The United States Dollar has been found to be the most actively traded fiat currency above digital currencies. This report was based on the research duly conducted by the management and technology consulting firm GreySpark. The research findings were then published on September 4 of 2018.
This study conducted by GreySpark has targeted the recent popularity of digital currencies which was one of the significant occurrences in the finance sector last year particularly the price of bitcoin (BTC) which climaxed at $20,000. This is undeniably one of the best things that have ever happened to the cryptocurrency sector in its history before it went down way below 50% as the BTC struggles in $6,400 with analysts predicting it might fall even lower.
The GreySpark Research Findings
Experts in the consulting firms discovered that the price of crypto is in tandem with Google search interest. For example, the study outline that the fluctuation in the price of Bitcoin (BTC) between $19,000 and $20,000 corresponded with the record-breaking numbers of search the “Bitcoin” and “cryptocurrency” garnered.
The research indicates that virtual currency trade volume has skyrocketed on several marketplaces, which consequently forced some major fiat currencies behind it but not the United States Dollars as it has remained on the top spot of most traded fiat in the money market. Also, the research shows that over 20 crypto tokens had a market capitalization of a little above $1 billion in 2018 out of the staggering total of $800 billion in January this year.
In the study, countries were sectionalized into three, according to how stringent the regulations of the country as regards virtual currencies; China and Columbia were grouped alongside other countries whose government is more like an anti-crypto. While countries like Canada, Russia, and others were grouped with those who are reportedly coming up with statutory cautions, Australia, Japan, and South Korea were found in the pro-cryptocurrency section.
It was reported last month (with reference to Coinbase research) that the cryptocurrencies’ relevance has forced renown universities around the world to stay updated by introducing courses which primarily is to equip students with the required knowledge of the virtual currency and its bedrock, blockchain technology. The research which has shown the 42 percent of the top 50 universities offers at least a course in the emerging technology.
However fast-growing, penetrating, innovative cryptocurrencies have been in its short while of existence, it has clearly not been enough to displace the United States Dollar as the most actively traded fiat. However, it is worthy to note that one of the “unfair advantages” the dollar has is time, which means that with time, the cryptocurrency might catch up and even displace it.