Market Size | Analysis

There has been a widespread speculation among investors in the cryptocurrency market all over the world. This new technology is being accepted as a payment mechanism at a fast rate thanks to the fact that its users range from local players to prominent stakeholders in the business world.
As much as the cryptocurrency market has seen an undeniable growth in recent times, it has also witnessed a substantial growth in their trade volume.

Bitcoins have shown to be the market leader as far as Cryptocurrencies are concerned. However, serious competition has emerged in the global market in form of currencies that have been developed using the blockchain technology. Ironically, the blockchain technology was first introduced by Bitcoin but other companies are trying to make it even better so as to lead the pack.

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Bitcoin’s market value has however dwarfed the market value of the other Cryptocurrencies in the market. It is believed to be a whopping $19.481 billion and it is expected to keep growing. The cryptocurrency market in general is expected to undergo a huge improvement in the future considering the fact that the general public is accepting the cryptocurrency, however slow the rate is.

The “Network Effect”

You have most probably stumbled upon the term “network effect” when doing research on Bitcoin. It is a term used to describe the advantage that a company enjoys when it is the first to enter a specific market. It is a mentality that is collectively developed by a large group of users that the first comers in the market are considered to have experience and offer the best. This has given Bitcoin a distinctive advantage over the rest of the competitors that came to the market later.

Even though the “Network Effect” is considered to be just psychological, its power cannot be underestimated in the market. You can also never take a company that has this kind of advantage for granted.

However, even the “Network Effect” won’t mean anything if Bitcoin fails to adapt and evolve so as to keep up with the ever- changing demands of the users. For Bitcoin, this might mean even changing the attributes that make them who they are in the first place. Otherwise, the “Network Effect” will only shift to other competitors in the market who will keep up with the demands.

Research & Market

As far as Cryptocurrencies are concerned, India is believed to be the most attractive market to explore. It is also believed that Africa is set to create a big stage for Cryptocurrencies stakeholders to invest in. The big question is whether Africa will embrace the digital currencies in the coming years.

Report has shown that by 2022, the MEA market revenue will be around $3.02 billion. The main countries that were mentioned in this report are Italy, UK, Germany, Poland, China, Singapore, Japan, France, Vietnam, Africa and GCC countries.

A good number of other industry players have recently showed interest in the cryptocurrency and block chain technology and some have even gone ahead to discuss further with the stakeholders to see whether they can come up with a partnership or any other business deals that can be beneficial to the parties involved.

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