Are the Glory Days of Crypto Over?
I have been watching this crypto market when Bitcoin was priced at 700$. There were not a lot of cryptocurrencies and Ethereum was a new name there, priced at 9$ (Litecoin was at 2$). Then there came a wave of adoption. Bitcoin’s user base increased exponentially, Ethereum was ready with all its weapons ready to put a show in the market and many projects were announced during the rising time of crypto industry, which was around (dates).
Ethereum platform gave birth to the concept of ICO and within few months, a tsunami of ICOs was seen, everybody in the crypto sector was earning. Those hefty profits attracted a lot of small investors and big investors. Everyone was thrilled, excited and was embracing this new technology ‘Blockchain’ they had no idea about.
That was the starting; Skipping everything, from scams, bans and adoption by countries to Bitcoin touching 20000$ and falling down to 6000$, let’s see the current scenario.
Has the market become Stable?
We are seeing signs of a stable market where the bottom line is a 6500-7000$ and upper line is 8000-9500$. The market keeps fluctuating between these ranges and it tries hard to cross the 10000$ line. There has established a fixed pattern as I have been watching for past few months that once Bitcoin comes in the range of 8000-9500$, its prices shoot and it keeps increasing until the edge of the upper line comes. Then it tries its best to go beyond 10000$ but it fails. Once it fails, it keeps on decreasing and falls into the bottom line range. Then after being in bottom line range for enough time, it shoots again and tries to break the barrier.
It’s been quite a time to see market capital going beyond 600 billion dollars, even when there is every day a new project launching. Saturation seems to make a place here in this industry. The silence we are seeing now might be a sign of an upcoming storm.
Is the future of so-called Dapps is not clear?
So, I installed some of the dapps and apps that raised a good amount of money in ICOs. I found some of them useful and promising while some apps are still in its early stage. I really liked the concept of civic, app is nice and I am looking forward to the adoption of civic id. Then, I checked cindicator. Cindicator is a market forecast app, but I didn’t find it that promising given current stage of the crypto market. But it’s still in its early stage, maybe it has not spent much on publicity as it still might be working on building a powerful platform.
Now, future of crypto token apps and dapps is similar to those new traditional centralized apps. But crypto apps have the advantage that they have Blockchain as leverage and it’s features that come with technology.
So, a dApp has undoubtedly better chances of getting attraction and initial user base compared to a normal app for the same use case. Will a dApp or crypto app ever scale up to the level of companies like Facebook, LinkedIn, Spotify etc?
Are 90% of the projects gonna failed? (As one year ago it was told that 90% of the ICOs will fail)
Now let’s face this. There are 1615 cryptocurrencies and tokens at the time of writing. That being said, only 162 Projects/currencies will survive in long run. So if you’re a long-term “hodler”, you really need to worry about if your holdings have currencies that come in top 100. Also, can anybody decide which are the top 100? I have been watching top 100 currencies list at coinmarketcap.com changing in every 2 months. How do you decide you have the right holdings? Does that mean you should not invest for the long term?
I just gave you an entire meal for thought.
How to contribute in order to bring some real changes in technology, economy and society with the help of big crypto dream?
When we talk about adoption, I don’t think that means more and more traders should start trading crypto. Mass adoption is the only way for any technology to show its full potential. In crypto space, mass adoption means adoption of blockchain enabled products which could be used to serve the users and provide specific services in a more secure and easy manner.
If you paid attention, I have mentioned above two terms, small investors and big investors. Well, I don’t see user base in crypto, I see investor base. The very foundation of Blockchain and crypto is built wrong in people’s mind that it’s an easy way to get rich. I think the mindset about crypto should be that ‘Blockchain enabled cryptocurrencies and tokenized dapps and apps will work towards to make the technological realm more secure, powerful, boundaryless, tamper-proof, advanced and efficient.’
Now, while such a technological environment is being set up, a new economy is also emerging with it. That economy will benefit those, who are willing to leverage the properties of this technology. If you want to make good profits in crypto trading, I would urge you to do following practices, apart from trading:
- Check out the project you’re investing in, follow updates and do try their product once it goes live.
- Spread awareness about the technological and economical aspects of Blockchain and Cryptocurrencies among your peers.
- Always invest what you can afford to lose. Otherwise, one bad investment can set a negative image about technology in your mind, and you could really miss the train.
- For Christ’s sake, do not take advantage of people by creating fishy ICOs, MLM scams, and any kind of suspicious product. That’s what stopping countries from regulating cryptocurrencies. If these are stopped, everyone will be benefited from it.
- For traders and users, be a smart one of your category. Never fall for scams, analyze properly before investing.
D0n’t lose hope if you’re a trader, Don’t lose hope in technology if you’re a fan of Blockchain. Once development goes mainstream and products are released, the market will grow more.
ItsBlockchain embraces the Bitcoin and technology lying behind it “Blockchain’, and it’s our duty to benefit people by various use cases of it. Stay connected to us, and you can ask me any query you have regarding technology or market at firstname.lastname@example.org