Since its inception in 2009, the cryptocurrency area has undergone a number of new and bearish markets. Working with cryptocurrency in 2017 was one of the most successful in the industry, as it was characterized by high digital asset prices and growth.
Blockchain markets look very different today than they did three years ago, depending on regulation, accreditation and other factors. How will the current increase in cryptocurrencies vary from 2017? According to Pierce Crosby, general manager of the real estate mapping platform TradingView, real estate discrepancies are the most important differentiator.
“The key point here is to consider account allocation, that is, the total number of accounts that support a particular cryptocurrency,” Crosby told the Cointelegraph, adding:
“There was a disproportionate number of accounts in 2017, while the number of accounts has grown significantly now. Coinbase alone reports that it has 30 million accounts. ”
Coinbase currently has over 35 million users on the platform, up from 11.7 million in October 2017, according to CNBC reports.
“I also think people need to consider the percentage of corporate ownership, which is usually a strong price support factor,” Crosby said. Cryptography is now attracting more and more attention from major players. Jack Dorsey Square and Microstrategy in the Business Intelligence group are just two examples of the new Bitcoin purchasing power that will reign in 2020.
Crosby noted that technology is another differentiating factor between today’s bull market and 2017. “There are now thousands of applications built on one of the various blockchains in the ecosystem, and they also play an important role in stabilizing price distillation,” he said. so. The decentralized economic boom this year is an example of progress.
Bitcoin recently reached a full-time high, surpassing the previous record of $ 19,892 set in 2017.
Bitcoin mostly posted a high price in 2020, although concerns about COVID-19 pushed asset values down to $ 3600 in March. Since then, the bitcoin and cryptocurrency markets in general have had an upward trend over the course of the year, which also saw the US presidential election.
“Overall, we see a shift in emotion and weight over the last year of the current US administration,” Crosby said. “The situation began to pick up as soon as the epidemic broke out, due to the fall in the price of bitcoin, as well as due to the strengthening of a very pessimistic monetary policy around the world.
In 2020, the United States wrote huge amounts of dollars while keeping interest rates low.