If you’ve been following the developments in the crypto space over the last few weeks, you’ve definitely heard talk about the price of all major coins.
It’s been quite the ride. But what does this all mean? Let’s talk about it.
Fundamentally, what’s happening here is a price correction. Earlier last year, we saw massive gains in price following a surge of attention coming into the space. This surge in prices was not a proper reflection of the value of the underlying technology or the teams behind certain projects per se, but more based on the hype around the space.
Now, the market is correcting itself, tying itself back to the technology and the teams hard at work in the space. Fortunately, this is just part of the growing process for an emerging technology. The natural ebb and flow of development. In fact, this isn’t even the first time we’ve seen the crypto markets like this, or the second, or the third. It likely won’t be the last, either.
During these last few weeks, we’ve seen an increase in activity on our platform and in the market overall, the core userbase is actively engaged. Interesting enough, most of our users are actively buying both Bitcoin and Ethereum throughout the current price swings.
Despite the perceived downturn, progress will continue to march forward, and we’re excited about the future of cryptocurrencies and blockchain in general. Nothing worthwhile is easy, right? Everything feels like a much bigger development than it is thanks to the amplification effect of social media. As the hype dies down, we continue marching forward.
Here’s something to consider: the entire crypto market is about a decade old. Let’s do a quick comparison in daily transaction volume for payment processors:
- Visa: ~$30 billion
- MasterCard: ~$11 billion
- Bitcoin: ~$8 billion
In such a short time, we’ve caught up with the financial giants, and we’re just getting started! We’re incredibly excited to see what the future holds as we rethink digital finances. As the markets level out, we continue working on building the digital future of tomorrow.
We’re excited to be on this journey together, and happy trading!
— The Coinberry Crew 🍓