Cryptocurrency: The hottest topic everyone is talking about
Cryptocurrencies have slowed down since 2018, following a 5 years steep rise. However, the past year did witness some recovery. In the past 11 years, blockchain technology has never seen any government intervention, which has caused it to remain as sleek as ever.
Cryptocurrencies facilitate quick transactions. It provides a cost-effective means to transfer money. Since it got introduced, investors have made tremendous gains.
In the preceding decade, various digital exchanges have grown to facilitate investment and trade.
There are indications of success and fast adoption among people in this domain. EVOL is one of the newly created cryptocurrencies which has quickly gained immense popularity.
The creation of Cryptocurrency trading exchanges has led to considerable trade value every day. It shows the way in the past decade, digital currency has gained a lot of popularity. Today, there is high liquidity of cryptocurrencies due to this reason.
Demand and supply determine the price of different cryptocurrencies on every exchange.
Every day, several types of cryptocurrencies get launched. Also, various investors have been earning enormous returns on their investments. Investors can convert their assets to money through the sale of digital currency on blockchain exchanges. Return on investment had risen by 9000% during 2012 and 2017 before dwindling to abysmal levels. The other standard assets like gold, stocks, dollars and bonds have never produced such extraordinary returns in the past. However, the exceptions include derivatives like options, futures and credit default swaps.
The price of Bitcoin, which was $ 31 in 2011, has increased to $42,402. Media coverage also influences the price to go up or down. However, unlike other assets, this fluctuation is caused by mere speculation. Its price is not determined by macroeconomic factors or influenced by government policies. Therefore this industry has not attained such value even these days.
In the years to come, the digital currency market has tremendous potential. The crypto market grew by fast strides due to growth in international finance and the global economy. But there is less enthusiasm among big players for cryptocurrencies because of existing inbuilt complexities and lack of government policies. That has led to its future potential to fall.
The past several years have witnessed a spectacular decline in the value of popular cryptocurrencies. The fragmented financial system faced a double whammy after the 2008 Great Financial Crisis, and most recently, the 2020 Covid pandemic has further emphasised the negative fact.
The future looks somewhat challenging for cryptocurrencies, considering the present gloomy scenario. The next few years could witness many ups and downs and decide the market’s course for the upcoming years.
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