It’s been a pair of hectic weeks, but CoinGenius is back with its weekly reports! After all CG follows the way market works, constantly on the move, trying to improve and reserving many, many surprises for the future.
But let’s dive into the reports for this week, and the most interesting feature to be discussed today: after weeks and weeks of correlation and of dependence of the cryptomarket on other market entities, Bitcoin looks like it performed its way through November on its own.
In fact, comparing the BTC performance to other markets of reference, such as the S&P or Gold in the precious metal’s market or the Eurodollars, we can see that there is no correlation going on: BTC stood alone in its trend for the last week, meaning that the awareness towards the cryptomarket is growing.
Interestingly enough, the growing number of new “cryptoadopters” might not come solely by investors.
On 11/15, I dropped by the Expanse meeting in London, where much has been said about the future of fintech and the implementation of blockchain and cryptos in the industry. The talks and the interviews on stage mainly revolved around companies developing their own ecosystem and infrastructure, with open-source platforms to invest in — and with — specific tokens, and new systems aimed at a greater involvement of “lay” people in the investing community.
However, what struck me the most was the audience. A good share of the public I talked to came from the most diverse backgrounds, mainly services as consultancy, hospitality, or retail. At first glance, one could ask “what are these kind of businesses doing here?”, and that is what I asked myself indeed.
Well, they were trying to understand further how to involve crypto in their businesses. Retail and restaurant owners wanted a profitable way of being paid in cryptos for their services and consultants were learning how to professionally suggest entrepreneurs how to implement cryptos.
That is to say, the large part of the entrepreneurs sat to hear the conference was viewing at cryptocurrency as an actual, exchangeable currency rather than a purely speculative commodity for some geeks and enthusiasts.
The general opinion of the audience was, however, mainly focused on Bitcoin. Although the openness towards cryptocurrency, BTC is still the dominant coin out there. Let’s remember that BTC dominance rose of $50 billion in only one year, a dramatic 20% increase in somewhat like 12 months. Still today, its capitalization accounts for 67% of the total market cap.
It is interesting how the general trend of cryptos from a speculative asset to a currency of exchange is passing from theory to practice. But if only BTC overcomes this threshold, the consequences for the market might be disastrous, pushing down all the other coins, at least on the general awareness level.
It is true that other stablecoins can be used to buy goods, as the case of Amazon-owned Whole Foods and Gemini. But such use of cryptos is still to be seen at large and with actual cryptocurrencies.
Conferences and summits are only the starting point. But they mirror the general will of the clients and the investors, who spend their time to find alternative solutions to the development of new economic models and how to adapt to it at best.
Possibly, the ’20s of the XI century might be well remembered as the crypto decade.