While the whole issue is interesting and is worth a study, there are two slides that deserve a special mention. For individuals who have been following cryptocurrencies and their performances over the years, these slides bring in a lot of positive outlook. Surely they point towards a crucial change in the market dynamics.
Almost 94% of participants in the survey had a positive outlook about the future of Ethereum, which is thrice the number of people who had positive outlook about Bitcoin. This is primarily owing to the high price of Bitcoin, its scaling issues and the ever growing centralization problems.
What is more interesting is Ethereum’s growth has never slowed down the price or deterred the demand or growth of Bitcoins. The price of Bitcoin has skyrocketed to 160% since the first quarter. And guess how much enthereum’s price has increased in the same period? It’s a whopping 420%.
Modern cryptocurrency buyers bet big on ethereum and are slowly exchanging their bitcoins to buy more ethereum.
These trading volumes are observed just over a few weeks and so it may not suggest a major market twist. But one thing is certain. Cryptocurrency investment is gaining momentum and bitcoin and ethereum had the giant’s role in the making. From the sentiment perspective and asset allocation point of view, the rise of ether and the dominance of bitcoin are extremely encouraging for new investors.
Lots of new entry into the market is another positive sign
Wanting to take advantage of the current trend in the cryptocurrency market space, many new virtual currency providers are trying their hands these days. While not all new debutants are worth what they claim, there are quite a few providers making their presence felt.
The UrCoin, for example, is not just another digital currency provider, but a crucial player, looking to make the whole process of cryptocurrency trading more safe, transparent and easily accessible for buyers. The fact that this coin is based on the ethereum blockchain makes it a safer and more reliable option. UrCoin looks to break the traditional jinx associated with the challenges and security issues when buying and trading cryptocurrencies.
Ripple is another infant in the world of cryptocurrencies that is shouting loud and seeking attention. This digital currency is promising to provide a solution for high transaction fees that many cryptocurrency buyers, traders and sellers are complaining about. Many financial institutions have already started realizing its potential and using it.
Rising in Diversity
The very fact that cryptocurrency diversity has increased over the past few years is a positive upward movement. As Fitz Tepper, contributor at TechCrunch notes, the fact that the development and demand of cryptocurrency has occurred from players other than Bitcoin, is a clear indication that the science of cryptocurrency is no more just a bubble. There is a serious resurgence of interest among cryptocurrency investors and that’s something to cheer about if you’ve ever planned to invest in the new space.