There Could Be One Major Factor To Explain Why The Crypto Market Has Suddenly Stabilized
With the exception of a couple of coins, there hasn’t really been any major movement in the crypto markets over the past week as the increasingly less volatile Bitcoin continues to stagnate.
Here’s how things are looking around noon on Monday.
- Bitcoin (BTC): $6644.75 (up .9% in the past week)
- Ether (ETH): $228.65 (down .3% in the past week)
- Ripple (XRP): $.4902 (down 13.15% in the past week)
- Bitcoin Cash (BCH): $524.45 (down 1.2% in the past week)
- EOS: $5.85 (up 3.6% in the past week)
- Litecoin (LTC): $58.95 (down 2.3% in the past week)
- Monero (XMR): $115.30 (up .55% in the past week)
- Tron (TRX): $.0268 (up 22.1% in the past week)
Why Has The Crypto Market Suddenly Stabalized?
The past few months have been a bit of a roller coaster as far as crypto prices are concerned but the market has become remarkably stable in recent weeks.
Given the factors involved, there’s no single way to explain why this is the case, but according to one expert, there could be one major reason for the relative stagnation: Wall Street.
At the end of August, trading firm SFOX took a look at the data to try and explain the reduced volatility and suggested things might be getting less erratic now that more traditional financial institutions are getting in on the game.
At the time, CEO Danny Kim suggested the involvement of these firms could have a big impact on the stability and longevity of Bitcoin and other cryptocurrencies by legitimizing them and increasing the chance of adoption:
“As this trend continues, the stabilizing effects of institutional investment will extend beyond price spreads, and on to price fluctuations.
Eventually, it could even come to the point where Bitcoin could come to resemble the stable coins people are looking to for payments and is used for Satoshi Nakamoto’s original vision: a “Peer-to-Peer Electronic Cash System.”
We’ll still have to wait a bit to see if Kim’s prediction is on point, but as it stands, it looks like things could be headed in the right direction.
How Many People Actually Own Cryptocurrency?
As mentioned above, widespread adoption is a major factor when it comes to making crypto a viable currency.
However, based on a recent report, we still have a little way to go.
According to Live Bitcoin News, a new study looked into how many people actually own some form of crypto and discovered 8% of Americans have coins or tokens in their portfolio (it also suggested that number could rise to upwards of 21% in the next few years).
The report also broke down some of the demographics and showed that 17.2% of millennials have gotten in on the crypto game.
Of course, there’s a very good chance a number of them bought near the peak and are waiting for prices to bounce back before unloading.
However, if you’re more of an optimist, you could argue this stat could be indicative of crypto’s long-term potential thanks to younger generations.
Soulja Boy Is Apparently A Crypto Evangelist Now
I’d like to close out today’s roundup by introducing you to “Bitcoin,” the latest single from Soulja Boy and what is (perhaps by default) the best song ever inspired by a cryptocurrency.
What a banger.