Bitcoin and cryptos are tanking and total market cap has dropped down to $100 billion. Meanwhile, Jeremy Allaire of Circle says he is long on the market as it will be worth more than what is today. Meanwhile, Weiss Crypto Ratings share crypto adoption is surging.
Crypto Market Blues
Bitcoin is trading around $3,200 while the majority of the crypto is registering the price loss.
The top cryptos price movement is depicted in the below-given chart,
The total market cap has come down to $100 billion as the crypto market goes through its losing streak.
But experts are not at all worried as Jeremy Allaire, co-founder, and CEO of Circle says,
“I don’t make significant price predictions. But it’s certainly going to be worth a great deal more than it’s worth today. I am long in the market.”
He further explained,
“The key thing with bitcoin is that it is unique in its security and its scale. As an idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion — that’s attractive all around the world.”
Weiss Crypto Ratings pointed out that despite the price crash crypto adoption is on a surge as it mentions in its new blog,
“A far more reliable way to track the industry’s progress is with real-world transactions … which, by the way, are growing by leaps and bounds.”
The organization talks about two types of transactions, first that occur on exchanges which is primarily carried out by traders, investors, and speculators. The second type of transactions is on the crypto’s ledge itself that includes voting, payments, and actual usage of DApps.
“EOS has grown its on-chain transactions by a factor of roughly 670-to-1. In the early part of the year, when it was still on the drawing board, its daily transactions averaged no more than about 10,000 per day. Now, its transaction volume has mushroomed to 6.7 million per day.
WAX (a fork of EOS) has grown at a similarly rapid clip. Before it launched, its on-chain transactions were minimal. Now it’s churning through nearly 5.6 million per day.
TRON (another EOS competitor) is smaller, but its growth is also spectacular — from less than 1,000 last year to 600,000 today.”
Meanwhile, Bitcoin advocate Max Keiser is advising Brits to load up on Bitcoin,
“£ is crashing and heading to $ parity. Brits need to load up on Bitcoin right now if they want to hold onto their wealth.”
However, not just Brits, Kieser also wants French protesters to go for Bitcoin,
“France has collapsed their government 4 times already. They are on their 5th Republique. Starting a 6th should be no problem with #Bitcoin as the currency.”
He further stated,
“My research indicates a 20% deposit withdrawal will trigger an unsustainable chain reaction resulting in a severe French bank crisis. This will result in a rise in Bitcoin price, giving protestors wherewithal and incentive to move more deposits out of the bank and into Bitcoin.”