Snapshot of the cryptocurrency market in 7 charts: Bitcoin dominance is decreasing and institutional investor awareness is improving.

As August 2021 approaches, the cryptocurrency market appears to be slowly recovering from the 'buying haze'. Let's look at the current market conditions from the 7 sentences below.

Large crypto market

As of May 2021, the total market value of cryptocurrencies had risen by $ 2.4 trillion and had started to decline. For the cryptocurrency market, 2021 can be called “excellent”. It is important to note that the total market value of cryptocurrencies in 2019 is only $ 900 billion. Even during the market bubble in 2018, the market value was only $ 720 billion.

Currently, there are 77 digital assets worth over $ 1 billion and 1,600 digital assets worth over $ 1 million.

Bitcoin loses its market dominance

Bitcoin has "outperformed" other cryptocurrencies since its first launch in 2009, but other digital currencies have gradually eroded its grip.

Which country / region uses cryptocurrencies the most?

Would you be surprised to see Nigeria first come out on this list? In fact, don't be surprised if Nigeria doesn't turn out the way you want it to. First of all, young Nigerians at home are very young and are looking for ways to avoid exchange rate fluctuations, and this has led to a further increase in digital spending in Nigeria. Although the Nigerian government has imposed significant restrictions on the cryptocurrency market, Nigeria has always taken the lead in the use and adherence to cryptocurrencies, especially in the Bitcoin market. Nigeria is now second behind the United States.

Coinbase goes public, but has since been rocked.

On April 14, 2021, the Coinbase cryptocurrency exchange became the number one cryptocurrency company in the United States, and many believed it was inundated and important to the entire cryptocurrency market. Coinbase closed its first day of trading with a market cap of $ 86 billion, higher than exchanges such as the New York Stock Exchange and Nasdaq.

But since then everything has become less fun and the Coinbase share price has started to fall with Bitcoin. So far, it would be necessary to prove to traders as soon as possible that Coinbase will not be affected by the evolution of cryptocurrency prices.

Improve the awareness of institutional investors about cryptocurrency

While companies still don't believe cryptocurrencies are real, they are starting to add digital assets to their investments, and more and more companies believe cryptocurrencies are real. Digital can immediately be included in their portfolio.

According to the results of the Institutional Investor Digital Assets Survey published by Fidelity, 78% of US and European investors polled digital assets as a viable investment, an increase of almost 6% over 2020. At this point, our three plus beautiful cryptocurrencies for investors are:

Cryptocurrencies are tied to other assets (meaning that cryptocurrencies can be distributed in different denominations).

Cryptocurrency is a technological modification

Cryptocurrency is profitable

Bitcoin consumes a lot of energy

Cryptocurrencies, especially Bitcoin, have been criticized by many for needing more energy in the mining process (environmental issues are also the reason Elon Musk decided to shut down Tesla's operations. . Bitcoin payment service a few months ago). The process of mining Bitcoin requires a computer to solve complex problems, which require a lot of energy, which in turn requires a lot of energy.

The dark side of encryption

Ransomware attacks have become more and more common in recent years, and cybercriminals can use a computer as a "killer" and become unusable unless they want more money in the form of cryptocurrency. In May of this year, the Colonial Pipeline was subjected to a cyber attack, a temporary shutdown, and was eventually forced to pay hackers nearly $ 5 million in bitcoin (although many ransoms were recovered by the nature law police).

In 2020, cryptocurrency payments will increase by 337% compared to 2019. Things are not going well in 2021, and according to data from Chainalysis, so far this year ransomware victims have paid more than 81 millions of dollars in crypto for hacker addresses.