A recent study suggests that USD is still the most actively traded fiat even though cryptocurrencies have become popular in the last few years. Ever since Bitcoin reached the $20000 mark in 2017, analysts have focused on how the crypto market works and whether it bears similarities to other traditional markets such as stocks and forex. GreySpark, a management and technology consulting firm, found that people wanted to know a lot about Bitcoin and how they operated because during the time Bitcoin was fluctuating between $19000 and $20000, Google had a record-breaking search for the terms cryptocurrency and Bitcoin.
However, researchers have also stated that even though there has been a surge in the crypto trade volumes, USD is still ranked number one when it comes to the most traded fiat currencies. GreySpark has also shed light on the fact that the market capitalization of more than $1 billion has already taken place that includes more than 20 cryptocurrencies. The record, however, was more than $800 billion that happened in January 2018.
The research done had the countries divided into three groups. The basis of distinction was the harshness of the country towards the acceptance of crypto. Since crypto is not yet official in many countries, the research was based on the countries that had already accepted digital currencies. Switzerland, South Korea, Japan, and Australia were among the countries that had already adopted crypto and are involved in the direct promotion of digital currency products. The next in the category are Russia, US, and Canada who are currently starting to adopt cryptocurrency but are doing so very cautiously. Since this is a new asset class that is on offer and they are not sure about how the market will work, only small steps are being taken at the moment.
It is Colombia and China that are the most rigid when it comes to adopting crypto. They have taken strict actions to not include crypto as one of the digital currencies and so, digital currency products are not available in these countries. They have even banned the use of digital currencies altogether.
One of the reasons why cryptocurrencies are beginning to claw their way back into the market is that they have introduced several new technologies that have made the trading way easier than before. More traders are now using the Bitcoin Profit trading software instead of the traditional methods of trading. These applications help you keep a constant eye on the market and let you trade whenever you want.
As per GreySpark, the crypto market still has a long way to go to gain the trust of the big houses like Northern Trust and State Street from the US. However, it is expected that most of the countries will slowly adopt the digital currency sooner or later. Surprisingly enough, almost 42% of the top 50 universities in the world have opted for at least one of the topics on using digital currency, either blockchain or cryptocurrency. This goes to show that the countries want the youth to learn about crypto from the basics instead of learning the same from the internet.
