The crypto market is ever changing. In 2017, we’ve seen the rise of cryptocurrencies. Bitcoin almost reached $20K while a good number of other cryptocurrencies were developed hoping to experience similar success.
Regulatory changes have been at the forefront of 2018. For many, regulatory clarity is a necessity in order to get more institutional investors to get involved in the market. Ibinext which is a crypto exchange software provider recently published a report that summarized the industry all over the world. There are a number of takeaways from their Global Cryptocurrency Market Report.
The report discussed what cryptocurrency is. And also, it tried to explain why exactly it is popular. The report cited that the distrust in the financial system made cryptocurrencies popular. Keep in mind that Satoshi Nakamoto designed Bitcoin as a reaction to the 2008 economic crisis. And also, keep in mind that the US dollar, which is the world’s most powerful currency has lost its buying power by 80% in the last four decades.
Based on the numbers, Bitcoin’s market capitalization is larger than 97% of S&P 500 companies. And also, Bitcoin has a bigger money supply than countries such as Argentina, South Africa, and Colombia.
Discussing The Altcoins
The report also discussed altcoins. Among the prominent altcoins that were discussed during the report included Ethereum, Bitcoin Cash, Dash, and IOTA. Today, Ripple has been considered as a strong contender especially after xRapid was announced. According to Ripple, it is a bridge for both currencies and cryptocurrencies. Ripple has partnered with three companies that plan to make use of xRapid in cross-border transactions.
Also, the report shows that 80% of Bitcoin users are below 45 years old. And also, it shows that 87% of today’s Bitcoin users are male. And though Asia is a dominant force in the crypto industry, only 18% of Bitcoin users are located in this part of the world.
Keep in mind that in South Korea, there is even a “Kimchi premium” price for Bitcoin. And also, Japan has widely adopted the use of cryptocurrencies.
Japan is the Asian Tiger
The report mentioned that Japan is responsible for approximately 50% of all crypto trading volumes. It has around 3.5 million active traders in the country. Keep in mind that aside from being a trendsetter that allowed Bitcoin as a legal tender in April 2017, Japanese regulators have passed laws that also help protect its investors. In the last few months, after hacking incidents on crypto exchanges, Japanese regulators decided to tighten their rules.
And though it has alienated crypto exchanges such as Kraken, it was ultimately aimed towards preventing hacks from happening.
Another strong contender in Asia that was mentioned in the report is South Korea. 31% of South Koreans were somewhat involved in crypto investment. And also, 40% of the entire Ethereum traffic came from South Korea. Also, Taiwan and Singapore are considered to be among countries that are slowly becoming a serious player in the niche.
This report gives us an idea what we have right now in today’s crypto industry. But of course, the market is still young and changes are expected to still happen.