The past few weeks have remained considerably favorable for the crypto industry as a whole. Various remarkable progress has been recorded in respect of various cryptocurrencies.
Starting with Bitcoin, last month Bitcoin’s value aggregate remained low and finding it hard to surpass the US$10,500 mark. Yet the world’s largest cryptocurrency showed phenomenal results. It went high as surpassing US$ 11,000 in the first week of October. Amazingly, Bitcoin continued to maintain upward trending and in the next week, went high as US$ 11,500.
Bitcoin investors are of the view that the legendary digital currency will soon acquire its earlier Bullish of 2017.
On the other hand, decentralized finance never stopped astonishing crypto investors. The ongoing DeFi frenzy helped Ethereum a great deal in producing exceptional results. Similarly, Tether, which is the largest stablecoin by its market capitalization, is giving tough times to Ethereum. Analysts expect that in the near future Tether’s market capitalization will be increased from its rival, Ethereum.
However, many experts are of the view that the present conditions warrant a substantial trend change in the crypto industry. Their argument is based on the 5 events currently prevailing in the market. Firstly the US Presidential elections, high hash rate of Bitcoin, fate of UK-Europe Brexit deal, and lastly the Covid-19 pandemic.
One of the experts from Stone Ridge Asset Management had been keen on the current movements of the crypto industry. A few executives of the company recently invested heavy amounts in Bitcoin. That was not all, even the company’s funds upto US$ 50 Million were invested in acquiring Bitcoins.
Some experts said that in the future there is a possibility that crypto banks will dominate over traditional banks. Only three years are required for the crypto banks to take over traditional banks, they said. For some this prediction is logical. For example, in Italy, more than a hundred banks have adopted blockchain networks for the efficient and robust delivery of transactions.
Far away in China, the country has also developed its very first cryptocurrency i.e. digital Yuan. China also conducted successful test piloting of the digital Yuan in the city of Shenzhen which ended on 18th October. Millions of worth digital Yuan (equivalent to US$ 1.5 Million) were distributed amongst Shenshen residents in Red Envelopes. Before 18th October all the owners of the digital Yuan used their earned digital Yuan successfully. Chinese Government and The Peoples’ Bank of China said that the pilot test was overwhelmingly successful.
In addition, the DeFi continues to grow exponentially as an unending trend allowing more fluid than any other crypto incentive. Keeping in view DeFi’s popularity, Constellation Network also announced that it is in the process of developing a DeFi project.
Yet the market changing factors are still present which are being keenly watched by crypto experts and analysts.