Weiss Analyst: cryptocurrency adoption grows rapidly worldwide
At the times of the market plunge, Weiss Cryptocurrency Ratings, an arm of the Weiss Ratings, has offered to view crypto from a different perspective. According to one of the leading crypto analysts of the financial agency, Juan M. Villaverde, there’s a better way of measuring industry’s progress, which lies in the market adoption.
The analyst pointed to two types of crypto transactions. The first type is driven by either investors or traders, and is very cyclical, due to the fact that its volume is actually determined by the market’s dips and rises. However, there’s also the second type, which happens on the ledger by itself, and it’s called on-chain transactions. In other words, these are real-world transactions, and are the actual usage of crypto.
According to Villaverde, the number of these transactions has actually grown by leaps and bounds during this year. In early 2018, there were only 10,000 on-chain transactions daily. As of today, there are almost 6.7 million of them, which means an increase of 67000% during just one year.
Referencing the recent increased volatility in crypto value, the analyst has left the word of encouragement, stating that a further growth in adoption will also inevitably drive the price for the most popular cryptocurrencies higher.