While there were market corrections in cryptocurrency market in 2018, everyone agrees that the most effective is yet to come. There were a lot of activities in the market which have changed the tide for the better. With proper analysis and the right dose of optimism, anyone who’s invested in the crypto market may make millions out of it. Cryptocurrency market is here now to keep for the long term. Within this short article, we give you five positive factors that will spur further innovation and market value in cryptocurrencies Coinmarkets.
1. Innovation in scaling
Bitcoin is the very first cryptocurrency in the market. It’s the maximum amount of users and the highest value. It dominates the entire value chain of the cryptocurrency system. However, it’s not without issues. Its major bottleneck is that it can handle only six to seven transactions per seconds. Compared, credit card transactions average at few thousands per second. Apparently, there’s scope for improvement in the scaling of transactions. With the help of peer to peer transaction networks on the surface of the blockchain technology, it’s possible to increase the transaction volume per second.
2. Legitimate ICOs
While there are cryptocoins with stable value in the market, newer coins are increasingly being created that are created to serve a certain purpose. Coins like IOTA are designed to help the Internet Of Things market exchanging power currencies. Some coins address the problem of cybersecurity by giving encrypted digital vaults for storing the money.
New ICOs are picking out innovative solutions that disrupt the existing market and bring in a brand new value in the transactions. They’re also gathering authority available in the market with their user friendly exchanges and reliable backend operations. They’re innovating both on the technology side regarding usage of specialized hardware for mining and financial market side giving more freedom and options to investors in the exchange.
3. Clarity on regulation
In the current scenario, most governments are studying the impact of cryptocurrencies on the society and how its benefits could be accrued to the city at large. We could expect that there could be reasonable conclusions according to the consequence of the studies.
Few governments are actually taking the route of legalising and regulating crypto markets exactly like any other market. This will prevent ignorant retail investors from losing money and protect them from harm. Abling regulations that boost cryptocurrency growth are expected to look in 2018. This may potentially pave the way for widespread adoption in future
4. Upsurge in application
There’s enormous enthusiasm for the applying of blockchain technology in practically every industry. Some startups are coming up with innovative solutions such as digital wallets, debit cards for cryptocurrencies, etc. this will increase how many merchants that are willing to transact in cryptocurrencies which in turn boost the number of users.
The reputation of crypto assets as a transaction medium will undoubtedly be reinforced as more people rely upon this system. Although some startups might not survive, they’ll positively contribute to the overall health of the market creating competition and innovation.
5. Investment from financial institutions
Many international banks are watching the cryptocurrency scene. This will result in the entry of institutional investors in to the market. The inflow of substantial institutional investments will fuel the following phase of growth of the cryptomarkets. It’s captured the fancy of many banks and financial institutions.