2019's Q2 report by Coin Gecko is out! Let's review -
2019 has already shaped up to be quite the year for cryptocurrencies and their followers. After a long Crypto Winter, finally we are seeing some signs of spring in the marketplace, with price action picking up and bull indicators showing up to play.
The team at CoinGecko, one of the leading indexers of price tracking data, has put together a report on Q2 of this year, available here.
Cryptocurrency projects are volatile, let's take a look at which have entered and exited the top 30 in 2019.
The big story for 2019 is that Bitcoin has stepped out of Crypto Winter and into the spotlight again as an uncorrelated global asset. It continues to remain very dominant in the market (finishing Q2 at 65% dominance by marketcap), as well as enjoying a new round of positive news coverage as major players that once regarded bitcoin with disdain are finally admitting to admiring the potentious technology.
As Bitcoin continues to grow in favor and expand its audience, the service industry around cryptocurrencies is growing as well.
As users continue to hear about Bitcoin, they search and learn about this new and interesting monetary tool.
Exchange Boom
Another important observation from CoinGecko's report is the explosion in new exchanges in the Crypto field. Within the last 18 months, 302 of 347 exchanges that today appear on CoinGecko were listed, meaning the vast majority of these exchange projects are less than two years old.
On page 14 we can see a detailed breakdown of hacks and shutdowns in the exchange space; even though it is booming that doesn't mean everyone is making out like a bandit - even the bandits have work to do!
There is a deeper story to be told, as bitcoin and others continue to become more mainstream, will the technology prove resilient to ever more sophisticated attacks?
CoinGecko has also done a very good job explaining their new metric, the Trust Score. While all of the gritty mathematical details are broken down and explained in the report, CoinGecko uses their Trust Score to rank exchanges based on indicators like liquidity and exchange volume.
Facebook's wavvy Libra
Leave it to Facebook to launch a new currency called Libra yet give it the logo for Aquarius; no matter how silly their actions, the massive reach of Facebook must be take seriously.
The amount of traditional companies interested in Libra is impressive.
The CoinGecko Q2 Report continues to talk about the Lightning Network, IEOs, DApps and Root Infrastructure, all of which represent trends within the Cryptocurrency ecosystem. Along with Facebook's Libra and the ranking of exchanges based on Trust - these trends will shape our future moving forward.
The full version of the report reviewed here is available here.
Let us know your thoughts, concerns or questions about the ecosystem moving forward!
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