SFOX, a crypto analytics firm, released their August 2019 report on the state of cryptocurrency industry during the month on September 12. The analytics team collects data from the six top cryptocurrency exchanges including the token’s price, volume, and volatility. Six tokens are included in the study including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum Classic (ETC) and Litecoin (LTC).
Since the start of August, the cryptocurrency community views on the market have turned to ‘mildly bullish’ from ‘neutral’ as altcoins prices climbed higher in the past five weeks. According to the report, market sentiments and continued advancement of the sector has contributed to the market turning slightly bullish.
Institutional Development In The Industry
The SFOX Monthly Report highlights a number of improvements in the industry including the rapid development by traditional industry players in crypto and blockchain. A number of legacy firms have entered into partnerships with blockchain firms or launched blockchain services in the month preceding Sept 9.
MasterCard and Facebook Inc. posted blockchain job listings to further development of their blockchain systems with R3 and Calibra respectively. Telegram launched its test net program to allow developers and users to feel the ease in sending and receiving crypto across the globe.
Furthermore, Bakkt started accepting deposits on Sept 6. as they wait on the launch of futures at the end of the month.
Uncertainty of the Crypto Industry
Despite the crypto market showing bullish signs, the overall outlook on the future of the industry as we approach 2020 is bleak. Investors are unsure on whether BTC is a ‘speculative or safe haven’ asset, players in the industry are unsure of the maturity of blockchain in our daily lives, and of the six assets under review only ETC maintained a month on month increase in price.
In the coming weeks, the cryptocurrency community is awaiting on the Bakkt Futures following the successful hard fork of Ethereum Classic on September 13.