Currently, Cryptocurrency is making an abstract and run-down pattern that is expected to burst anytime due to the continuous decrease in the transaction volume. As per the recent study conducted by mainstream economists Bloomberg and Juniper.
The crypto market certainly going through a jeopardize stage where business leaders and decision makers are also not able to evaluate the actual scenario of the upcoming structure. Although, with so intense research and calculations one thing is sure that the mainstream of cryptocurrency is in a utter peril.
Juniper’s research reiterates the latest analysis conducted by Diar, where the firm mentioned that in the third quarter of 2018, San Francisco-based cryptocurrency exchange Coinbase’s U.S. dollar volumes hit a 1-year low.
According to Diar: “In the constant phase, crypto mining revenues have already override the results of 2017,
surprisingly miners are seeing the little profit. Mining is gradually becoming profitable only for “big guns” as electricity fees are constantly increasing. Diar calculations show that miners paying retail electricity prices have shifted towards unprofitability for the first time this September.
Day by day the transaction volumes of Bitcoin (BTC) are showing a jittery fall from an average of around 360,000 a day at the end of 2017 to 230,000 in September 2018. Regarding daily transaction values, a downward trend from over $3.7 billion to less than $670 million in the same period has been noticed, reported by Juniper on Oct. 10.
Reportedly, in 2017, the key metrics indicated the overall transactions in the crypto market were less than $1.7trillion, while in the first quarter of 2018, the statistics amounted to slightly over $1.4 trillion.
Inline by the second quarter of the current year, the numbers fell by 75% again, with total market capitalization down under $355 billion.
Based on the research Juniper stated:
“Based on activity during the first half of Q3, Juniper estimates a further 47 percent quarter-onquarter drop in transaction values in that quarter […] In short, given our concerns around both the innate valuation of Bitcoin, and of the operating practices of many exchanges, we feel that the industry is on the brink of an implosion.”
The Future of Cryptocurrency is a report assessed by Juniper research- a specialist provider of highquality business and market intelligence to the financial, media and technology sectors. The outlet provides a wide range of research services covering a number of high growth markets, including mobile telecoms, Fintech, IoT and new disruptive digital technologies.
In the Juniper’s report: Bitcoin & Altcoin Trends & Challenges 2018-2023” the specialist weighed the challenges and the risks associated with digital currencies, with a spotlight on technical, social, and regulatory concerns of the market and its metrics. Along with it the regulatory developments across the market, exchange failure, hacker attacks, blockchain forking, and their impact on crypto volatility also assessed by Juniper in the evaluation.