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Cryptocurrency Market to Grow by USD 34.5 Billion (2024-2028), Driven by Rising Investments in Digital Assets, Report on AI’s Impact on Market Trends – Technavio
The cryptocurrency market is expected to grow by USD 34.5 billion from 2024 to 2028, according to a recent report released by Technavio. The growth of the digital asset market will be driven by rising investments in blockchain technology and decentralized finance (DeFi) applications.
Technavio’s report highlights the significant impact that artificial intelligence (AI) will have on the cryptocurrency market trends over the next five years. “The increasing adoption of AI-powered trading tools, such as predictive analytics software, will play a crucial role in shaping the future of cryptocurrencies,” said a Technavio analyst.
The growing demand for digital assets and decentralized finance applications is expected to drive the growth of the cryptocurrency market. Additionally, regulatory clarity and increased institutional investment are also key factors that will contribute to the industry’s expansion.
However, the report highlights the need for addressing concerns around energy consumption and environmental impact. The high energy requirements for mining cryptocurrencies have raised concerns about their carbon footprint. Renewable energy solutions are being explored as a potential solution to mitigate this issue.
In terms of geographic landscape, North America is expected to hold the largest market share, followed by Europe and Asia-Pacific. The growing demand from institutional investors, increased adoption in DeFi applications, and government-backed initiatives will contribute to the growth in these regions.
The report also identifies key players such as Ethereum, Bitcoin, Litecoin, Ripple, and other altcoins as driving forces behind the market’s expansion. However, it warns of potential risks and scams that may arise from unregulated activities and fraudulent investments.
The digital revolution fueled by blockchain technology has opened up new opportunities for financial transactions without intermediaries. The rise of decentralized currencies is transforming traditional finance and creating new business models.
Source: cryptocurrencynews.com
