The global cryptocurrency market is in incipient stage of development, finds Transparency Market Research (TMR). The global market share is led by Bitcoin, attributed to widespread acceptance of the cryptocurrency in the payment system. Albeit, Litecoin as a cryptocurrency will gain immense traction over the forecast period, driven by the surge in popularity among users in recent years. Some of the other components rising in prominence world over are Ethereum, Ripple, and Namecoin.

Prominent players operating in the global cryptocurrency market include BTL Group Ltd., BitGo, Xilinx Inc., Advanced Micro Devices, Inc., Alphapoint Corporation, BitFury Group Limited, NVIDIA Corporation, Microsoft Corporation, and Intel Corporation.

The global cryptocurrency market stood at US$574.3 million and is projected to surge to a worth US$6,702.1 million by the end of 2025. The global market is projected to rise at a phenomenal CAGR of 31.3% in between the assessment period of 2017 and 2025.

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The major components of cryptocurrency comprise hardware and software. Of the two, the hardware segment accounts for the major market share in 2016 and is expected to continue to hold its sway throughout the assessment period. Regionally, Europe led by Germany contributed the higher share of revenue in the global market in 2016.