Despite Bear Market In 2018 Several Altcoins Registered An Increased Level of Adoption
Virtual currencies have been growing despite the bear market that affected them in 2018. Several alternative virtual currencies have larger communities, are processing more transactions or have new projects for the future.
Altcoins Continue Growing
According to Weiss Crypto Ratings, despite the bear market in 2018, there has been an increased usage in virtual currencies. The independent rating agency says that there is a growing trend in the number of crypto users around the world.
Weiss Crypto released an article in which they show that there are four different projects in the market that saw massive growth in user adoption in 2018, even when most of the digital assets fell between 80% and 90% during the year.
The number of EOS transactions grew from 7,000 transactions per day to 4.6 million between February 2018 and March 2019. In over a year, the number of transactions in the EOS network grew 65,000%.
Tron (TRX) has also seen the number of transactions increase during the same period of time. In this case, the number of transactions moved from 3,000 to 1.9 million, which represents an increase of 63,000%.
The other two cryptocurrency projects mentioned by Weiss Ratings are BitShares and WAX. These two projects have seen the transactions per day increase to 1.1 million and 4.4 million respectively.
Surprisingly, other digital assets have seen the number of transactions per day drop. For example, XRP registered 937k transactions per day in February 2018 but in March 2019, this number fell to 509k.
As Weiss Ratings shows, this helped increase crypto adoption during a bear market that lasted for more than a year. Now, the market seems to be growing once again after a long period of time and Weiss Ratings is currently predicting the trend to keep in the future.
In the recently released report, Weiss Ratings wrote:
“Even as crypto markets fell in 2018, development of the underlying technology continued. New cryptocurrencies were launched with far faster processing speeds. Greater adoption soon followed.”
It is worth mentioning that the transactions that these networks handled could not be economic in nature or performed by real users. Thus, it is always important to understand these numbers in their context and in each of the networks.
Bitcoin (BTC), for example, registered just 7% of EOS transactions but moved more than 20% of value than EOS.