rate in the crypto market is predicted to take place anytime in the period between the present and 5 years from now The Compound Annual Growth Rate is expected to rise by 100 million.
The report states the weight distinctive hardware will hold during the aforementioned period. It mentions that mining will be the number one shareholder in the market. When crypto eventually goes mainstream, competition will be voracious to create innovative hardware to authenticate transactions as well as mining tools, which see consistent upgrades as the hardware progresses.
The race is already on, and many famous hardware firms like Intel are already running to feed the growth cycle, notice system cracks and fill them. Startups are not outliers to the race- Bitfury, Gatehub and many more are all jumping in as well.
The expansion means masses, and masses mean a price hike which will inevitably lead to an escalation in peer to peer dealings, according to MarketsandMarkets, The Compound Annual Growth Rate will reach its peak there too as the sector becomes more and more mainstream.
Africa Wins the Cake
It’s no surprise that the biggest slice of the crypto cake lands on the plate of the APAC territory from next year up until five years from now. According to the report, the inexpensive electricity, accessible capital and moderate climate that happen to coalesce in China make the procedures easier and crown it as the first and biggest shareholder within the Asia-Pacific region, despite Japan’s early involvement in the crypto market. China has the exclusivity of most world-class miners like Bitmain and Ebang which undoubtedly, enables it to summit the crypto Everest.
However, things are not always as what they seem. The Asia-Pacific region has the lion's share of the market, but according to the report, that share won’t give it a leg up over the rest of the world because Compound Annual Growth Rate won’t grow higher in favor of their share, in fact, Africa is thought to keep that record.
Regardless of the outrageous growth expected for the crypto market as a whole, the mitigating factors will be one or both of the following; crypto understanding and regulation. Still, 2024 will take the crypto market to a whole new chapter of the story; $1.4 billion is a significant milestone.