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Study Shows Market Share of Altcoins Surged Threefold Since 2014

27/12/2021 by Idelto Editor

Study Shows the Market Share of Altcoins Surged Threefold Since 2014

This week, bitcoin’s market dominance among the market capitalization of all 12,046 crypto assets in existence has been hovering above 38%, while ethereum’s overall valuation commands 19% dominance. A report published on Monday shows that since 2014, the market share of altcoins surged threefold from 21% in 2014, to today’s market share of 62%.

Report Says ‘Tide Is Turning,’ Altcoins Are ‘Making Ground on Bitcoin’

A report published by tradingplatforms.com and author Edith Reads shows that altcoins have swelled in value over the last seven years. The author’s report explains that “the tide is turning” and altcoins are “making ground on BTC as their popularity continues to soar.” It is well known that since bitcoin’s inception, BTC’s market dominance among all the other crypto assets in existence has been over 80% until February 2017. On February 26, 2017, BTC had a market dominance rating of 86% and it’s never returned to above the 80% range since that day.

“Since 2014, the market share for Altcoins has been on an upward trajectory,” the tradingplatforms.com author explains. Reads notes that as of December 9, 2021, altcoins represented 62% of the market share. “The figure represents a tripling of their dominance in the last seven years. They’ve surged threefold from a market share of 21 percent to stand at the current 62 percent figure,” Reads’ study adds.

The report continues by sharing the growth of the altcoin space and growing interest in altcoins. “The growth in [the] market dominance of altcoins is indicative of a shift in thinking about crypto assets,” Reads says. “Many are embracing them as alternatives to BTC. As the crypto space continues to develop, BTC’s dominance will come under increased pressure,” the tradingplatforms.com researcher notes.

Study’s Author Claims ‘Market Cap Is a Crucial Factor in Crypto Ranking’

The author claims that market share dominance is a significant factor and BTC’s market share has been declining. “In December 2014, [BTC’s] market cap stood at 78 percent,” the study highlights. “But that position has continued to erode to stand at 38 percent at the study’s publication.” Reads further opined:

Higher market dominance in most cases translates to higher market caps. Market cap is a crucial factor in crypto ranking. Large caps suggest safe investment options as such cryptos tend to be less volatile. In essence, it’s a pointer to how stable the asset is.

Today there are more than 12,000 crypto-assets in existence that have a recorded price value according to coingecko.com metrics. While ethereum (ETH) commands 19.1% of the $2.54 trillion, many other coins have decent shares of the overall crypto economy as well. BNB has a market dominance of 3.64% and the stablecoin tether (USDT) has around 3.06%. Solana (SOL), the fifth-largest crypto market cap today, captures 2.45% of the $2.54 trillion and cardano (ADA) commands 1.97% of the crypto economy.

The tradingplatforms.com study insists there are a few advantages altcoins have over BTC including “gaining ground in the [decentralized finance] sector.” Reads opines that in terms of scaling, “altcoins are built on better Blockchain technology.” She says that BTC is also dealing with a lot of people who care about the environment and Reads mentioned that “Elon Musk has been a vocal critic.”

What do you think about the tradingplatforms.com study and Edith Reads’ opinions concerning the crypto market share dominance today? Let us know what you think about this subject in the comments section below.

Pakistanis Own $20 Billion in Crypto, Report Reveals

23/12/2021 by Idelto Editor

Pakistanis Own $20 Billion of Crypto, Report Reveals

In the absence of regulations, people in Pakistan have invested a serious amount of money in digital assets. New research claims Pakistanis keep some $20 billion in cryptocurrency, allegedly more than what their central bank has in foreign reserves.

Government Urged for Regulations as Study Shows Pakistanis Hold $20 Billion in Cryptocurrency

The Pakistani nation owns more cryptocurrency than foreign reserves, according to the Pakistan Frontier and other media outlets quoting a new report by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The study, produced by the association’s Policy Advisory Board (PAB), has estimated that Pakistanis have held cryptocurrency worth $20 billion in the 2020-21 period.

The authors point out that the popularity of digital currencies like bitcoin has rapidly increased in the last couple of years. With a 711% market growth in 12 months, Pakistan climbed to third place in this year’s Global Crypto Adoption Index calculated by blockchain forensics firm Chainalysis. The country is behind only India and Vietnam.

However, the true total of crypto holdings may be much higher than the figure mentioned in the PAB report. Many residents of the country are buying coins via peer-to-peer deals and these investments remain largely undetected, the Business Recorder notes in an article. Cryptocurrencies are still a gray area in Pakistan as the country’s current legislation does not cover the digital assets.

During a press conference, FPCCI President Nasir Hayat Magoon urged Islamabad to introduce a government policy that would facilitate cryptocurrency transactions, remarking that neighboring India has already taken steps to implement some rules. Magoon insisted that such regulations are needed so that investors can trade their coins in the country instead of in places like Dubai.

The report recommends that Pakistan adopt a legal framework aligned with guidelines issued by the Financial Action Task Force and the International Monetary Fund. The study has been released after Pakistan’s Minister of State for Parliamentary Affairs Ali Muhammad Khan indicated in October that the government is not opposed to cryptocurrency investments in general. Pakistan’s courts have also called on the executive and legislative powers to introduce crypto regulations.

Do you expect authorities in Pakistan to soon regulate the country’s crypto space? Let us know in the comments section below.

2021 Crypto Literacy Report Suggests 96% of Americans Fail to Comprehend Basic Crypto Knowledge

26/11/2021 by Idelto Editor

A recent study suggests that 99% of people from Mexico and Brazil and 96% of Americans fail to grasp the basic concepts of cryptocurrencies. Out of all the survey respondents aware of bitcoin, 17% in the U.S., 15% in Brazil, and 14% in Mexico own the crypto asset. The report published by cryptoliteracy.org further explains that 9 out of 10 survey respondents did not know that Bitcoin’s supply is capped off at 21 million.

Despite the Bull Run in 2021, Study Shows Crypto Knowledge Is Lacking in the US, Mexico, Brazil

According to a study published by cryptoliteracy.org comprehension of cryptocurrency fundamentals is low in 2021. The researchers leveraged a Yougov survey to sample roughly 1,000 participants who are aware of cryptocurrencies from each country. The study consisted of 17 questions pertaining to cryptocurrency, bitcoin, decentralized finance (defi), non-fungible tokens (NFTs), and general sentiment. One of the key findings in the survey notes that “ownership is the best teacher,” which meant that survey participants that owned a digital currency, were twice as likely to answer the 17-question quiz correctly.

The cryptoliteracy.org report explains that only 33% of the respondents thought that purchasing crypto assets was easy today. Furthermore, the survey believes “crypto is failing its mission of financial inclusion.” Ownership tends to point to wealthy and highly educated users at this point in time, according to the survey’s results. Additionally, older generations are “left behind,” in regard to cryptocurrency comprehension, as 67% of U.S. ‘Baby Boomers’ had a “lack of crypto knowledge.”

Survey Shows Youth More Likely to Spend Cryptocurrencies, While Older Generations See Them as an Investment

Other key findings from the survey say that Mexicans and Brazilians are more likely to buy and sell crypto in the next six months. Meanwhile, use cases can vary by geography and generation, the study details.

“25% of Brazilians and one-third of Mexican respondents would use crypto to pay for goods and services. Just 13% of American respondents advised they would do so,” the cryptoliteracy.org study highlights. The survey adds:

50% of Americans advised they would utilize crypto as a way to save for the future. Younger generations are nearly three times more likely to use crypto as a means of payment than older generations who see it more as an investment.

Basic bitcoin knowledge about the protocol’s supply cap also lacks a great deal among the survey’s participants. “Bitcoin’s computer code-based issuance schedule is what makes it so unique and different from central banks controlled by politicians,” the study’s authors explain. Yet 9 out of 10 survey respondents lacked understanding of the basic concepts of bitcoin supply and demand (like the capped supply of 21 million).

What do you think about the 2021 State of Crypto Literacy report? Let us know what you think about this subject in the comments section below.

Blockchain Industry to Surpass $67 Billion by 2027: Fintech Report Names 2021’s Most Influential Blockchain Companies

17/11/2021 by Idelto Editor

Financial technology (fintech) has exploded during the last two years and cryptocurrency and blockchain firms have bolstered the billion-dollar industry. A recently published study by Utility Bidder indicates that the industry is predicted to surpass $382 billion by 2027. Moreover, fintech firms that are blockchain-specific are projected to be worth over $67.4 billion by 2027. The recent study also highlights that Kraken is the most influential blockchain company of 2021.

Kraken Named 2021’s Most Influential Blockchain Company

Numerous research studies have shown the fintech universe continues to grow exponentially and digital currency and blockchain solutions are a big part of this trend. This week, researchers at Utility Bidder analyzed 50 fintech firms that were selected in Forbes’ 2021 Fintech 50 report.

Utility Bidder’s study broke the selected firms down into four factors, with a normalized score out of ten for each factor. Factors included total funds raised, the latest known valuation, number of Twitter followers, and the global searches stemming from Google Ads Keyword Planner between August 2020 and July 2021.

According to the study, blockchain-specific firms will represent $67.4 billion by 2027, or 17.64% of the aggregate $382 billion estimate. The report’s findings detail that the cryptocurrency exchange Kraken was considered the most influential blockchain company of 2021. The exchange got a rating of 5.64/10 in the influence ranking and was followed by Gemini. The Gemini exchange has a blockchain score of 2.33/10 and a valuation of around $5 billion compared to Kraken’s valuation of $20 billion today.

Only 16% of the 50 Fintech Firms Listed Are Associated With ‘Blockchain and Bitcoin’

The two exchanges are followed by Blockfi, Paxos, Chainalysis, Anchorage, Fireblocks, and Alchemy respectively. In terms of financial technology as a whole, the top five fintech firms include Robinhood, Stripe, Kraken, Klarna, and Wise. The payments firm Wise is followed by Current, Chime, Gemini, Carta, Blockfi. While Kraken’s valuation is $20 billion it is higher than Robinhood’s $11.7 billion but smaller than Stripe’s $95 billion valuation.

The lowest valuation on the blockchain list in the fintech company rankings, Alchemy has a valuation of around $505 million today. Only eight companies out of the list of 50 were noted as being associated with “blockchain & bitcoin” in terms of categories. The blockchain firms mentioned are amidst fintech companies that specialize in investing, personal finance, payments, B2B-lending, insurance, real estate, and enterprise solutions.

What do you think about Utility Bidder’s study that mentions the eight blockchain firms and the study listing Kraken as the most influential blockchain company of 2021? Would you agree with the findings in this fintech study? Let us know what you think about this subject in the comments section below.

The Majority of Game Developers Are Beginning to Include Blockchain in Their Games According to Study

12/11/2021 by Idelto Editor

Most game developers in U.S. and U.K. are now using blockchain elements in their games, according to a study released this week. The study, commissioned by a company named Stratis, reveals that the popularity of blockchain, NFTs, and the new play-to-earn model in the crypto market is making game developers change the traditional ways in which games are produced, with the intention of enticing new players and accessing new markets.

Blockchain and NFTs Becoming Mainstream in Video Game Development

The trend of including blockchain elements and NFTs in video games is here to stay. According to a study released this week commissioned by blockchain platform Stratis, and by a research firm called Opinium, 58% of the 197 surveyed developers in the U.S. and U.K. are beginning to use blockchain elements in their games. Furthermore, according to the same study, 48% of these developers are incorporating NFTs in their games.

This is a testament to how the use of these elements, which increase the link that players have with their digital worlds, is slowly creeping into mainstream gaming companies. Some of the biggest gaming companies, like EA, believe that these new technologies are part of the future of the gaming industry. The survey seems to confirm this trend, with more than 70% of respondents saying they would consider using these technologies for new games with 56% planning to do so in the next 12 months.

The reason for this is clear. Innovation and securing value for players in the game were the first two more popular use cases that respondents cited as a reason to use these blockchain elements in the gaming industry. The play-to-earn element, this is, rewarding players with real-word value, followed as the third most popular use case.

AAA Studios Interested, but Indies Are Already Here

Chris Trew, CEO of Stratis, a company that offers an SDK to include blockchain elements in game engines, stated:

With renowned platforms such as Epic welcoming blockchain-based games and NFTs, we certainly expect AAA studios to launch titles incorporating these technologies in the coming years. But there are so many indie game developers that will get there first.

While big companies like Square Enix, Ubisoft, and Electronic Arts have been flirting with blockchain and NFTs for some time, there are already several independent (indie) studios that have embraced and included these elements with success. This is the case of Axie Infinity, the game created by Sky Mavis, that made the play-to-earn model popular in the last year and also includes NFT elements to support its economy.

What do you think about blockchain and NFTs going mainstream in video game design? Tell us in the comments section below.