2018 Crypto Asset Market Overview and Prospects by Huobi Pro

in #cryptocurrency6 years ago


When the second largest crypto exchange in the world, Huobi Pro, releases a Global Blockchain Industry Strategic Overview report, the world literally has to pay attention. As I was fortunate enough to have a sneak preview of the report, I'll be discussing the parts of the report that cover the crypto asset market overview and prospects. The report is authored by Hubery Yuan, Bonna Zhu, Xiao Xiao and Dazhi Guo, all from the Huobi Research Academy. The summary of the part of the report covering crypto assets market overview and prospects is that although the volatile market is currently bearish, a gradual shift to a bullish market is ongoing. Also, that although the ICO landscape is on the decline, it would even out with the implementation of regulations.

Today's cryptocurrency market has come a long way, from the humble beginnings of just Bitcoin to the now over 1600 Bitcoin competitor cryptocurrencies, being traded on both centralized and decentralized crypto exchanges like Huobi Pro. From a numbers perspective, everyone can still remember, like yesterday, the crypto asset market’s explosive growth of 2017 when the market capitalization went from $17 billion to $559 billion, a 30 times increase. Unfortunately, the market is yet to return to that glorious bullish state and has been going bearish all this while.

Crypto community's attention is gradually shifting away from the king of crypto: Bitcoin. Over the past couple of years, several ERC20 tokens have shown that they've got unlimited potential when allowed to flourish. The growth of these tokens, especially that of ETH is closely related to the fact that their MVP projects have an impact within and outside cryptosphere. However, according to the report by Huobi Pro, appears crypto activity is on a slow decline as some tokens are selling for lower than their issue price. The significant decline in search engine records for crypto-related terms also lend credence to this fact. As a consequence, there was also a huge decline in the number of active Bitcoin addresses. Perhaps, people were HODLing?

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https://www.cryptomartez.com/2018/04/beginners-guide-choosing-bitcoin-exchange.html

Introduction of super nodes voting in Q2 2018 by DPoS consensus compliant projects contributed to bringing a ray of sunshine to the gloomy market. Top DPoS projects that contributed to this include EOS, CMT and TRX, with the launch of their Supernodes. Confirming the optimistic reaction to the bearish market is Huobi's bullish Cryptocurrency Investor Sentiment Index Report, published earlier this month by the Huobi Academy of Blockchain Application. Analyzing answers to three questions put to almost 2000 investors, majority were optimistic about the long-term development of the market to a bullish state.

Like a magic wand, crypto crowdfunding decimated the barriers to startups obtaining funding for their projects. Although there was a successful crowdfunding event before Ethereum, that of ETH broke the dam and brought a flood of ICOs into the cryptosphere. Research, however, has shown that there is a decline in the ICO mania, yet, funds raised in 2018 are still higher than that realized in 2017 through ICOs. Moreover, several of these ICO projects have appreciated thousands of times over.

Of course, regulation's watchful eyes are ever present, seeing that as things tighten, liquidity diminishes. US SEC, for instance, has prohibited its citizens from participating in unregistered ICOs, deeming tokens to be securities. Also, governments and top organizations recently went on a banning spree, from China to Facebook and MailChimp.

In a bid to address the issues bugging ICOs and make team members accountable, Ethereum Founder, Vitalik Buterin, recently introduced a new crypto crowdfunding model: DAICO. This is a hybrid of DAO and ICO. Basically, the concept works in such a way that, where the team doesn't deliver on the project, investor's funds are automatically refunded. Helps mitigate scams and enthrone accountability.

Huobi’s May Global Blockchain Strategic Overview Report will be first made available, exclusively to attendees of the Blockchain Festival Vietnam. Now, you have another reason not to miss this great event, not counting the promised huge airdrops and other perks for attendees.

 


Posted from my blog with SteemPress : https://www.cryptomartez.com/2018/05/2018-crypto-asset-market-overview-and-prospects-huobi-pro.html

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Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin8332.980$-2.19%-4.8%
CMTCyberMiles0.342$9.45%3.24%
EOSEOS13.071$-6.17%-7.95%
ETHEthereum695.068$-3.08%-5.12%
TRXTRON0.080$-2.59%10.81%

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