Over the past few weeks, cryptocurrencies prices are in the different mood of their own. As one believes the prices have reached the floor, the price breaks the support levels and sink deeper. While bears seem to be in command of the market, there is some positive fundamental news for the cryptocurrencies. According to the latest report put forward by Cambridge University, the user base of cryptocurrencies has doubled even with markets melting.
Research also shows a rise in the number of cryptocurrency accounts
According to the latest research put forward by the Cambridge Centre for Alternative Finance. The number of verified users of cryptocurrencies almost doubled in the first three quarters of the year even as the market bellwether Bitcoin tumbled almost 80 percent, Users climbed from 18 million to 35 million this year.
These figures would definitely cheer the long-term Cryptocurrency Investors because this could mean that the cryptocurrencies are fundamentally getting stronger and the prices too would eventually show growth. This could also silence the critics who have made predictions that value of cryptocurrencies may go to zero.
“Conforming with popular narratives, survey data indicates that the majority of users – both established as well as new entrants – are individuals and not business clients,” authors of the study said. “Individuals can be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative.”
The number of crypto accounts increased as well, the study found.
The report also stated
“Growth rates were at their highest in 2017, and the number of new user accounts, as well as ID-verified users, continued to rapidly grow in 2018 as well,”
Although cryptocurrencies have slowly got, most users seem to be speculators and traders than actual users as cryptocurrencies are barely used in commerce due to its extreme volatility.
The use case number also includes people who are hoarding cryptos in place of fiat currencies as their sovereign currencies are depreciating.
The use case for cryptocurrencies is rising for sure as people are slowly understanding its advantages. Will it continue to grow now that’s the question which not many are able to answer.
Will cryptos soon become part of the mainstream commerce? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.