FTFT Capital CEO Ola Lind, believes the analysis from some experts on the collapse of cryptocurrency is wide of the mark, and stated that cryptocurrency transactions are ‘staying alive’ despite market volatility in an exclusive op-ed for tahawultech.com.
In 2009, Bitcoin became the first widely accessible cryptocurrency, marking cryptocurrency transfer from idea to legal operation.
Thousands of speculators became millionaires due to early Bitcoin investments; however, the recent decline in cryptocurrency prices has sparked a debate over the future of cryptocurrencies and has kept investors wondering how well cryptocurrency transactions are faring amid the current market crisis.
Despite the Terra collapse, analysts say that bitcoin transactions continue to take place despite the market uncertainties.
The fundamental basis of this supposition is the rising number of investments in blockchain gaming and Metaverse efforts.
According to the most recent statistics from Analytics -DappRadar, blockchain games have been the true winners throughout this crypto winter.
Since the first quarter, there has been a 10% growth in blockchain games. Blockchain gaming has been positioned as the industry vertical thanks to a more robust bear season performance.
Also, the analytics shows that overall engagement has remained steady.
The user’s wallet activity has decreased by just 7% since Q1. Additionally, the aggregate transaction count has not altered from the previous quarter.
DeFi-related transactions, however, decreased by 15%.
Regardless of the recent decline in crypto prices, consumer interest in the industry remains high, maintained BofA analysts.
According to the survey, approximately nine out of ten crypto and digital asset users and potential users want to acquire crypto in the next six months, the same proportion as in the previous six months.
Thirty percent indicated they had no plans to sell shares in the next six months, and the same number said they had not sold any holdings in the previous six months.
Furthermore, a poll released by Bitcoin IRA, a Los Angeles-based organization, which promotes itself as the world’s first and most trustworthy digital asset IRA technology platform, in their report published at the end of June, revealed that approximately 80% of respondents in their survey are contemplating cryptocurrency investments for their retirement portfolios and other investors are interested in cryptocurrency as a method to diversify their portfolios.
July was a prosperous month for Bitcoin, Ether, and other cryptocurrencies. Bitcoin increased by 27% for the month, the highest since October, while the second-ranked cryptocurrency increased by 70%, its most excellent monthly performance since January 2021.
According to CryptoCompare, overall volumes of the Tether stablecoin for Bitcoin and Ether increased throughout the month, demonstrating that investors saw them as safe havens inside the crypto ecosystem.
Even while cryptocurrency prices have been on an upward trend over the last few weeks, they are still much lower than their highs towards the end of the year.
The price of Bitcoin now ranges around $ 23,978.00 as of today, dropping from over $69,000 in November.
Though cryptocurrency transactions are not over turbulence, researchers firmly believe that cryptocurrency transactions remain promising, and there is a strong indication that digital asset is striving amid market crises.
Before investing in cryptocurrencies, however, investors should conduct their market evaluations.