7 Highlights from the New Ibinex Global Cryptocurrency Market Report
Ibinex Releases Global Cryptocurrency Report
Ibinex, a cryptocurrency exchange software provider, recently published a Global Cryptocurrency Market Report that provides a detailed summary of the industry. Here are a few of the main points discussed in the report so that users can stay abreast of what is taking place:
The Popularity of Cryptocurrency
Unsurprisingly, the report first establishes the state of cryptocurrency’s popularity. It discusses that there is a general distrust of the traditional financial system and that the USD has lost about 80 percent of its purchasing power over the last 40 years.
This is in stark contrast to cryptocurrencies, which seem to have performed well in a short span of time. For example, in January 2018, cryptocurrency market capitalization reached $800 billion, but fell to $417 billion in February 2019. Although the capitalization has not recovered, it stands at a steady $219.9 billion according to coinmarketcap.com.
As for Bitcoin’s market cap specifically, it is larger than 97 percent of S&P 500 companies and money supply countries such as South Africa, Argentina, and Columbia. And the platform was able to achieve a peak of 20,000 per day in December 2017, making it one of the fastest growing cryptocurrencies.
Altcoins and Tokens
Altcoins are essentially cryptocurrencies that are not Bitcoin and many of them have respectable values. Those who view the report will notice that the financial performance of many altcoins has been positive as well.
As for tokens, which are cryptocurrencies that are built on existing blockchains, they have a broader use than just as a digital currency. The report details their financial performance and indicates that it has been positive too.
Young User Population
The report cites bitcoinx.io to reference the position that 80 percent of bitcoin users are under the age of 45. Further, the report indicates that 87 percent of users are male. Further, three-quarters of users live in North America and Europe, while less than twenty-percent are in Asia.
Interestingly enough, the report explains that Japan is responsible for half of all cryptocurrency trading volume. There are 3.5 active traders in Japan and the country has been a leader in the industry. In addition, South Korea has been a notable participant – at least 31 percent of South Koreans were involved in investments and the country represents 40 percent of Ethereum traffic.
When it comes to Taiwan and Singapore, the two are emerging players in the cryptocurrency industry. According to Finance Magnates, a Singapore-based company released Bitcoin banknotes and a Chinese exchange, Binance, opened a new exchange that can handle both crypto and fiat. As for China, crypto is still banned there and it is completely illegal in Vietnam.
Cryptocurrency in the Middle East
According to a prominent legal expert’s ruling in April 2018, some aspects of crypto trading are legal. Accordingly, the crypto market improved in the middle east.
Iran has outright banned crypto, but things may be changing because government officials have proposed a national cryptocurrency given sanctions on the country. Dubai has already developed its own cryptocurrency, called the Dubaicoin and Saudi Arabian banks have signed a partnership with Ripple to use a blockchain-based system for transaction. Further, the latter is the largest remittance market in the world, so the partnership is bound to lead to positive developments.
In Israel, courts have ruled that banks are not permitted to block cryptocurrency transactions. There have been laws developing and that may be adopted in October to clarify the industry’s legal status. Further, the country’s securities regulator has integrated blockchain technology into its system.
Confusion in the US
As for the United States, states have taken a wide range of positions – from no regulation, to some regulation, to complete adoption of regulation. At the federal level though, there has not been a decision or solution concerning how to regulate the industry.
Global Regulation Not Uniform
On a global scale, regulation is not uniform. Rather, there have been a patchwork of decisions worldwide, making it more difficult for cryptocurrency to develop over borders.
Finally, according to Dalia Research, many people are still unaware of cryptocurrency and many claim that they “somewhat” understand how it works. This can make mass crypto adoption challenging.