Crypto’s Road Is Still Long, Will It Be Bright or Collapse? Here’s the Prediction

Todaysgist, News – The crypto industry is still in its early stages of growth, although adoption rates are increasing significantly. Experts believe the future of the cryptocurrency sector depends on factors such as regulatory developments and market stability.

Expert and former Goldman Sachs trader Hong Yea explained that the high adoption rate shows that crypto is far from mature and still has significant room to grow.

As the Henley Crypto Wealth report shows, the number of crypto users is believed to have grown by 32 percent from over 420 million in 2023 to 560 million in 2024.

The report data also shows bitcoin (BTC) grew by almost the same percentage (31 percent) to 275 million users.

Yea, who is also a co-founder of GRVT, likened what the crypto sector is experiencing to what happened to the fintech and social media industries during their early stages of adoption.

“A decade ago, Bitcoin dominated the space, but today we see a much more diverse ecosystem. This reflects the wider accessibility of crypto and the possibilities and potential of blockchain technology,” Yea said, as quoted by Bitcoin.comSunday (22/9/2024).

Yea added that with new solutions, technologies and ideas emerging every day, the industry is becoming more attractive to more users than just Bitcoin.

In Line with Bitcoin Dominance

Meanwhile, another expert, Alberto Fernandez, Qubic Ecosystem Representative Europe, emphasized that the growth rate of crypto and BTC users is in line with Bitcoin’s dominance index.

According to Fernandez, this dominance has caused new users to split about 50 percent into altcoins and 50 percent into BTC. While many experts see the current adoption rate as very strong, Fernandez said maintaining this growth rate will largely depend on regulatory developments and market stability.

He suspects events similar to the 2020 pandemic could potentially accelerate adoption rates.

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