Blockchain Developments Despite Bear Market #2
Welcome back to the TradeConnect weekly.
In this series of posts we are looking at the cryptocurrency bear market, which has seen prices drop by up to 90%. Spirits have been low in many communities recently, with some investors giving up on this emerging technology and looking elsewhere.
In last weeks blog post we shed some light on the bear market, realising that this is a necessary stage and part of the natural cycle of markets. Although prices have been falling, bear markets provide traders with just as much opportunity as bull markets do, and that can be the best time to accumulate cryptocurrencies.
Today we’re going a step further. Despite the bear market, development of blockchain has never been in a better situation.
Here’s five facts that might catch you by surprise.
1)Number of transactions
Blockchain activity is ramping up, with more users and more dApps (decentralized apps) than ever before. There have now been more than 359 million transactions on the Ethereum network alone.
2) Number of users
There are now 49 million registered addresses on the Ethereum blockchain, which is an increase of 400% since last January, and the number is still growing.
3) Number of dApps
We are now at 2307 dApps, providing services for 42 thousand daily users. Many of these are providing essential services, allowing users to interact with no intermediary.
4) Number of developers
Blockchain development has never looked better. Although it’s hard to get a precise number, developer tools such as Truffle are now being downloaded more than 100,000 times a month.
5) Number of miners
There are now over 11 thousand nodes on the Ethereum network, with miners contributing from every continent across the globe.
So there we have it. Despite the bear market, blockchain activity is growing exponentially, with a significant higher number of users and transactions than ever before. Meanwhile, developers are quietly building the products and services for the future.
Join us next time for the third blog post of our bear market and the future of blockchain technology series! …And if you like this — give us some claps.
Have a great weekend everyone!