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Amidst Recent Struggles Global Cryptocurrency Market Still Expected to Reach $32 Trillion By 2027

FinancialNewsMedia.com News Commentary -

PALM BEACH, Fla., May 24, 2022 /PRNewswire/ -- The global crypto mining industry has been steadily rising over the past few years and is projected by most experts to continue its rapid growth over the next several years. A report from ResearchAndMarkets reported that The global cryptocurrency market reached a value of US$ 1,782 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 32,420 Billion by 2027, exhibiting a CAGR of 58.4% during 2022-2027. The report said: "Cryptocurrency refers to digital or virtual money secured by cryptography to monitor transactions and prevent counterfeit. It does not have a physical representation and is distributed over a vast network of computers connected to a virtual environment. It operates through decentralized networks that are based on the blockchain technology. The transfers are secured through public or private keys and are connected directly to the user's digital wallet. In contrast to the traditionally used currency, it is not issued by a centralized authority and has minimal interference or manipulation from the government. It also offers various advantages, such as enhanced portability, divisibility, inflation resistance and transparency.  Increasing digitization across industries represents one of the key factors driving the growth of the market. In line with this, easy accessibility to and rising penetration of high-speed internet connectivity in daily activities is also creating a positive outlook for the market. Furthermore, legalization and approval of purchase, sale or trade of virtual currencies in various developed countries are also driving the market growth." Active companies in the markets this week include Bit Origin Limited (NASDAQ: BTOG), Bit Digital, Inc. (NASDAQ: BTBT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Stronghold Digital Mining, Inc. (NASDAQ: SDIG), Canaan Inc. (NASDAQ: CAN).

ResearchAndMarkets continued: "With the immense transparency of distributed ledger technology or blockchain, there is minimal risk of fraudulent or unwanted transactions due to human or machine error or data manipulation. This enables all the parties to monitor any changes that are being made during the transaction in real-time, thereby offering enhanced data security and immutability of the transactions.  Additionally, convenient access to online trading platforms that can be used through smartphones is contributing to the market growth. Other factors, including growing market capitalization or market cap of the industry, along with the advent of bitcoin cash and bitcoin lite, are anticipated to drive the market further."

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Amidst Recent Struggles Global Cryptocurrency Market Still Expected to Reach $32 Trillion By 2027 FinancialNewsMedia.com News Commentary - PALM BEACH, Fla., May 24, 2022 /PRNewswire/ - The global crypto mining industry has been steadily rising over the past few years and is projected by most experts to continue its rapid growth over the next …

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