Research: Cryptocurrency Industry Is Close To Fiasco
Juniper Research company published a research named “The Future Of Cryptocurrency: Bitcoin&Altcoin Trends&Challenges 2018-2023”, according to which the digital asset market is close to disaster.
The authors highlight that the Bitcoin’s daily transaction amount decreased from 360k (end of 2017) to 230k (September, 2018). At the same time, daily transaction values were down from more than $3.7 billion to less than $670 million in the same period.
The analysts draw attention to the fact that the cryptocurrency transactions totaled over $1.4 trillion in Q1, 2018. This amount was less than $1.7 trillion in 2017. However, the transaction values have decreased by 75% in the second quarter of the current year, and market capitalization decreased below $355 billion.
Basing on activity during the first half of Q3, Juniper estimates a further 47% quarter-on-quarter drop in transaction values in that quarter, note the researchers. In addition, Juniper Research analysts highlighted that the cryptocurrencies did not approve themselves as an alternative to world financial system amid strained China-U.S. trade relations and Brexit-related troubles.