Crypto adoption amidst the crypto winter
Businesses and companies are looking to cryptocurrency more and more as an opportunity for an alternative payments option.
A massive 72% of the top 100 cryptocurrencies have taken a huge tumble as a result of the current bear market according to data from CoinGoLive.
Cryptocurrencies with a larger market cap seem to be holding out better than the others. Of the top ten cryptocurrencies – in terms of market cap – only one has dipped further than 90% leading into the crypto winter.
The leading cryptocurrency Bitcoin (BTC) is looking at over 70% slashed from its all-time high back in November. Currently, Bitcoin is sitting at a price tag of $21,107.66 USD, nearly 30% has dropped in the last seven days.
Bitcoin price, source: Coingecko
Ethereum (ETH), the leading altcoin, has slipped by its all-time high of $4,878 USD by almost 80%. Currently, Ethereum is trading at $1,099.88 USD – 5.5% down in the last 24 hours and a massive 38.5% drop in the last seven days.
Ethereum price, source: Coingecko
Bitcoin and Ethereum are tracking downwards, but the rest of the market is suffering worse. Ripple (XRP) is looking at a massive nearly 91% drop from its all-time high. Of the top ten cryptocurrencies, the market is looking at an average of 79% drop in price from all-time high trading values. Of the top twenty tokens, the average fall from all-time high trading values is 81.1%.
The only tokens that are tracking stability are the stablecoins like US Dollar Coin (USDC), Tether (USDT) and Binance USD (BUSD). Pegged to a fixed asset, stablecoins are designed to remain free from the volatility that the rest of the market faces.
Businesses and companies are looking to cryptocurrency more and more as an opportunity for an alternative payments option.
According to data from on-chain analytics firm, there has been increased resolve from long-term Bitcoin investors.
The crypto-friendly country has launched its state-backed cryptocurrency project to create further financial inclusion for citizens.
While the rest of the industry struggles with plummeting prices, Coinbase is looking to expand operations into Europe.