If you look at the global digital currency market, the total market cap at the international level is not less than 1.8 Trillion USD. It means the world has invested total capital of around 20 B USD in the equity capital market.
It has gone three times what we saw earlier in 2018, thus setting up a new record in this regard. With time, the barometer of the digital coin seemed to have propelled in a big way, and one calls it to be a lagging indicator in the market as well.
If we talk about digital currency evolution, three key areas are worth discussing. These include network security and how the consumers have adopted the coins and the activities. It comes around the development of these coins. You can further explore this coin in and out to get the same gist.
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Network Security
We see many improvements as far as the coins like ETH and BTC are concerned. They have done this with the help of boosting up their hash rates, including mining power. It has helped in managing the centralization in a big way.
However, the hash rates seemed to have gone down with China’s recent crackdown done earlier. Yet, we see the coin regaining its dashing value in a big way. Hence it would be fair to see how the coin has gone well on a long-run basis.
Bitcoin seemed to have driven in a big way. Both the coins now have emerged as becoming a big brand in the market. All of these have attracted many more consumers and developers in a big way. It seemed to have come up with a significant amount of resiliency.
Developer Activity
As per the reports of the Developer Activity group, one of the known groups called EC seemed to have showcased the kind of flight to check the flight for considering quality along with consolidating more than 8K of Blockchains. Several trends in the market showcase the same.
The increase in developer activity found in the coins like BTC and ETH seemed to have added the best networks. The ETH-based developers seemed to have a double rate around 2018, and it has gone beyond 2020. With the increase of 60 percent in terms of developer activity with several networks found along with the top 200 groups, you can come to know the consolidation over the Blockchains found in the single layer.
Adoption
It remains the most key indicator regarding success and remains the best option for consumer adoption that can help check through two different lenses. It helps add the value of different Cryptocurrencies like any financial asset and helps the digital currency-based native apps. When it comes to adopting digital currency, there are two different methods.
The first one remains the financial asset, and the next one is the crypto-native-based applications. Talking about the former, we see specific emerging markets that remain the best way to adopt the coins per the utility basis.
The decision of the country in South America, like El Salvador, to make BTC its legal tender remains the best example, and we can see a certain amount of adoption in financial ways along with checking the inflation history as well. One can call adoption beyond the emerging markets like 46 M of the US-based citizens to hold the same.
Now, we see the trend of holding the coins at a global level both for your tech and developed markets. On the other hand, we see the central bank from China also announced its illegal tender in its market.
Hence the adoption in such nations would go to a different level. The next one is the adoption of digital currency-based native applications. One can find a good rise and popularity of tokens like NFTs and Defi, to name a few.
It seemed to have come up with adoption coming along with a central option to rely on and use the cases of Bitcoin coming like a central stored value, and the confirmation that comes from the people gives ample benefits. In this way, the evolution of digital coins has been smooth in the market.
