Echoing the recent sentiment of mainstream economists, new research has emerged this week pointing to some of the key metrics of the crypto world as a sign of ‘market implosion’. The study indicates that that bitcoin has seen its daily transaction volumes fall from an average of around 360,000 a day in late 2017 to just 230,000 in September 2018. Similarly, daily transaction values were down from more than $3.7 billion to less than $670 million in the same period.
Despite recent industry challenges (regulatory uncertainty, security concerns, lack of real-world use cases), there are many reasons to believe that leveled transaction volumes are a sign that the market is maturing. Please find below several quotes from industry leaders. Below is reaction from some crypto leaders on the report.
Jake Choi, CMO at Fantom, the world’s first DAG based smart contract platform said:
“We believe that the volatility in daily transaction volume and value are a given as we are forming a new asset class with cryptocurrencies. Mainstream economists have declared Bitcoin’s ‘death’ time and time again, and it has always come back in a stronger magnitude.”