What Can Save the Crypto Market?

In his interview with Bloomberg, Vitalik Buterin, Ethereum co-founder, said that there is no chance for the crypto market to go through a blasting growth again. Whether it is so or not, let’s check what can make the crypto market grow steadily again.

For the beginning, we shall make clear what reasons were sufficient for a vertical jump of cryptocurrencies in the last year. It will help us to understand due to what kind of factors related to blockchain and cryptocurrencies, this sector got a strong and long-lasting support. First, there were innovation enthusiasts, then a wider audience became interested. It resulted in hype around Bitcoin and crypto industry as a whole. Hype caused more hype. It lead to a situation when people started to invest feverishly in crypto without considering future risks of market decline. For crypto coins, it was an avalanche boosting their values and making people invest as fast as possible. This situation caused a wave of flourishing ICOs in 2017.

But we all know the current state of the crypto market. From the beginning of 2018, there was an abrupt fall of cryptocurrencies’ prices. People started looking for stability and possibilities to slow the decline.

Is there really no chance for a crypto growth in the future? Definitely not. Blockchain-related cryptocurrencies are a revolutionary innovation for the transaction of value. The main problem to solve now is a continuous decline in the market. It has to be overcome, and below we explain how to do it.

For many, “cryptocurrency” and “blockchain” are totally new words making a link to a possibility to get easy and fast income without any efforts. When such a prospect became cloudy due to the market downturn, many started to withdraw funds. A remedy here is better awareness of the technology and its applicability. People have to know more about the blockchain essence and why it became so popular. More awareness will lead to more trust.

Until now, we have mentioned the applicability of crypto coin, as it is the crucial point for the case. Usability matters: the wider blockchain is used, the more confidential its perception is. Without a doubt, extensive use of the blockchain technology will stabilize the situation both for the main and minor coins.

Legal regulation for the crypto industry is another disputable point. Masses of people believe that cryptocurrencies are somewhat illegal or just another useless invention. But with legal confirmation of a cryptocurrency status and its recognition by governments, attitude will change to a far more positive one.

Change of attitude is the final point of resolving the ongoing mistrust for the crypto-currencies and making the market grow again. It’s a long-term goal, but we are full of optimism since the blockchain technology is robust and promising.