The cryptocurrency market almost tripled its valuation this year since the fall from an all-time high valuation of over $750 billion in 2018. As the market sustains its growth, new creative and modernistic trends start emerging. So here are a few trends to expect in 2019-20.
1. Corporate Behemoths Moving Towards Crypto
Tech giants like Facebook, JPMorgan Chase, and multinational finance organizations have both taken a keen interest in stable coins. In 2019, the two multi-billion dollar companies Facebook and JPMorgan Chase announced their first foray into the cryptocurrency space with their own native tokens. And more companies are expected to come forward with their stable coins in the future.
2. Stablecoins may oppress
Stablecoins are cryptocurrencies that attempt to peg their market value to some external reference like the US dollar. Over the past two years, Stablecoin has been constantly showing steady growth. Tether is considered to be the current leader in this particular segment and they currently have a market value of 4 billion dollars.
3. Rise and Dominance of Token-Based Applications for the Common Users
Token-based applications like Brave Browser, Steemit and Alluva are reported to have a huge user base. Brave Browser surpassed 8 million users this month, and they have partnered with Everipedia. Steemit has introduced smart media tokens which are dedicated to digital content entrepreneurs. While Alluva is becoming the world’s largest analyst network.
4. Government Integrations
Cryptocurrency and blockchain have attracted the attention of several governments and central banks. Some countries like Venezuela have decided to launch their own tokens in order to circumvent a weak local economy and escape international sanctions. And it is rumored that China is developing a token that supplements the Chinese Yuan.
5. Cryptocurrency Becoming an Important Element in the Financial Ecosystem
Major players in the finance and fintech industry have entered the cryptocurrency sector in the past year, including the owner of the New York Stock Exchange and global market companies like CME Group. Coinbase, Kraken, and Gemini are some of the many cryptocurrency exchanges that are also targeting accredited investors in the United States. Regulatory changes, new technologies, and the discovery of new use cases have the potential to influence and disrupt the market significantly, and will no doubt continue to do so in the coming months and years.
Conclusion
The above list is the start of an era of a new growth phase for crypto and the size of the list will keep increasing due to the discovery of new use cases, regular growth and new technologies that are ruling the market. There is no doubt in saying that this growth will continue.
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