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- CoinGecko released its yearly report, which indicates that crypto market is likely to witness surge in 2020.
- The report mentions all the developments in the technical and economic aspects.
- The trading volume of the Crypto market has grown by 600% in 2019 and continues to grow.
The CoinGecko has released its yearly report, which mentions all the developments in the technical and economic aspects.
The CoinGecko is a platform that allows the users to know the current trends and values of all the Crypto assets, inclusive of BitCoins and other Altcoins. It undergoes meticulous data checks and finally gives us the report of the digital coins. It ranks these cryptocurrencies by developer activity, community, liquidity, and other sorts of information.
Market Dynamics
According to the Market Overview, it can be said that the trading volume of the Crypto market has risen by 600% in 2019 and continues to grow. Moreover, the market’s entire market capitalization has increased by 44.1%, which means that it has gained more than $60 billion over the year. The end of the year saw the closing price of the assets up to $180 billion.
According to this firm, it is said that the Bitcoin saw a huge profit of 95% gain in value, from $3,693 to $7,195. Bitcoin has taken over many major crypto assets, including the major five cryptos.
Also, the Bitcoin (BTC) has set its market dominance from 56.3% to 71.5% amongst the top 30 cryptocurrencies. Other cryptos such as ripple’s XRP and Ethereum could not meet up to the expectations and saw losses of up to 45% and 2% in the market.
Even these cryptocurrencies could be seen as major mainstream adoptions in some places, and this continues to grow.
Crypto derivatives have seen growth over the years and grown up to 12 times the previous years.
Talking of the acquisitions, Coinbase, Kraken & Binance, are seen to be significant of the acquisitions, which include data services (44%), then crypto exchanges & custodial/wallet services (20%) and financial services (16%).
Talking as a whole, trading volume saw a growth of almost 600%. Many of the supergiants, such as Facebook, have been keen on the development of their own cryptocurrency. Also, many of them show particular interest in developing them for the usage of Blockchain technology.
Raise in the number of De-fi Apps witnessed in the market, which is another milestone set for the digital market.
Thus, concluding all we can say is that these Digital coins seem to take over the market this year and the next upcoming years, so until then, let’s wait and observe the market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
