On Google Trends, the keyword "Blockchain" has surpassed "Crypto" in popularity in recent months, suggesting that the demand for the asset class has dropped in comparison to the underlying technology.
For over three months since August, the cryptocurrency market has shown yearly low trading activity and volume, leading analysts to speculate that the bottom of the market is near.
"To be honest, with volume and volatility petering out, I wouldn't be surprised to see BTC hold this range for another month. Would be the path of maximum pain, bears don't get their rapid selloff to 4.8k, bulls distraught over not being able to break 6.8k".What Blockchain Taking Over Crypto Means.
As seen in the struggles of technology behemoths IBM and Microsoft to convince large-scale conglomerates and supply chain operators to adopt private blockchain networks, the blockchain has not demonstrated its potential over the past three years.
Banks, financial institutions, and technology firms have allocated billions of dollars per year to develop enterprise-grade blockchain networks with a focus on scalability over security.
The blockchain has not seen massive mainstream adoption.
In general companies have found it challenging to integrate the blockchain into existing infrastructures of large platforms.
Rolf Jansen, the CEO of Hapag-Lloyd, a transnational German-based transportation giant, stated that conglomerates have been skeptical towards the adoption of private blockchain networks because the core purpose of a blockchain is to eliminate trust and private networks involve trust at a certain level.
In contrast to the private blockchain industry, the cryptocurrency sector has seen many of the most positive developments in its 10-year history.
As of now, eleven months in a bear market, it is evident that the demand for crypto from retail traders has noticeably decreased as shown by Google Trends and the low volume in the cryptocurrency exchange market.
Sign of Bear Market: "Blockchain" Takes Over "Crypto" on Google Trends
gepubliceerd op Nov 3, 2018
by Cryptoslate | gepubliceerd op Coinage
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