The cryptocurrency market is expected to witness promising growth in the coming years, owing to improved data transparency and independency across payments in banks, financial services, insurance, and various other business sectors. The use of crypto currency across banking industries provides various benefits such as sending and receiving payment transparently and storing customers detail information securely for next purpose. Cryptocurrency is known as virtual currency. It is a form of currency that exists digitally only and has no central issuing or regulating authority above. It uses blockchain technology to authenticate the transactions. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Furthermore, it does not rely on banks to verify the transactions but is used as peer-to-peer system that enable users to send and receive payments from anywhere in the world.
A report from Binance.com stated:
"2021 was a year for the record books in the crypto markets and for blockchain. At its peak in November 2021, total cryptocurrency market capitalization reached close to $3 trillion USD. It is hard to imagine that just two months later, the market cap has plummeted 40%, wiping out more than $1.2 trillion USD in the process. Depending on market stabilization – opportunities may be abound for cryptos that have taken a hit." Binance.com added for Bitcoin alone:
"Bitcoin price has dropped 41% from an all-time high of $68k down to sub-$40k in the last few months. However, such drastic drops are nothing new for seasoned BTC holders, who saw a 2017 run-up to $20k, only to watch it fall below $4k in the years following. With headlines like Microstrategy (NASDAQ:MSTR) continuing tobuy the dip, and El Salvador continuing to add to their stash, Bitcoin seems well-positioned to bounce even higher than its previous 2021 high. Several experts have weighed in and suggested that it could go beyond $100k – especially as financial institutions, large corporations, and governments continue to add this asset to their balance sheets." Active Companies in the markets today include Asia Broadband Inc. (OTCPK: AABB), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Riot Blockchain (NASDAQ:RIOT), Inc. (NASDAQ: RIOT), Ebang International Holdings Inc. (NASDAQ: EBON), Canaan Inc. (NASDAQ: CAN).
The article continued:
"The 'cryptocurrency crash' which started in early 2022 is something that those that have been around crypto for a while have seen before. With some similarities to the 2018 crash, it remains to be seen whether or not the cryptoverse is currently at the beginning of another crypto winter, or if cryptocurrencies will quickly bounce back later this year. However, as blockchain technologies and cryptocurrencies continue to develop and offer new features, functionality, and capabilities – mainstream adoption looks increasingly likely in the coming years. In such a world, overall demand for cryptocurrencies looks to rise, as people add this new asset class to their portfolios and acquire them to power transactions on-chain. With this, total market capitalization for the industry is poised to break its 2021 highs of $3 trillion, BTC is well positioned to break $100k and fulfill its vision of being digital gold, and all other cryptos which will be needed to power critical infrastructure and daily life will be pulled up along with this growth."
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