What’s with the grave cryptomarket?
Is “crypto-winter” really here? Let’s find out the answer to this trillion dollar question. Not just Bitcoin but the entire crypto market has been agonized by this year-long deterioration. As a consequence of this value drop, caused by the weak adoption of Bitcoin, there is now a dent in the cryptocurrency industry. The only thing ‘stable’ about Bitcoin has been the perpetual fall in its price. Bitcoin’s prime-time was in December 2017, when the price soared to almost $20,000. Now, the prices have dropped by almost 80%.
Many conjectures from various companies have led to the assumption that crypto-winter could go on for a longer time if prices fall any further.
The peril of going into a nuclear crypto-winter is scary, to say the least.
A few pressing questions like, ‘why is crypto adoption not being done for real where are the real numbers and volumes? Was all this just a bubble?’a re being asked on the internet by many crypto enthusiasts.
Bitcoin’s value is fluctuating. It gains momentum only to take several steps back. The unpredictability and uncertainty on a daily basis is the right time for acquisition and adoption, but this isn’t something traders want right now. This virtual winter has caused many bitcoin and cryptocurrency based startups to cut down on jobs or entirely shut shop. The new top 5 roster shows, the Bitcoin Cash and Bitcoin SV have been struck out from the list.
About $400 billion has been removed from the cryptocurrency market over the span of one year. There is a dire need of Stable Coins, to balance out the slow economy created by the drop in Bitcoin’s price.
If winter is here, can spring be far behind?
The good news is that as per the data generated in the last three years, Bitcoin has galloped in February. The second month has ensured greater success in Bitcoin’s value. Adding to this, the promise of many investment firms providing crypto-based working products has elevated the hopes of numerous people.
The rise of Security Token offerings will have a directly proportional effect on Bitcoin’s utility aspects. STO’s will increase the general trade of coins in any exchange and the liquidity aspect of Bitcoin will witness a hike. After a sabbatical, cryptocurrency development is gaining steam, and cryptocurrency development companies have started to get fresh orders for the creation of better tokens and exchanges.
With many countries keen on adopting cryptocurrencies, it will happen, and the crypto sun will shine again, it’s about time.