Global cryptocurrency market to growth by $34.5b in 2028

Key driver includes increased investment in digital assets.

The global cryptocurrency market is projected to grow by $34.5b from 2024 to 2028, with a compound annual growth rate of 16.64% during the forecast period, according to Technavio.

Key drivers of this growth include increased investment in digital assets and a rising trend of cryptocurrency acceptance amongst retailers. The adoption of cryptocurrencies, like Bitcoin and Ether for financial transactions, has gained traction, driven in part by major retailers beginning to accept crypto payments in 2022. 

This development has positively influenced public perception and broadened the use of cryptocurrencies in mainstream commerce, Technavio noted.

Cryptocurrencies have a faster growth rate than inflation, giving businesses a savings option. For small businesses and retailers, accepting crypto as an alternative payment method may provide flexibility in unexpected market situations and growth, it added.

However, Technavio said market volatility may dampen growth. For instance, Bitcoin experienced a sharp 10% drop in value in a single day in June 2022, following its peak at $69,000 per token in November 2021. 

The absence of regulations and fees on trading platforms contributes to this volatility, allowing those holding large shares to manipulate value for profit, it added.