The Cryptocurrency Industry is 'On the Brink of an Implosion', Research Says
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October 11 '18 at 11:31 AM
By msmash from
Slashdot's closer-look department
Echoing sentiments of mainstream economists, Juniper Research is warning that many of the metrics in the cryptocurrency world are pointing to a market implosion. From a report: Industry bellwether Bitcoin had seen its daily transaction volumes fall from an average of around 360,000 a day in late 2017 to just 230,000 in September 2018. Meanwhile, daily transaction values were down from more than $3.7 billion to less than $670 million in the same period, Juniper said in the study, The Future of Cryptocurrency: Bitcoin & Altcoin Trends & Challenges 2018-2023. The market as a whole has contracted quickly as well. In the first quarter, cryptocurrency transactions totaled just over $1.4 trillion, compared with less than $1.7 trillion for 2017 as a whole, Juniper said. However, by the second quarter, transaction values had plummeted by 75 percent, with total market capitalization falling to just under $355 billion. "Based on activity during the first half of Q3, Juniper estimates a further 47 percent quarter-on-quarter drop in transaction values in that quarter," the researcher said in an accompanying white paper.
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