Is Spring of Cryptocurrencies Coming?
The winter of cryptocurrencies may have been worse than a thousand ice ages, and getting through it took a lot of guts from the people involved. The falling market of the cryptocurrencies may have lasted way too long, and this made a lot of people refer to this period as the Blockchain winter or cryptocurrency winter. But now that seemingly impenetrable volume of snow and ice has melted, and small blossoms can be seen. It seems that the hard winter of cryptocurrencies is over and spring is on its way. These events indicate a better path for cryptocurrencies to enter.
Bitcoin and Some Other Cryptocurrencies’ Attempt to Increase the Volume of Cryptocurrency Transactions
Coinmarketcap has recently announced that the volume of cryptocurrency transactions has increased, reaching $33.85 billion. This increase in the volume of transactions is due to the increase in the price of 10 cryptocurrencies.
On the other hand, considering that the popularity of Bitcoin soared in 2017 during its booming period, but the number of pioneers in this field was very few in the beginning. Now we are witnessing the increase in the number of people in this cryptocurrency. As a concrete example, you can see the developing countries faced with economic and political challenges are encountering an increase in the number of people accepting Bitcoin and other types of cryptocurrencies. These countries include Venezuela, Iran, and even India.
Since Bitcoin is being used widely in the world, senior market analyst, Mati Greenspan, said in a tweet that in the newfound markets in which the local market is less stable, the use of Bitcoin is very high. Currently, there are more than seven million active Bitcoin users in the world. This is indicative of the fact that the use of cryptocurrencies and their acceptance among people is on the rise and this can be a sign of the end of cryptocurrency winter. Since the cryptocurrency market has received many heavy blows which sometimes reached 90 percent, this blow is not considered to be that huge. However, Bitcoin is doing all it can to remain in the $4,000 channel, and if it is not going to see an increase to its price in the near future, at least its price wouldn’t drop either.
The Increase in the Volume of Bitcoin in Indonesia after Its Being Legalized
Another sign that indicates the increasing and positive activities in the cryptocurrency market and Bitcoin is the increase in the volume of Bitcoin in Indonesia. The volume of Bitcoin in the local peer-to-peer exchanges have had a considerable increase and has reached from $30,000 to $1,000,000. Even though, such volumes were considered to be nominal before, and even though they are still nominal, but it can be considered an increasing trend on its own that as begun in one of the largest Asian economies after transparent regulation was passed. According to the director of Bappebti office, Indrasari Wisnu Wardhana, these regulations will turn into the basis for cryptocurrencies trades that can be the standard for future contracts and trades and other subsidiary trades. Prior to this regulation, Indonesia, much like some countries, looked upon cryptocurrencies with doubt, and even the central bank of Indonesia prohibited the payments of goods and services with cryptocurrencies in late 2017. Maybe it can be understood from this new regulation that Indonesia, like some other countries, has decided to put its shields down against cryptocurrencies and will gradually open itself up to this trend.
Can we expect a beautiful spring in the future of cryptocurrencies with these small blossoms, or are all of these signs just the calm before the storm?