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Strategic Intelligence: Cryptocurrencies

Publisher GlobalData
Published Apr 01, 2025
Length 113 Pages
SKU # GBDT19993152

Description

Strategic Intelligence: Cryptocurrencies

Summary

The crypto market entered 2025 with strong momentum. Many expect a rally to new all-time highs, driven by regulatory, institutional, and cyclical factors. Regulatory clarity has significantly improved. The EU’s Markets in Crypto Assets (MiCA) regulation has set a global standard for crypto regulation. In the US, the Trump administration’s stance is markedly pro-crypto. Already, it has rescinded SAB 121 (which discouraged banks from offering crypto custody), appointed a crypto-friendly Securities and Exchange Commission (SEC) chair, and formed a crypto working group to guide digital asset policy.

Key highlights
  • Institutional adoption continues to grow, driven by the SEC’s approval of US spot bitcoin and ether exchange-traded funds (ETFs) in 2024, which further integrated crypto into mainstream finance. BlackRock’s bitcoin ETF became the fastest-growing ETF in history, with further approvals expected in 2025, including for solana and XRP. Beyond ETFs, fintechs like Robinhood and PayPal have expanded crypto offerings, focusing on stablecoins and trading services. Meanwhile, crypto’s cyclical nature is also relevant. Market peaks have historically occurred 12 to 18 months after a bitcoin halving event. If past cycles hold, late 2025 could mark a new market high.
  • While 2025 may set new records, sustaining momentum will be a challenge. Historically, crypto rallies have been followed by profit-taking phases that dampen speculative fervor. External risks-including macroeconomic shifts or overly lenient regulation enabling illicit activities-could test market resilience. While the macroeconomic landscape has improved, it remains uncertain. The crypto market has reacted adversely to shifting expectations of interest rate cuts and Trump’s tariffs, underscoring its status as a risk-on asset. While fueling short-term optimism, the Trump administration’s pro-crypto stance raises long-term concerns. The launch of Trump-themed meme coins and Trump Media’s expansion into crypto have drawn scrutiny. Whether 2025’s potential bull run results in another cyclical downturn or drives structural changes toward crypto’s maturation may hinge on institutional investors-whether they help stabilize the market or mirror the speculative tendencies of retail participants.
Scope
  • This report provides an overview of the cryptocurrencies theme.
  • It identifies the key trends impacting growth of the theme over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
  • It includes a comprehensive industry overview and analysis of the key trends in GlobalData's proprietary signals data, including M&As, venture financing, patents, company filings, and hiring.
  • The detailed value chain is divided into four layers: infrastructure, software, application, and services.
Reasons to Buy
  • The crypto market is immature and constantly evolving. This report is the perfect introduction to a controversial and fast-moving theme. It will help readers make sense of the technology behind cryptocurrencies, understand the potential implications of the theme, avoid the pitfalls, and identify the leading players.

Table of Contents

113 Pages
Executive Summary
Players
Technology Briefing
What are cryptocurrencies?
What is blockchain?
The centralized versus decentralized world of cryptocurrencies
Types of cryptocurrencies
Tokenomics
Trends
Technology trends
Macroeconomic trends
Regulatory trends
Industry Analysis
Cryptocurrency market capitalization
Putting the cryptocurrency market capitalization in perspective
The number of cryptocurrencies
The cryptocurrency competitive landscape
The cryptocurrency market closely aligns with bitcoin
Developer activity drives cryptocurrency innovation
Cryptocurrency adoption in developing countries
Timeline
Signals
M&A trends
M&A predictions
Venture financing trends
Alternative fundraising methods
Patent trends
Company filing trends
Hiring trends
Value Chain
Infrastructure layer
Semiconductors
Nodes
Data centers
Software layer
Blockchain protocols
Middleware
Application layer
Decentralized applications
Cryptocurrencies
Payment tokens
Smart contract tokens
Stablecoins
Meme coins
Utility tokens
Governance tokens
Services layer
Cryptoasset management
Infrastructure as a service
Companies
Sector Scorecard
Payments sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: Technology trends
Table 2: Macroeconomic trends
Table 3: Regulatory trends
Table 4: Key M&A transactions associated with the cryptocurrencies theme since January 2024
Table 5: Key venture financing deals associated with the cryptocurrencies theme since January 2024
Table 6: Companies
Table 7: Glossary
Table 8: GlobalData reports
List of Figures
Figure 1: Who are the leading players in the cryptocurrency theme, and where do they sit in the value chain?
Figure 2: Cryptocurrencies provide incentives for users and cut out intermediaries
Figure 3: Most cryptocurrencies use public permissionless blockchains
Figure 4: Tokenomics is an important concept to consider when investing in a cryptocurrency
Figure 5: Top cryptocurrency trends
Figure 6: The market value of all cryptocurrencies peaked in 2024, approaching the $4 trillion mark
Figure 7: The total market value of all cryptocurrencies is similar to the market cap of Apple
Figure 8: There are over 17,000 cryptocurrencies, yet the five largest account for 80% of market value
Figure 9: The list of the leading cryptocurrencies has started to stabilize over the last couple of years
Figure 10: The cryptocurrency market tracks the price of bitcoin
Figure 11: Bitcoin’s dominance has increased steadily since mid-2022
Figure 12: Monthly active developers increase when prices increase but stay flat when prices fall
Figure 13: Emerging markets, particularly in Asia, drive cryptocurrency adoption
Figure 14: Middle-income countries dominate global cryptocurrency adoption
Figure 15: The evolution of cryptocurrencies can be divided into several distinct phases
Figure 16: The cryptocurrencies story
Figure 17: The number of cryptocurrency-related M&A deals has been at elevated levels since 2021
Figure 18: Centralized cryptocurrency exchanges lead the way in cryptocurrency-related M&A activity
Figure 19: Players from the US drive M&A activity
Figure 20: In the first three quarters of 2024, crypto funding was up 13% on the same period of the previous year
Figure 21: Crypto’s growing prominence in tech funding
Figure 22: Investors remain cautious in how they allocate funds, with limited interest in mega-rounds
Figure 23: Venture financing is driven by the US
Figure 24: Cryptocurrency is attracting a lot of attention from major venture financing firms
Figure 25: The number of patent applications has declined since its peak in 2020
Figure 26: The US accounts for most crypto patent grants
Figure 27: nChain, a Swiss blockchain research company, leads patent activity by a wide margin
Figure 28: The number of crypto companies going public has boosted crypto-related filing mentions
Figure 29: Half of the top 10 companies with the most crypto mentions are bitcoin mining companies
Figure 30: The number of active cryptocurrency job postings surged in 2024
Figure 31: Centralized exchanges are driving cryptocurrency-related hiring
Figure 32: The blockchain and cryptocurrency value chains overlap
Figure 33: The cryptocurrency value chain - Infrastructure layer
Figure 34: Bitcoin is only mined using ASIC chips
Figure 35: Infrastructure layer – semiconductors - ASICs: market leaders and challengers
Figure 36: A mining rig is needed to mine bitcoin
Figure 37: Infrastructure layer – semiconductors - Node hardware and node software: market leaders and challengers
Figure 38: Crypto mining farms are among the largest bitcoin holders & Top 10 companies with the largest bitcoin holdings, January 2025
Figure 39: Infrastructure layer – semiconductors - Cryptocurrency mining farms: market leaders and challengers
Figure 40: The cryptocurrency value chain - Software layer
Figure 41: Permissionless versus permissioned blockchain protocols
Figure 42: The cryptocurrency value chain - Application layer
Figure 43: Smart contract tokens lead in count and market capitalization (excluding bitcoin and ether)
Figure 44: US spot bitcoin ETFs strengthen bitcoin’s claim as a store-of-value asset
Figure 45: A bitcoin halving is an important event as it reduces the number of new bitcoins created
Figure 46: Historically, a bitcoin halving event is followed by an increase in price
Figure 47: Application layer – cryptocurrencies - Payment tokens: market leaders and challengers
Figure 48: Smart contract tokens are crucial to creating dApps
Figure 49: Ethereum is the leading DeFi platform
Figure 50: Application layer – cryptocurrencies - Smart contract tokens: market leaders and challengers
Figure 51: Fiat-backed stablecoins are the most common type of stablecoins
Figure 52: Two stablecoins account for 88% of the stablecoin market
Figure 53: Application layer – cryptocurrencies - Stablecoins: market leaders and challengers
Figure 54: eme coins are made for fun
Figure 55: Application layer – cryptocurrencies - Meme coins: market leaders and challengers
Figure 56: Application layer – cryptocurrencies - Centralized exchange tokens: market leaders and challengers
Figure 57: The broad range of utility tokens reflects the extensive selection of dApps
Figure 58: Application layer – cryptocurrencies - Other utility tokens: market leaders and challengers
Figure 59: Application layer – cryptocurrencies - Governance tokens: market leaders and challengers
Figure 60: The cryptocurrency value chain - Services layer
Figure 61: Most crypto trading occurs on centralized perpetual exchanges
Figure 62: Transparency and trust are becoming increasingly important
Figure 63: Binance is the leading spot and derivatives exchange, but its influence has decreased
Figure 64: Services layer – Cryptoasset management - Centralized exchanges: market leaders and challengers
Figure 65: Services layer – Cryptoasset management - Cryptocurrency quasi-banks: market leaders and challengers
Figure 66: Services layer – Cryptoasset management - Fintech brokerages: market leaders and challengers
Figure 67: Wallets are essential for mainstream adoption
Figure 68: Services layer – Cryptoasset management - Cryptocurrency wallets: market leaders and challengers
Figure 69: The number of crypto ATMs stabilized at nearly 40,000 in 2024, up from 6,500 in early 2020
Figure 70: There are 41 manufacturers and 347 operators of crypto ATMs globally in February 2025
Figure 71: Services layer – Cryptoasset management - Cryptocurrency ATMs: market leaders and challengers
Figure 72: Institutional involvement in cryptocurrencies is increasing
Figure 73: Institutional digital asset service providers offer a wide range of services
Figure 74: Services layer – Cryptoasset management - Institutional digital asset services: market leaders and challengers
Figure 75: Services layer – Cryptoasset management - Cryptocurrency payment gateways: market leaders and challengers
Figure 76: Services layer – Cryptoasset management - Cryptocurrency exchange software: market leaders and challengers
Figure 77: Crypto data providers offer a wide range of services
Figure 78: Services layer –Cryptoasset management - Cryptocurrency data providers: market leaders and challengers
Figure 79: Services layer – Cryptoasset management - Cryptocurrency compliance: market leaders and challengers
Figure 80: CoinDesk and CoinTelegraph are the two most popular crypto news sites
Figure 81: Services layer –Cryptoasset management - Cryptocurrency news: market leaders and challengers
Figure 82: Services layer – Cryptoasset management - Central bank digital currencies: market leaders and challengers
Figure 83: Five mining pools account for most blocks mined
Figure 84: Services layer – Infrastructure as a service - Mining as a service: market leaders and challengers
Figure 85: Services layer – Infrastructure as a service - Staking as a service: market leaders and challengers
Figure 86: Who does what in the payments space?
Figure 87: Thematic screen
Figure 88: Valuation screen
Figure 89: Risk screen
Figure 90: Our five-step approach for generating a sector scorecard

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