HiveEx Cryptocurrency Landscape Report Declares Bitcoin’s Winter is Finally Over, Here’s Why
- Since the start of the year, BTC has been able to outperform a number of traditional SOVs such as Oil, Real Estate, Stock Options, etc.
- Despite the crypto sector being faced with bearish market conditions all through last year, the global adoption of premier tokens such as ETH, BTC, EOS continued to increase.
As per a number of technical indicators available online, it appears as though the crypto market is finally on its way up again. This is made evident by a recent report released by HiveEx.com, that clearly shows that despite the market at large experiencing insane bearish conditions all through the past 12-16 months, crypto innovation and trading continued to grow at a steady rate.
A Closer Look at the Matter
The year has gone by has seen the total capitalization of the crypto market fall by a whopping 79% — $612.93 billion to $130.54 billion. Additionally, in the midst of all this, the price of BTC took one of its worst beatings in over 4 years, with the flagship digital currency dropping by 72.60% during 2018 alone.
With that being said, it should be pointed out that even though BTCs financial situation remained quite poorly last year, statistical data shows that a total of 65.30% more BTC were traded in 2018 than the year before. Not only that, but the asset’s market share also grew quite substantially during the aforementioned timeframe (33.84% to 51.69%).
Lastly, the ICO market — a fundraising method that has received a lot of flak from the mainstream media at large — roped in a total of $7.85 billion last year. This number is nearly 26% higher than what it was back in 2017, a time when the crypto market was at its ATH.
The Best of 2018 and Beyond
According to data available on Binance, the list of the top-8 crypto assets of 2018 is as follows:
However, since the start of year, things have looked quite different for the altcoin sector. For starters, during the 1st quarter of 2019, the total market cap and daily trade volume of this domain has increased by 50.54% and 227.95% respectively.
Other Key Stats Worth Pointing Out
- Since the start of the year, the market value of the crypto space has risen from a respectable $125.71 billion to $189.24 billion (as of May 9).
- Additionally, Bitcoin’s market dominance has grown to 56.86% this year.
- BTCs trade volume between January 1, 2019 and May 9, 2019, has grown by 130.26%. In the same vein, we can also see that during the aforementioned time period, the total number of coins traded increased from 1.13 million coins to 2.59 million coins.
In closing out this piece, it should be pointed out that as things stand, the crypto market seems to be on a tear. Additionally, as blockchain technology continues to thrive, we will continue to see the birth of newer technologies and innovative products on a near-daily basis.
Last but not least, we can also see that in 2019, BTC was able to outperform a number of traditional SOVs (Stores of Value) such as:
- Crude oil (33%)
- Tech stocks (24%)
- US real estate (18%).
A number of technical indicators show that the crypto industry is once again on its way up. For starters, the market cap of this burgeoning domain has increased from a meager $125.71 billion to a respectable $189.24 billion within a space of just 4 months. Similarly, Bitcoin’s market dominance has also increased quite substantially (to a whopping 57%) during the aforementioned time period.