Crypto Is Far From Dead, Adoption On The Rise

Crypto Is Far From Dead, Adoption On The Rise

Cryptocurrency opponents love to point out the market volatility as a sign that crypto has met its demise.  However, those individuals are simply ignorant to the real truth – crypto is not faltering. In fact, more than ever, crypto adoption is on the rise and this – not market capitalization – is the real gauge of the strength of digital currencies.  

Weiss Cryptocurrency Ratings points out that market caps are never a good way to determine whether the crypto industry is rising or falling.  An expert crypto analyst with the company, Juan M. Villaverde, states, “The reality: Market cap is almost entirely a reflection of market price. And price, in turn, is subject to the whims of market cycles and investor psychology.”

Instead of looking at market caps, people need to look at the number of actual transactions.  Villaverde adds, “A far more reliable way to track the industry’s progress is with real-world transactions … which, by the way, are growing by leaps and bounds.”

The analyst provides an example through the EOS digital currency.  He points out that, at the beginning of 2018, only 10,000 transactions were seen daily for the coin.  However, jump ahead to December, and there are now 6.7 million on-chain transaction on a daily basis.

The number of daily transactions seen with Bitcoin Core (BTC) is also increasing.  The number spiked at the beginning of the year before falling to its lowest point this year in April.  However, since this, it has continued to rise, according to BitInfoCharts, and is now higher than what was seen at the end of January.

Villaverde has previously pointed out how the markets are now more stable than ever, which could lead to price increases going forward.  Fiat pundits should come down from their clouds and realize what so many in the crypto industry already know – digital currencies are here to stay and are only going to keep gathering strength as an alternative to government-led fiat.    

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