With a total market capitalization of more than 304 billion dollars in June, the cryptocurrency market is getting traction again after a winter suffered in 2018 and the first quarter of 2019. The odds are changing now, and summer may be coming.
The value of the largest cryptocurrencies in the market has rocketed in the last months. Let’s talk about Bitcoin, for example. The crypto king is flirting with the 10,000 level for the first time since March 2018. Also Ethereum, which coin has rallied 110% in 2019 to trade at 9-month highs close to $300 for the first time since September 2018.
On the other hand, the blockchain industry seems to be also ready to retake technology and ideas that it put on hold after the big collapse of the crypto market at the beginning of 2018.
Many well-known voices indeed called for the death of the ICO market, but nothing farther from reality. The ICO market wasn’t dead, but evolving into IEOs; bringing ideas, projects, investors, and money into the same sphere.
The bull market has returned to the crypto sphere, and the money is shinning again. Today, people are more confident about blockchain technology as well as more versed and familiar with cryptocurrencies.
So it seems that blockchain and it’s crypto related sphere are ready for mass adoption. Why? Because fireworks have just arrived at the neighbourhood.
Facebook to Add Steroids to the Crypto Market
After months of speculation, Facebook finally announced the creation of its very own cryptocurrency, the Libra. People will be able to send money or to buy things with nearly zero fees, and, what is more exciting, the coin will arrive to over 2 billion people in any place in the world.
Facebook’s coin is called to be the one who will drive the entire cryptocurrency sphere and blockchain ecosystems to the next level. Not because of technology or freedom, but for Facebook, and partners, engines.
It will also make the entire crypto market more popular and will also allow small companies and startups to put their business in the global sphere.
It will work as a stable coin, but with Facebook’s move, people who don’t know much about cryptos will have their first interaction with a digital currency. Also, as said before, in any place in the world.
Just think, besides its base users and partners, Facebook will also provide its relationship with over 7 million advertisers and 90 million small businesses around the world.
Do you remember when Bitcoin was about to arrive in the United States back in 2017, opening the crypto market to a population of over 300 million people? Well, think about two more billion people going into the market.
The Crypto Summer is Here
And now, all ideas are coming up with wider blockchain adoption.
Microsoft is also working on digital payments solutions with global private banks.
Iberdrola, a Spanish energy company, is developing blockchain powered technology to green energies.
Portuguese startup MidasCaps is helping top athletes and common people to improve their health and stay in shape while using smart-caps blockchain powered technology.
Also, Dreamr, a company that is empowering micro-crowdfunding, will now have more opportunities to expand their ideas.
The opportunities are limitless. The cryptocurrency sphere, the money arriving at blockchain projects, global payments and funding will get a new dimension in the new crypto summer.
Facebook is just introducing cryptos to over 2 billion base users and over 90 million small business associated, but also other companies that have been developing their ideas are back on track.
The future is here, welcome to a global marketplace with mass adoption.
Blockchain Investors and Startups Retake Ideas
The crypto winter is behind us, and the blockchain market is living something similar to what it happened after the dot com bubble burst.
When the dot com bubble hit thousands of people, and they lost money, many technological giants and startups were buying and developing infrastructure like crazy. Companies and people were doing that as they were thinking that the bubble and the industry were only going to get bigger and bigger. But it didn’t.
However, that overdone infrastructure and ideas were a big part of why technological adoption grew so fast the years after the dot com collapsed. Facebook was part of that aftermatch irruption, also Paypal, Amazon, and Google.
So, today it’s happening again. After a crypto winter with bitcoin and altcoins prices collapsing and blockchain projects on hold due to the reduction in crypto investments. Here we go back.
Crypto total market capitalization has risen from 127 billion to 304 billion just in 2019, not yet the peak reached in January 2018, but an outstanding nearly 140% increase in only six months.
Both big companies, government institutions, and startups are back on track for their blockchain projects. Today, the IEO market is seeing popularity similarly to ICOs in 2017 with projects quickly raising money.
Even central banks are studying about having their own cryptocurrencies. Europe is making laws to promote blockchain initiatives, as Managing Director of the International Monetary Fund Christine Lagarde said months ago.
“There may be a role for the state to supply money to the digital economy. The advantage is clear,” Lagarde said, “Your payment would be immediate, safe, cheap and potentially semi-anonymous. And central banks would retain a sure footing in payments.”