The cryptocurrency market is touted to record commendable proceeds over the coming years, driven by the surging requirement for low-cost digital payment systems across enterprises. Distributed ledger technology coupled with cryptocurrency has been instrumental in improving tracking capabilities and trading.

To that end, numerous tech majors across the globe have been emphasizing the development of financial systems based on blockchain. For instance, in May 2021, Facebook announced the roll-out of its Diem cryptocurrency. The move is set to revolutionize the fintech space, and the project, earlier dubbed Libra, will make the transfer of money as seamless as sending photos.

Such advancements are expected to drive the demand for different types of cryptocurrency through the estimated period. On this note, the cryptocurrency market share is anticipated to surpass USD 1.8 billion by 2027, according to the latest research by Global Market Insights, Inc.

This growth is attributed to the rising emphasis of cryptocurrency companies on digital assets. This, in turn, is expected to urge the development of innovative cryptocurrency hardware and software components, supporting the business landscape over the years.

https://t.co/bJdmjiRnSK – 4 Major Trends Influencing Cryptocurrency Market Growth Through 2027

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A few significant trends propelling cryptocurrency industry growth are as follows:

A rising requirement from the e-commerce & retail sectors

An increase in technology enterprises focusing on developing advanced services and solutions for enabling cryptocurrency transactions in e-commerce applications is expected to propel the demand for cryptocurrency. The e-commerce & retail segment in the cryptocurrency industry is set to record appreciable revenue between 2021 and 2027.

In March 2021, RocketFuel Blockchain Inc. released its secure API solution that allows merchants and consumers to back their e-commerce applications. The product enables individuals to pay from an extensive range of cryptocurrencies on goods purchased online.

Increasing demand for Graphical Processing Units

GPUs are deployed over conventional CPUs for optimized performance in cryptocurrency mining. The Graphical Processing Unit (GPU) segment is poised to expand at a substantial CAGR of over 10% through the projected period.

GPUs are also used to address the requirement for high-performance efficiency in processing repetitive computations. The availability of advanced ALUs (Arithmetic Logic Unit) enables extended high output in applications associated with crypto mining.

Constant technological developments in North America

Consistent technological developments coupled with the extensive presence of several technology enterprises in North America are expected to augment the demand for cryptocurrency apps in the region. Therefore, the North American cryptocurrency market will record remarkable growth through the analysis period.

In addition, numerous tech companies emphasize enhancing cryptocurrency mining capacities. Citing an instance, in March 2021, Marathon Digital Holding, Inc., planned the roll-out of a bitcoin mining pool across the region. The firm ensures compliance with standards of anti-money laundering as well as OFAC.

The surging popularity of Ethereum

The emergence of smart contracts and a rising emphasis on decentralized finance have been instrumental in augmenting the demand for Ethereum across enterprises.

One of the prominent cryptocurrencies, Ethereum, features improved capacities of payment & cryptography. The cryptocurrency is also developed based on the financial system of Ethereum Corporation. The system enables individuals to trade Ethereum for ETH-backed tokens.

Increasing advancements in blockchain financial technologies and distributed hyper ledgers will escalate cryptocurrency market value through the assessment period.

Madhura Dethe has authored this article.