United States Cryptocurrency Market Overview
United States Cryptocurrency Market Size was valued at USD 0.31 Billion in 2022. The Cryptocurrency Market industry is projected to grow from USD 0.35 Billion in 2023 to USD 0.90 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2024 - 2032). Increasing adoption by institutional investors and the growing popularity of decentralized finance (DeFi) applications are the main market drivers anticipated to propel the Cryptocurrency Market in the United States.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
United States Cryptocurrency Market Trends
Rising investment in digital assets drives market growth
The rising investment in digital assets drives the market CAGR for cryptocurrency in the United States. Traditional securities issuance and cross-border trading frequently impose major administrative burdens. Failure to finish a transaction immediately can result in significant additional fees and delays. In contrast, digital assets allow for the fast transfer of ownership without the need for paper copies of documentation. When a digital asset is purchased using an NFT, the owner can swiftly transfer ownership to a new owner or purchaser. Because of these traits, cryptocurrency is gaining popularity in the worldwide digital asset market. FinTech encourages innovation in global financial markets and contributes to the growth of digital assets. As more people deal with digital assets on a daily basis, from investing in cryptocurrency as a digital asset to digitizing old investment assets, they get incorporated into the current network of traditional financial markets. As a result, increased investment in digital assets is likely to drive worldwide market growth throughout the forecast period.
Moreover, financial disasters are major problems that affect traditional banking and the financial sector. Financial uncertainty destabilizes the economy by lowering the value of the currency. For example, India's ICICl bank dealt extensively with the Lehman Brothers crisis in 2008, which had a significant impact on the country's economy. Bitcoins and other cryptocurrencies are unaffected by the financial crisis since their values are uniformly balanced. Cryptocurrencies are better solutions in times of financial uncertainty in places with shaky economic frameworks, which is becoming a major market-driving factor. Bitcoin is also one of the most popular and widely used digital currencies in the world. Rising visibility, increased investment interest, and supportive legislation all contribute to the market's growth. The maturing Bitcoin cash value, as well as the ability to pay rewards for transactions, are both driving up the market value of digital cash. The United States has demonstrated people's preference for digital currency, which is expected to help the cryptocurrency market grow in the next few years. Thus, driving the United States Cryptocurrency market revenue.
United States Cryptocurrency Market Segment Insights
Cryptocurrency Component Insights
The United States Cryptocurrency Market segmentation, based on Component, includes Hardware And Software. The software segment is expected to grow at the fastest CAGR over the forecast period. The increased need for software built for cryptocurrency trading and mining is driving the growth. The development of tools to manage the huge amount of data generated by cryptocurrencies is expected to help the market grow.
Figure 1: United States Cryptocurrency Market, By Component, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cryptocurrency Hardware Insights
The United States Cryptocurrency Market segmentation, based on Hardware, includes Central Processing Unit, Graphics Processing Unit, Application-Specific Integrated Circuit and Field Programmable Gate Array. In 2023, application-specific integrated circuits dominated the market. Application-Specific Integrated Circuits (ASICs) are electronic circuits specifically intended to mine virtual currencies like Bitcoin, Litecoin, and Ethereum. With the increased demand for low-energy cryptocurrency mining devices, some companies are turning to ASIC miners.
Cryptocurrency Software Insights
The United States cryptocurrency market segmentation, based on Software, includes mining software, exchange software, wallet, Payments, and others. The wallet segment is expected to grow at a faster CAGR throughout the projection period. The segment's growth can be attributed to the increased use of cryptocurrency wallets, which provide consumers with online tools for securely managing and storing blockchain assets and cryptocurrencies. The ability to store and exchange various cryptocurrencies such as Bitcoin, Litecoin, and Ethereum is enabled by various multi-asset cryptocurrency wallets.
Cryptocurrency Process Insights
Process segments the United States cryptocurrency market into Mining and Transaction. In 2023, the mining segment led the market, accounting for more than worldwide revenue. The mining process includes the validation and verification of blockchain transactions. Mining actions add new coins to the current supply chain. To give cryptocurrency miners a better mining experience, several businesses around the world are focusing on implementing and establishing crypto miner farms.
Cryptocurrency Type Insights
Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and Others make up the United States Cryptocurrency Market Type segmentation. The Ethereum category is expected to increase rapidly during the projected period. Ethereum is an open software platform that enables developers to create a variety of decentralized apps. The proliferation of new projects using the Ethereum network has resulted in a significant increase in network traffic, which is directly tied to the growth of the Ethereum market.
Cryptocurrency End-Use Insights
Based on End-Use, the United States Cryptocurrency Market segmentation includes Banking, Gaming, Government, Healthcare, Retail & E-commerce, Trading and Others. Trading accounted for the biggest market share. The category focuses on crypto trading solutions, including Pionex, Cryptohopper, Bitsgap, Coinrule, and others. E-commerce and retail enterprises have begun to accept cryptocurrency as payment.
United States Cryptocurrency Country Insights
In 2023, the United States held the largest proportion of the worldwide market, as the majority of the region considered bitcoins as a means of exchange for tax purposes rather than currency. Despite the fact that the government does not legally regulate the practice, many industrialized countries continue to prioritize the use of digital currency. Consumers' and retailers' acceptance of digital payment supports market expansion. Furthermore, the popularity of bitcoin mining, as well as the presence of the majority of prominent firms, dominate the United States Cryptocurrency Market.
United States Cryptocurrency Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their Type lines, which will help the Cryptocurrency Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new Type launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Cryptocurrency industry must offer cost-effective items.
Major players in the Cryptocurrency Market are attempting to increase market demand by investing in research and development operations, including Advanced Micro Devices, Inc., Binance, Bit fury Group Limited, Bit Go, Bit Main Technologies Holding Company, Inc., Intel Corporation, NVIDIA Corporation, Ripple, Xapo Holdings Limited, Xilinx, Inc.
Key Companies in the Cryptocurrency Market include
- Advanced Micro Devices, Inc.
- Binance
- Bit fury Group Limited
- Bit Go, Inc.
- Bit Main Technologies Holding Company
- Intel Corporation
- NVIDIA Corporation
- Ripple
- Xapo Holdings Limited
- Xilinx, Inc.
United States Cryptocurrency Industry Developments
In February 2022, Intel Corporation announced plans to help the development of blockchain technology through a roadmap of energy-efficient accelerators. The business stated that its blockchain accelerator chip will ship later this year.
In January 2020, Binance.com purchased WazirX, a Bitcoin exchange situated in Mumbai, India. With this transaction, Binance.com aims to extend its business portfolio in India. Binance.com patented the Fiat Gateway platform, and WazirX's peer-to-peer (P2P) engine will be incorporated to allow Binance.com users to trade digital currency while purchasing Tether or USDT.
In March 2021, Visa Inc. processed cryptocurrency payments directly on the Ethereum Blockchain and intends to promote it as a new service payment. With this significant endeavor, the organization intends to accept cryptocurrencies as a payment option in the finance industry.
United States Cryptocurrency Market Segmentation
Cryptocurrency Component Outlook
Cryptocurrency Hardware Outlook
- Central Processing Unit
- Graphics Processing Unit
- Application-Specific Integrated Circuit
- Field Programmable Gate Array
Cryptocurrency Software Outlook
- Mining Software
- Exchange Software
- Wallet
- Payment
- Others
Cryptocurrency Process Outlook
Cryptocurrency Type Outlook
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- Ripple
- Others
Cryptocurrency End-Use Outlook
- Banking
- Gaming
- Government
- Healthcare
- Retail & E-commerce
- Trading
- Others
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 0.31 Billion |
| Market Size 2023 |
USD 0.35 Billion |
| Market Size 2032 |
USD 0.90 Billion |
| Compound Annual Growth Rate (CAGR) |
12.50% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2019-2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Component, Hardware, Software, Process, Type, End-Use and Region |
| Countries Covered |
United States |
| Key Companies Profiled |
Advanced Micro Devices, Inc., Binance, Bit fury Group Limited, Bit Go, Bit Main Technologies Holding Company, Inc., Intel Corporation, NVIDIA Corporation, Ripple, Xapo Holdings Limited, Xilinx, Inc. |
| Key Market Opportunities |
·      Expansion of blockchain technology beyond cryptocurrencies ·      Development of decentralized financial services |
| Key Market Dynamics |
·      Increasing acceptance by mainstream businesses ·      Growing interest from retail investors |
Frequently Asked Questions (FAQ) :
The United States Cryptocurrency Market size was valued at USD 0.35 Billion in 2023.
The market is projected to grow at a CAGR of 12.50% during the forecast period, 2024-2032.
The key players in the market are Advanced Micro Devices, Inc., Binance, Bit fury Group Limited, Bit Go, and others.
The application-specific integrated circuits category dominated the market in 2023.
The mining category had the largest share of the market.
