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7 Trends That Could Reignite Crypto Growth

Wed, 09/28/2022 - 09:09
7 Trends That Could Reignite Crypto Growth
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Bitcoin prices are now down more than 50% year to date. However, crypto enthusiasts are optimistic about the future and predict new highs for bitcoin. And the “huge opportunity” for the crypto industry will be metaverses, NFTs, and even green mining. They will drive the growth of digital assets and contribute to their mass adoption as a payment instrument. What will help the cryptocurrency to resume its popularity and reach a new ATH?

Web 3

Web3 is a new kind of internet service based on blockchain-based technologies. According to the new philosophy, the opportunity to earn and build a business should move from large corporations and institutions to ordinary people. Young people see traditional banks and stock exchanges as exploitative and therefore seek to invest in technologies that bankrupt or even destroy them. One such analog is DeFi (Decentralized Finance). DeFi is offering savers 5% versus 0.5% on Wall Street. The economy of users is becoming more attractive than the usual economy of institutions, so analysts are sure that by 2030 cryptocurrency will become increasingly popular.

NFTs

Non-fungible tokens are gaining popularity as they can be anything - artwork, unique avatars, a Facebook data entry, or even a piece of land in the metaverse. But the NFT infrastructure — marketplaces, creator tools, community business models, and data management systems — is still in its infancy. Therefore, in 2022-2023, NFT infrastructure will become one of the most demanded areas in terms of investment.

DAO

2020 was the year of DeFi, 2021 is the year of NFT, and 2022 will be the year of DAO. DAO is a decentralized autonomous organization that is managed by program code and does not depend on the human factor. In such systems there is no hierarchy, all decisions on changes in the protocol are made by all participants on an equal basis with each other. Every digital community is united around a common cause: it could be library management, a united workforce, a social club, or an N collection. Their potential is huge - automation management will greatly reduce bureaucracy and the human factor in almost any company.

Metaverses

Blockchain will become the foundation of the metaverse as the technology allows users to securely own digital assets by moving them between different platforms. Bank of America sees the metaverse as a "huge opportunity" for the crypto industry. They will drive the growth of the digital asset industry and drive the mass adoption of cryptocurrencies as a payment instrument. “The Metaverse is where we start using cryptocurrencies as money,” said Chaim Israel, investment strategist at Bank of America.

Multichain

Today, there are 15 blockchains, each with $10 billion in assets, and Bitcoin and Ethereum combined are valued at $2 trillion. Now the world of blockchains resembles the physical world with different countries that have their economy and laws. And it seems that growth will not slow down soon, and there will be even more blockchains. The race of developers for the best blockchain is one of the main factors in the development of cryptocurrencies, and, as a result, their spread around the world.

Eco-mining

Environmental protection is undoubtedly the trend of the 21st century. Every leading company is trying to join the mission of all mankind - to make our planet cleaner and safer. Miners are no exception. In recent years, classical mining has caused a lot of noise among conservationists and managed to alienate many organizations. As a result, leading mining companies began to switch to “green” energy, changing their approach and equipment. All the big names have already spread to the main newspapers in Europe and the United States, which brought thousands of new customers to these companies. And this is only the beginning of the “green” revolution.

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