Steven ZeniosWe’ve seen the crypto market fall from its all-time high of $750bn in 2018 and in 2019 the market almost triples in valuation. Various companies like AirAsia are exploring the crypto space to improve the transactional sectors of their services.
Let us discuss now the top trends in the crypto space that are worth looking at, and perhaps you will consider investing in these or just continue to view how they evolve in the future.
Stable Coins to Dominate all
Stables coins, that are in one way or another attached to other assets or currencies like Tether is to the US dollar, have become significantly popular in the last year especially.
This particular coin, Tether, is a prime example. It’s market capitalization currently is around $4bn and is used in leading trading pairs on many crypto exchanges in the world today.
As mentioned previously, Tether is claimed to be backed by reserves of the US dollar, but the company withdrew those claims in early 2019. From that point onwards, it’s open to criticism from crypto users, crypto enthusiasts and experts in the field.
Companies have set Scopes on Crypto
Stable coins have disrupted the crypto space so much that even tech giants have taken interest in them.
In early 2019, we noticed that Facebook announced their new project Libra which was supposed to be released into the crypto space sometime in the year 2020. The same can be said about JPMorgan Chase another multi-billion-dollar company, announcing its native coin into the cryptocurrency space.
More companies are looking at entering the crypto world but it’s yet to be seen if there will be companies following suit and announcing their own stable coin since regulators are very strict on this particular movement.
Both companies mentioned above have clearly stated that their objective is directed at enabling trade and commerce on an international scale.
If these projects are finalised and implemented fully, then money transfer systems could be faster and cheaper in comparison to the traditional way.
Integration with Governments
Blockchain and the crypto space in general, has become a major attraction for governments especially. Some central banks have even adopted the technology and found ways to utilize it.
Countries like Venezuela have launched their own tokens in order to avoid further economic issues and escape international sanctions. The Chinese government is said to have developed a token that supports the Chinese Yuan. Recently, Germany has also embraced cryptocurrency and other countries are continuously integrating with this technology.
As time progresses, we will see more and more countries begin to use technologies like Blockchain.
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