Cryptocurrency Market Update

The cryptocurrency market has lost a large amount of value in the past few months, and the days of its peak in December of 2017 may be in the rear-view mirror, but most analysts think the segment will recover during the final quarter of 2019. There are several factors in place that bode well as we head into 2020, a presidential election in the U.S., and a final resolution to the UK’s Brexit dilemma. Here’s a roundup of major happenings in the cryptocurrency market:

Gaining Traction as a Standard Form of Money

Many traditional institutions are now accepting cryptocurrency as a form of payment in online and even brick-and-mortar stores. A recent news story out of the UK explained how a major real estate company accepted Bitcoin as payment for a large building. These stories are becoming more commonplace as the global market gets comfortable with cryptocurrency as a form of exchange.

In the past five years, millions of commercial websites have begun accepting Bitcoin, if not other forms of cryptocurrency. Some experts believe crypto will take another few years to earn near-universal acceptance, much the way credit cards did in the middle of the last century. By 2030, Bitcoin could be considered a standard global currency.

Bitcoin is Solidifying Its Role as the Leader

An unexpected development in late 2019 has been Bitcoin’s growth of market share. Many experts had thought the early leader of the crypto segment would continue to give up share to competing coins. That was the case for about a decade. Now, Bitcoin is gaining traction with many institutional investors who want tried-and-true crypto, rather than an upstart. Likewise, millions of individual investors who have finally decided to enter the market are seeking a reliable, known quantity like Bitcoin. Also, read Ripple vs Bitcoin: A Comparison Guide

More Individuals are Adding to Their Portfolios

One encouraging trend for owners of Bitcoin and other cryptos is widespread public acceptance. All over the world, individuals are adding cryptocurrency to their portfolios. Just a decade ago, this was not the case. But after years of news reports, primarily Bitcoin, consumers are accustomed to the idea of cryptocurrency and are no longer reluctant to buy it. The incredible profit potential has lured many while the newness and unique factors have also played a role. And now that major brokerages, market-makers, and online platforms, like easyMarkets for example, have made it so easy to enter the crypto market, millions of people are doing so.

Facebook’s Libra is Having Major Problems

Facebook decided last year to launch its own cryptocurrency, called Libra. After the initial announcement, market analysts were expecting big things from the company’s currency, particularly because Facebook wields a huge amount of power in the global marketplace. But recent reports in the financial press point to several problems that might end up scuttling the currency. If Libra ever gets off the ground, it’s hard to see how it can challenge Bitcoin or other major cryptos for market share. The latest take on the situation is that Libra is probably going to be a fizzle.