As most blockchain advocates are aware of, the recent drop in the market has left some people a bit apprehensive regarding the future of the industry, and has caused some investors to panic sell and pull out. If history in markets has taught us anything, it’s that markets are cyclical. The blockchain industry experiences more volatile fluctuations than the stock market, for example, and this reason is why many novice investors get cold feet when we enter a bear market.
Experienced cryptocurrency traders and advocates understand these factors and realize that there will surely be another upward trend — it just may take a bit of time before it happens. Just a few years ago bitcoin dropped close to 90% before recovering to a new all-time high. It is now down approximately 80% from its high of approximately $20,000 USD last winter. Warren Buffett mentioned that patience is rewarded in markets, and this is a prime example. If anything, this process is weeding out the weak projects and weak traders. One may argue that this extended bear market is actually quite healthy for the market as a whole. When the cyclical trend reverses, we are poised to see a sharp increase, though it may not be to the extent of what we saw during the massive bull market last December. Regardless, there is no reason to panic.
Blockchain technology is arguably the most innovative technology in present-day society. This is even recognized by large off-chain corporations that seek to integrate the technology into their ecosystem. This is an important thing to note because we know historically that if something is created that can benefit society with a legitimate real-world adoption, it will more often than not be successful in the long run. There is very little doubt with the technology itself; people are just somewhat skeptical about the level of fraudulent activity and manipulation in the industry. That is why it is vital to clean this up through transparency, which we preach through our platform CryptoVerse. As long as the technology remains prevalent and innovative, once these issues are cleaned up we will see a drastic improvement in the condition of the industry as a whole.
When observing lots of projects in the industry in detail, it is simple to see that one of the biggest issues is the lack of versatility in projects and products. More specifically, many projects are one-dimensional and their reach only extends as far as the blockchain industry and no further. This is not a recipe for industry expansion. Elysian calls for this exact transformation in order to branch out and extend beyond the blockchain industry. The best possible scenario right now for currently-existing blockchain projects is to integrate their products and the use of blockchain technology with other thriving industries, such as Ecommerce in the case of Elysian. The result will be blockchain technology intertwined with many of the largest industries in the world.
Through the integration of blockchain technology into other industries, it opens up many doors for opportunities to grow this industry by mass exposure and introduction to new demographics of individuals. Right now, the community as a whole is too small. We must have increased awareness regarding the usefulness of the technology and how it will permanently change society for the better. Once people become familiar with this, they will join the movement in large numbers, and then from that point there will be a snowball effect, which will grow the ecosystem 100x, possibly more, over time.
Although we do not know what the future holds in terms of which direction the market is headed, these factors are mostly out of our control so it is important to do everything in our power, along with other blockchain projects, to create products that will appeal to a wide variety of individuals, including beyond the blockchain industry, and making sure that only the strongest projects are at the top of the industry when the dust settles. The factors that can be controlled will help the market naturally recover and improve if projects can deliver their roadmap milestones and create revolutionary products, while simultaneously helping to eliminate fraud, scams, and manipulation as well. We are still at the ground floor, and there is ample room for growth available if the industry is steered in the right direction. It is our task, along with other projects, to help accomplish this.