A recent report by Circle which breaks down the data of the performance of different aspects of the crypto industry reveals that despite the crypto winter market, there is still a lot of optimism.
The Growth of the Crypto Market
A check through the experience of the crypto market regarding development, institutional infrastructure, and dApp deployment as it relates to the topics such as Bitcoin and Ethereum metrics, EOS and Ethereum dApp usage, regulation, among others by Circle indicates a positive stance. This involved a comparison of the values of various crypto projects from January to December of the year 2018.
As revealed through charts, there has been a dramatic drop in the network fees on the Bitcoin network though there has been a decline of numbers of transactions and its size on the network.
Another positive aspect is the considerable growth that the lightning network experienced in 2018. It has seen consistent growth since January 2018 to date.
Further, there has been considerable growth also in the rate of dApps deployed on both Ethereum and EOS blockchains. Consistent growth over time has been seen in the deployment of dApps on the two networks. There has also been impressive growth of crypto funds and investments in blockchain technology companies.
Crypto Bear Market and Its Optimism
The continuous decline in cryptocurrency values has no doubt affected the crypto market. The lingering crypto winter market has led to the loss of over 80 percent of the market value of all cryptocurrencies. This has impacted various sectors of the market adversely.
Many crypto firms have folded up, while others are reducing their workforce. Despite the lingering effects the report by Circle contains a lot of positives on the market even though the market has seen an increase of pessimistic view of the market and many selling their crypto holdings.
There are still a lot of positive features to hold on to in the crypto market. As noted in the report, that the market downturn has led to the revelation that the technology is still at its very early stages and the economic growth the crypto market experienced in 2017 did not match the nascent underlying activity and adoption. It noted that the pullback is necessary as it has affected the positivity of the crypto market proposition which could lead to a positive 2019.