Cryptocurrency is an internet-based medium of exchange in the form of digital assets which uses cryptographic functions to conduct financial transactions. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. Bitcoin was released as the first cryptocurrency in 2009, and since then, more than 5000 altcoins have been created, and numbers are still going up. Unicoin DCX has been recently built in the crypto world.
Current Market Scenario:
Cryptos with market caps between $1 billion and $10 billion is considered as mid-cap. Small-cap cryptocurrencies have the smallest market cap and the maximum risk because the chances of failure are much higher. Companies with a market cap below $1 billion are small-cap.
Professionals forecast that by 2021, the volume of the blockchain technology market will grow to more than $2 billion. The quantity of information on inventive technologies as of the fourth quarter of 2017 amounted to higher than 300 gigabytes. As per a report, the world's largest companies using blockchain technology are Circle Internet Financials, Coinbase, 21 Inc., Ripple, BitFury Group, Blockstream, and Digital Asset Holdings.
Cryptocurrencies have become so famous that the governments and banks decided to influence the cryptocurrency market, saying that cryptocurrency might be the next economic fizz. However, few governments have banned trading in cryptocurrencies due to the lack of control over them and randomness of the market. The cryptocurrency industry is encountering issues of the centralization of hashing power in the hands of many people or a precise geographical area.
The new corporation agreement between Starbucks, Microsoft, and ICE (International Exchange) is one of the good indications that retailers are prepared to accept cryptocurrency as a payment method. This allows Starbucks customers to pay for coffee by Bitcoins. We can see that the cryptocurrency market will thrive in 2020. But there are huge fluctuations in the cryptocurrency markets due to both downward and upward factors. It indicates that there is a high probability of dramatic changes in the direction of cryptocurrency in the upcoming days. The integration of new technologies into the banking systems may drive the prices of cryptocurrency to new heights. Some countries are already working on the implementation of cryptocurrency as their alternative currency. Many countries are testing the mechanism to control and provide the legal authority for such digital currency.
In the end, we can point out a few things which appeal to invest in cryptocurrencies. But at the same time, we need to be very careful while investing in the right place in the right currency through legit cryptocurrency exchanges only. Innovation always pays, and the blockchain-based system is advanced and innovative in the financial world. Low fees and instant transaction makes these cryptocurrencies very attractive for any kind of investor. A fully secured transaction is the one-the best quality which enables the secured transaction from peer-to-peer. I cannot assure or predict 100% of the future growth of cryptocurrency in the present situation. But I know one thing for sure that decentralization is a futuristic revolution and cryptocurrencies have the potential to lead the financial world.