A study called “Global Blockchain Industry Overview and Prospects” released today by the Huobi Research of Blockchain Division, one of the most important Chinese exchanges, summarizes and exposes the tendencies of the market and what the firm found according to their accumulated data. The study shows some interesting facts and takes data from the first half of this year so far.
Huobi, the exchange firm that outed the referred study, is one of the most integral exchanges worldwide, owning even a mining pool, and a different trade platform for big and important traders. But what is most important, they have a data-driven approach to cryptocurrencies, and conduct constant investigations about where (and how) the market is moving.
The study found some interesting things: First, it declares that the market is moving away from the bitcoin hegemony, and more towards a distributed marketplace where other kinds of tokens will be having more importance. It states:
“A PARADIGM SHIFT IN THE CRYPTO ASSETS MARKET, FROM CONSENSUS ON PEER TO PEER CASH LIKE BITCOIN TO CONSENSUS ON SMART CONTRACTS, IS FORMING”
Also, there is an optimistic sentiment of traders in the market, with more than 70% of traders believing that market prices will rise more than 30% before year’s end. This seems to be in line with the opinions of most of bitcoin and cryptocurrency experts like Thomas Lee, CEO and founder of Fundstrat, an investigative boutique and investment firm, that expects bitcoin’s price to rise to $22,000 dollars before next year.
In the gender department, the study also found that the market is slowly shifting to a more gender-balanced state, with now 17% of cryptocurrency users being women, up from last year’s 7%. This supposedly will change market dynamics, because women prefer less risky market investments and expect revenue in longer terms.
In conclusion, cryptocurrencies will be more active and present in everyone’s lives in the near future. The study can be read fully here.