The cryptocurrency market has made so much loss and bears over the second quarter of 2022. Several cryptocurrencies have been hit with bears, crypto companies, firms in large debts, and other unfortunate scenarios.
During this second quarter, giant cryptocurrencies, Bitcoin [BTC] and Ethereum [ETH], market prices declined steeply. So far, 2022 may be regarded as one of the worst years for cryptocurrencies globally.
BTC’s price crashed in June to below $20k, which remained under the trendline for almost a month. This is approximate over 70% loss from the all-time highs of the coin. ETH also plummeted to $1,075 in June, an approximate 79% loss from it’s all-time highs in 2022.
An average whale, investor, or trader will likely have made less than 40% losses in crypto since January 2022. This loss has caused high digital asset prices to plummet, causing new asset distribution movement among investors.
Increasing Trading Volume and Interest in Cryptocurrencies
According to a report made by a consulting firm and company, Boston, which predicted the future of cryptocurrencies. Two high-profile cryptocurrency exchange platforms, Bitget and Foresight Ventures, were used to conduct their research.
This research aims to reveal predictions and activities that are going on in different cryptocurrency networks across the crypto market.
Despite the bear scenario, the cryptocurrency global trading volume has been on the rise. This increment is triggered by the adoption of crypto and digital assets by countries and people globally.
The highest global exchange volume was achieved in 2021 with over $53 trillion. Although, the volume has been fluctuating since then. However, statistics show that the volatility and trading volume equal total cryptocurrency market capitalization.
The has been an indication that interest in crypto and digital assets is on the high rise. Banking and Investment mogul Goldman Sach also backed up the increasing crypto market interest.
Goldman revealed that approximately 20% of the world’s value market comprises digital/crypto assets. He also revealed that there are aims for making profits in the crypto markets, judging from the number of new investors.
However, organized moguls in the market can supply the increasing demand. An example of these players is FTX, an exchange platform that just bought a crumbling company, LedgerX.
Aggressive Increase In Globally Adoption Rate
Despite the current bear situation in the market, the adoption rate has soared globally. Crypto trading, adoption, and regulation have increased in some regions, which have helped to bolster digital assets growth.
All these new countries constitute approximately 4% of the total trading spot. The reports reveal the United Arab Emirates, Turkey, and Israel as catalytic regions with well-developed financial markets.
Some Asian countries have also constituted approximately 3% of the global trading volume and value. These countries include; India, Thailand, and Vietnam. India carries the highest percentage with an increasing number of traders.
With the increasing adoption and trading volume, some problems are still burgling the cryptocurrency space/industry. If these problems are not checked or solved, crypto development may crumble.